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    Does tenure review in New Zealand's South Island give rise to rents?

    Brower, Ann L.; Meguire, P.; DeParte, A.
    Abstract
    We examine land prices arising from tenure review of South Island high country pastoral leases. Tenure review splits the leasehold – part is converted to freehold ownership, and part is converted to public conservation land. The Crown sells its residual interest in the most developable part of a leasehold, and buys the lessee’s interest in the part with conservation value. Of the 77 runs that completed tenure review from 1992-2008, at least 28 new landowners have on-sold 176 parcels of newly freeheld land. In gross, these 28 new owners paid the Crown $6.9M to freehold, and have realized $134 million after on-selling 45,266ha, 44% of their new freeholds.... [Show full abstract]
    Keywords
    tenure review; rents; conservation value; freehold; pastoral leases; leasehold; ownership; South Island land reform
    Date
    2010
    Type
    Conference Contribution - Unpublished (Conference Poster)
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    • Department of Tourism, Sport and Society [625]
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