Property values have soared in suburbs where the most real estate wealth is at risk of coastal erosion and storm surge.
Each of those postcodes recorded increases in dwelling values in the past year, and in the past five years, CoreLogic figures show. A similar trend played out in Port Melbourne, where $483.8 million worth of property is at risk. Property values grew 8.6 per cent to a median $1,802,107 in the past year and 20.4 per cent in the past five.University of Tasmania associate professor of climate adaptation Sarah Boulter said it was only a matter of time before the affected properties would lose value.“One of the challenges with climate change is we see the impact creeping up on us.
“It’s very localised when you look at half a billion worth of real estate — you’re looking at about 100 properties,” said John Cunningham, director of Cunninghams Real Estate.
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