Climate change: Rising sea level data likely to have immediate impact on coastal house prices - expert
Watch: New research on rising sea levels could impact the price of coastal properties immediately. Credits: Images - Newshub, Getty Images; Video - Newshub. New research on rising sea levels has put the effects of climate change at the front of coastal residents' minds. But one property expert has warned falling house prices could be added to their rising list of concerns. New statistics have pinpointed the places in New Zealand where the sea level is expected to rise 30cm in just 10-20 years. The study's lead scientists, Richard Levy and Tim Naish, created a website for people to find out how their own neighbourhood will be affected. In the future, many homes, roads and rail lines will need to be raised, protected with sea walls or abandoned. CoreLogic research head Nick Goodall told Newshub Live at 8pm’s Rebecca Wright the research could impact the price of coastal properties immediately. While there have been studies done on rising sea levels in the past, Goodall says the SeaRise website showing how different suburbs will be affected will really grab people's attention. "To really make it right there, with maps, in the public consciousness - that's what's really going to get people talking," Goodall said. Goodall said previous studies on floods showed directly after the event property prices were discounted by up to 10 percent. He said the new research will see a downwards pressure on prices of coastal properties as people weigh up the risks, as well as higher insurance premiums adding to the expenses of the property. "I think you will see people using this information to help them make a smarter decision and may adjust the price they want to pay as well or buy that house a little bit further back from the coast." On the flip side, Goodall said properties not directly affected by sea-level rise could experience more demand as they seem more appealing to buyers in the future. Watch the interview above