PHOTO: Akaroa house prices increased 58 percent in 2020. Photo: 123RF
A valuation company says coastal properties remain popular as buyers fail to heed dire forecasts sounding the alarm about the effects of climate change.
A report released in December by Deep South National Science predicted New Zealand’s sea level will rise by at least 10 centimetres in the next 20 years, increasing the frequency and severity of coastal flooding.
That could lead to more than 10,000 homes becoming uninsurable within the next 30 years.
But Quotable Value general manager David Nagel said this was not scaring away buyers, with coastal properties remaining among the ‘hottest of hot commodities’.
“People seem to have failed to heed the warnings so far about the risks associated with coastal property and particularly with sea levels rising and climate change.
“Kiwis love the sea, they love being near it, they love being on it, and I guess for some peril is a luxury that some of us can afford regardless of the risks,” Nagel said.
Nagel said insurance companies had warned coastal properties may become uninsurable the more climate change occurred.
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