Red zone $150,000 loss 'not good deal'

3:36 pm on 12 September 2011

A Christchurch red zone resident who attended a protest rally in the city says he will incur big losses if he accepts the Government's offer to buy his home.

About 200 people attended the rally on Sunday in the suburb of Avonside, where many homes have to be abandoned due to earthquake damage.

Homeowner Russell Gifford says the Government is offering $154,000 less than his newly-built home cost him.

Mr Gifford says he hopes the rally will have highlighted that not everyone is getting a good deal and will cause the authorities to rethink what is being offered.

He says his home had not even been valued when the February earthquake struck.

Brooklands resident, Julie Anderson says that at a recent meeting of 150 people in her area only three supported the Government's offer.

Other residents are angry at insurance companies saying they are refusing to pay out the replacement value of homes because they are deemed to be damaged but not beyond repair, despite the land being condemned.