A US real estate firm displayed flood risk as a score out of 10 on online property listings.Australian experts say making climate-change risk information more available could empower home buyers.
Similar buyers in a control group who were not given the data – expressed as a score out of 10 on the listing – continued to bid on extreme-risk homes, according to the three-month randomised controlled trial involving 17.5 million redfin.com users. The site now publishes climate risk data for most homes, except rentals.
“Homeowners are spending the most amount of money they’re ever going to spend in their life on an asset that could potentially have significant issues.”Mandatory disclosure of risk factors would be important to steering buyers to lower risk homes and encouraging homeowners to improve higher risk properties, Moore said. The Queensland governmenton whether flood information should be proactively provided to buyers.
for properties in higher risk areas, Moore said. Higher insurance premiums and reduced borrowing power would then reduce buyer demand and prices in affected areas.of its home loan portfolio, released this year, found about 38,000 properties were at high risk of exposure to cyclones, 56,000 were at risk of floods and 5000 of fire.Major banks are working with the Australian Prudential Regulation Authority to identify their potential vulnerability to climate change.
More councils were providing flood risk information to the public, she said, however providing insights on climate-change projections could be more contentious, due to varying predictions. There was also concern about how projections could affect property values.
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