@article{Nguyen:343021,
      recid = {343021},
      author = {Nguyen, Quyen  and Thorsnes, Paul  and Diaz-Rainey , Ivan   and Moore, Antoni  and Cox, Simon  and Stirk-Wang, Leon },
      title = {Price recovery after the flood: risk to residential  property values from climate change-related flooding},
      journal = {Australian Journal of Agricultural and Resource Economics},
      address = {2022-01-01},
      number = {428-2024-2825},
      month = {Jan},
      year = {2022},
      abstract = {We take advantage of a combination of a severe weather  event from 3 to 4 June 2015 and a local policy, to  investigate the housing market response to climate  changerelated flooding hazard. The study focuses on a  residential area in a low-lying coastal suburb of Dunedin,  New Zealand, where the groundwater level is shallow and  close to sea level. An unusually heavy rain event in June  2015 resulted in flooding of a significant portion of land  in especially low-lying areas. The city council responded  by reviewing processes for storm-water management and by  imposing minimum-floorlevel [MFL] requirements on new  construction in the low-lying areas previously identified  as at risk of flooding. Applying a ‘diff-in-diff-in-diff’  strategy in hedonic regression analyses, we find that  houses in the MFL zone sell for a discount of about 5 per  cent prior to the flood. This discount briefly tripled in  the area that flooded, but disappeared within 15 months,  indicating either very short memory among homebuyers or no  long-run change in perception of hazard.},
      url = {http://ageconsearch.umn.edu/record/343021},
      doi = {https://doi.org/10.22004/ag.econ.343021},
}