Climate change could affect the prices of seaside properties, according to Tim McKibbin, CEO of the New South Wales Real Estate Institute (REINSW).
The value of seaside real estate could be negatively affected over the next decade, unless current and future governments have the political will to address climate change, McKibbin said.
"With rising sea levels and continued erosion, the effects of climate change are already having a detrimental effect on real estate prices in some coastal areas," said McKibbin.
According to McKibbin, some boards are already restricting homeowners, preventing them from undertaking construction work.
"Buyers of beachfront properties will conduct additional surveys as part of their investigation into the adequacy of the property to their needs. For example, they will ask what additional insurance they will have to pay and whether it will be necessary to build structures to combat erosion, "McKibbin said.
According to the Climate Council's climate cost report, Australian properties could fall sharply if urgent action is not taken to combat climate change.
"The real estate market is expected to lose $ 571 billion by 2030 due to climate change and extreme weather conditions. It will continue to lose in the next few decades if emissions remain high, "said Dr. Karl Mallon, climate risk expert and author report.
According to Mallon, low-lying properties near rivers and coasts are particularly endangered.
Top suburbs:
Werribee
,
South Brisbane
,
Murdoch
,
Westmead
,
spring wood
Get help for your real estate investment
Do you need help in finding the right loan for your investment?
When you invest in real estate, it's important to make sure that you do not only have the lowest available rate that you can get, but you also have the features of ready adapted to your needs. What features or types of loans are suited to your needs? We will even help with the paperwork. In addition, an appointment is free.
We value your privacy and treat all your information seriously – you can check
our privacy policy here
