Suburbs with the most property value at risk include Paradise Point, Cronulla and Port Melbourne.Property listingsTwenty-five billion dollars worth of residential property is at risk due to increasing storm surges and coastal erosion, new research shows.
“This is leading to direct physical and financial consequences. Coastal risk has far-reaching implications for the country’s property market and its supporting financial sector, including property valuations, home loan viability and insurance premiums.”He said understanding coastal risk was important to homeowners and potential buyers, who should inquire about the risk to a property and whether it might be sudden or gradual to decide whether to take out a long-term loan for that asset.
Cronulla in Sydney’s south ranked second with $486.4 million of property at risk, followed by Port Melbourne with $483.8 million. In East Mackay in Queensland, the coastline is retreating at an average rate of 7.72 metres a year, the report found. It follows separate research this month warning one million homes are at risk of flooding across 30 priority local government areas and climate change-fuelled riverine flooding could cause $170 billion in property value losses by 2050.PK Property managing director and senior buyer’s agent Peter Kelaher said coastal risk was the first question asked by potential buyers in affected areas of Sydney’s northern beaches.
Domaincomau In the End it’s all fluff and sand
Domaincomau Overpriced houses just to get a view of the water.
Domaincomau Fact Check: the suburbs listed are not coastal, they are bayside🤡
Domaincomau I don't know, something, something irony.
Domaincomau When your million dollar views end up being a hole in the ground.
Domaincomau Er,well their has been an incredible amount of research since the 1970s ( and before ) about the effects of Climate Change including rising sea levels …
Domaincomau Lol.
Domaincomau This reminds me of Barack Obama, buying an ocean-front home, even though he knows he'll lose it in his lifetime, to a climate catastrophe or two. Most people in these areas can probably afford to lose their home.
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