NZ weather events prompt rethink of housing protections
The government has often stepped in after natural disasters to buy properties, spending billions of dollars in recent years as climate change-driven severe weather events increase in intensity and frequency.
The government "won't be able to keep bailing out people in this way", New Zealand Prime Minister Christopher Luxon told Radio New Zealand this week.
"We need to find a way to manage these events going forward and who takes responsibility and is there a shared responsibility."
Policymakers, researchers and property experts both in New Zealand and Australia have for some time warned climate change is a risk that home buyers have not priced in.
His comments come as parts of the South Island start cleaning up after floods this month, which affected roughly 800 homes, according to local authorities.
The government on Wednesday announced $NZ600,000 ($A550,403) in compensation for flood-affected farmers, growers and forestry owners.
By 2060 at least 14,500 homes worth approximately $NZ12.5 billion ($A11.42 billion) could suffer at least one damaging flood, around 300 to 400 homes annually, according to Climate Sigma research.
Climate Minister Simon Watts said in an email that the government has been working to get bipartisan support on a national adaptation framework to give New Zealand certainty.
"This is a complex and challenging work," he said. "It is important that any change is enduring."
Any policy changes would likely be introduced slowly. A recent independent report released by the Ministry of Environment suggested a transition over 20 years to allow pricing to adjust as expectations of government bailouts are tempered.
The independent report released by the Ministry of the Environment recommended including the need for more information about the potential impact of natural hazards so owners can make their own decisions about whether to move or stay and bear the costs of that decision.
Property records in New Zealand increasingly note whether there is a flood or landslide risk or history of either and homeowners in vulnerable areas are worried their houses will become less valuable.
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