Australian Property Institute Event – Valuation Protocols for Williamtown Investigation Zone

EPS valuers attended an information event held by the Australian Property Institute (API). The event focused on valuation protocols applying to land within the Williamtown Investigation Zone. The Williamtown Investigation Zone is an area of land potentially affected by contamination stemming from fire-retardant chemicals found in extinguishing foam, routinely used in emergency firefighting drills practiced at Williamtown Aerodome. The chemicals used in these foams (PFOS and PFOA) are particularly persistent in the environment and don’t easily degrade. Both chemicals have been detected in the Williamtown water table and are potentially harmful to human health.

The briefing session was presented by representatives from the Department of Defence, NSW Department of Premier and Cabinet, NSW Environment Protection Authority and Hunter New England Health. The event aimed to shed light on approaches to valuation and potential impacts to land value for property owners in the contamination investigation area.

The information provided at the event suggested that contamination impacts are unclear given Williamtown’s complex water table system. From a valuation perspective, stigma is affecting the desirability and saleability of property within the area.  Residents have been advised not to drink bore water or consume fish, meat, eggs or vegetables produced in the investigation area.  Test samples are continuing to be collected from within the investigation area to better understand the impacts and scope of contamination. The API has developed and agreed to a set of Valuation Protocols to be applied to areas in the investigation zone.

Having attended this event and thoroughly reviewed the protocols, EPS are well placed to complete valuation of land within this zone.

More details on the Williamtown Contamination issue can be found at: http://www.epa.nsw.gov.au/MediaInformation/williamtown.htm.

Further information on the event can be found on the API website: https://www.api.org.au/news/valuation-protocols-williamtown-investigation-zone-contaminated-land.