Climate Change Impact on Property Market
Climate change is affecting the property market, with devastating images of homes destroyed by bushfires or flood water becoming more common.
Notable examples include the 2019/20 Black Summer Bushfires, which destroyed over 3,000 homes, and the 2022 Lismore flooding, which inundated almost 2,000 homes.
All Australians are effectively paying a climate disaster penalty today: whether it’s sky-rocketing insurance, higher construction costs or decreasing property values.
- Flood risk is estimated to decrease property values by $42 billion across the country.
- Climate change is exacerbating floods and bushfires, causing more intense and frequent disasters.
Australians are facing significant financial impacts due to climate-related disasters.
Author's summary: Climate change affects property market values.
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