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Changing (water) landscapes

Changing (water) landscapes. Issues for value(r)s API NSW Country Conference 2014 Rydges Mount Panorama, Bathurst, NSW 2-3 May 2014 Dr Lucy Cradduck. 1. CONTEXT. Water ‘issues’ becoming more prevalent Small, Newby & Clarkson, 2013 More development in at risk regions

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Changing (water) landscapes

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  1. Changing (water) landscapes Issues for value(r)s API NSW Country Conference 2014 Rydges Mount Panorama, Bathurst, NSW 2-3 May 2014 Dr Lucy Cradduck 1

  2. CONTEXT • Water ‘issues’ becoming more prevalent • Small, Newby & Clarkson, 2013 • More development in at risk regions • Robson, 2007; Yassin, Bond & McDonagh, 2011; Sheehan, 2012 • Valuations need to be current and accurate • Spencer v Cth, 1907 • Changing ‘landscapes’ change risks • Diaz-Nieto et al, 2012

  3. How to identify property at risk from water?

  4. WHAT RISK? • Sea • River • Sky • Flood 4

  5. Sea 5

  6. Sea • Rising sea levels • Cradduck & Teale, 2014 • Erosion • Zeppel, 2012 • More widespread flooding • Strauss, Tebaldi & Ziemlinksi, 2012 6

  7. River 7

  8. River • Rising levels • Wilby & Keena, 2012 • Debris • Austin, 2013 • Flooding in previously ‘dry’ areas • Thagunna, 2013 8

  9. Sky 9

  10. Sky • Storm surges • Harris, 1963 • Mudslides • Agence France-Presse, 2010 10

  11. Flood 11

  12. Flood • Lack of understanding of risk • Cradduck & Teale, 2014 • Time lapse • Small, Newby & Clarkson, 2013 12

  13. IDENTIFYING AT RISK PROPERTY • Government proscription of information provision • i.e. S.149(2) EPA Act 1979 certificate on development or sale • Eves, 2002 • Government information provision • Local government authorities • Federal government data bases • Mapping • Online services • Google Maps • OzCoasts • Other geographic information systems (GIS) 13

  14. What can change the risk? • Development • Climate change • (un)Reliable data

  15. Development • More building in coastal regions • Mason, 2011 • Impact from upstream events • Walker & Elks, 2010 • Development • Yassin, Bond & McDonagh, 2011 • Government interventions • Kunreuther, 1984 • Public works and changing policies

  16. Climate change • Storms will become more prevalent • Shephard et al, 2012 • Rising levels from climate change • Hu et al, 2013

  17. Data • Disclaimers • General on website • … Council, makes no representation and gives no warranty about the accuracy, reliability, completeness or suitability for any purpose of the information. To the full extent that it is able to do so in law, the Council disclaims all liability … for losses and damages, … caused by or arising from anyone using or relying on the information for any purpose whatsoever… • Paid search • Council makes no warranty or representation regarding the accuracy or completeness of this flood enquiry. Council disclaims any responsibility or liability in relation to the use or reliance by any person on the information contained in this flood enquiry. • Access to current data

  18. OVERVIEW OF INSURANCE ISSUES • Lack of understanding of issues • Risk • Lack of history • Passage of time • Policy wordings • Document literacy • ABS, 2013 • Effect of exclusion provisions • Cradduck & Teale, 2014

  19. Insurance issues, cont • Cover • Cost • Responsibility

  20. ISSUES FOR VALUE(R)S • Data • Currency • Accuracy • Appropriateness • Completeness • Cost v instructions • Insurability • Ease of use of systems 20

  21. FUTURE CONSIDERATIONS • Rising sea levels • More sever weather events generally • Wilby & Keenan, 2012 • Changing planning provisions • Rainbow Shores, 2013 • Acknowledging risks 21

  22. 22

  23. Contact Details Dr Lucy Cradduck Faculty of Law, QUT, Brisbane, Qld l.cradduck@qut.edu.au +61 7 3138 4022 23

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