There’s a new risk of unnatural disasters
The Climate Council paints a grim picture for many property owners on Australia’s pristine coastline. Already hit by coastal erosion, the Council predicts the damage may get worse.
THE news is grim on the coastal fringes of Australia with an estimated $25billion worth of property at risk of coastal erosion. Around 85 per cent of Australians live within 50kms of the coast.
The Climate Council cautions: “Climate change is driving a new era of ‘unnatural disasters’ – and as a country we are not prepared to cope. We have seen how consecutive, record-breaking events can overwhelm emergency services and devastate communities.”
NSW beachside suburbs Cronulla, Manly and Collaroy made the top 10 of Australia’s most at risk suburbs in CoreLogic’s Coastal Risk Scores for Financial Risk Assessment report.
“In the next three decades, coastal risk will crystallise, with the tangible effects of climate change already being felt in most parts of Australia,” says CoreLogic head of consulting and risk management Pierre Wiart.
“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.”
According to Groundsure’s research, around 3.5 per cent of dwellings in Australia already fall under an international definition of being at “high risk” from climate damage.
