Climate Change Impact on Property Market
Climate change is affecting the property market, with increasing instances of natural disasters such as bushfires and floods.
Examples include the 2019/20 Black Summer Bushfires, which destroyed over 3,000 homes, and the 2022 Lismore floods, which inundated almost 2,000 homes.
All Australians are paying a climate disaster penalty, including skyrocketing insurance, higher construction costs, and decreasing property values.
- Flood risk is reducing property values by $42 billion across the country.
- Climate change is exacerbating floods and bushfires, causing more intense and frequent disasters.
all Australians are effectively paying a climate disaster penalty today
Author summary: Climate change affects property market values.
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