Tens of billions of dollars' worth of property facing climate and erosion risk, analysis shows

Paradise Point topped the list of suburbs which had the most homes at very high risk of climate change.

But CoreLogic has found the blue-chip suburb has the highest concentration of detached houses most vulnerable to climate change. "What people are looking for is a lifestyle, and often with lifestyle it's being along the coastline," Dr Wiart said. One in five Tasmanian homes have been built within 1km of the coastline while Queensland has $218.4 billion dollars worth of property in the same zone, with the highest concentration of wealth in Brisbane, the Sunshine Coast and Gold Coast.In New South Wales, these markets can be found on the Central Coast, in Newcastle, Greater Sydney and south to Wollongong in the Illawarra.

Cool. I’m happy to put in an offer.

Hahaha, a lot of people with more money than sense. Shoulda seen this one coming years ago.

moving shorelines mean other suburbs will be the hot property destination, part of why climate change doesnt matter to the big end of town, shifting markets

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It’s time to develop or relocate far from coastline and from river banks, climate change has made clarion call

MelissaBrownABC And how about 10s of billions of dollars invested in road tunnels and toll-ways as peakoil hits and while it will take at least 20 years for the electrification of land transport?

This was talked about 40 years ago but councils permitted it, real estate agents sold it and people bought it and built on it. They all knew but were in it to make a dollar and now……🤷‍♀️

There are already suggestions to raise a climate damage levy for costal properties. Paid by everybody to compensate loss of value of houses impacted by sea water level raises. Society will bail out the beach villa owners. Great. (Disclaimer: Living 5km from the beach)

Queensland had the highest concentration of properties in the 'Very High' risk category, particularly in the densely populated Sunshine Coast and Gold Coast areas. Flood insurance has jumped 300%

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Property worth $25b at risk from coastal erosionNew research shows climate change is already being felt in popular beachside suburbs.
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Property worth $25b at risk from coastal erosionPort Melbourne, Aspendale and Brighton homes are among $25b in property that is at risk from coastal erosion, which is bumping up the price of insurance premiums and potentially affecting property values Domaincomau propertymarket storms wildweathe... 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. Domaincomau Lol. 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 …
Source: theage - 🏆 8. / 77 Read more »