PHOTO: NICHOLAS BOYACK/STUFF Real estate agents predict that getting insurance in Petone will become increasingly challenging. These two adjacent properties on the Petone Esplanade were marketed as being perfect for development but only one has sold.
Home buyers aren’t shying away from the Lower Hutt suburb of Petone, despite predictions that it could be under water in just 80 years and homes there could be uninsurable in as little as 30 years.
In November, Stuff reported on a Hutt City Council-commisioned study that estimated the sea would rise by at least one metre over the next 80 to 100 years – some estimates have it rising as much as 3.5m – leaving lage swathes of the low-lying seaside area under water.
But sales figures from the Real Estate Institute of New Zealand (REINZ) show 21 houses sold in Petone between November 2018 and January 2019.
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