All properties in certain suburbs would be at moderate to high risk of flooding — potentially making them uninsurable — new analysis shows.
Climate risk analysis company Climate Valuation believes worsening riverine flooding will affect property values by an average of $45,000 across Australia, as buyers factor in high insurance costs.
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Climate Valuation provided news.com.au with information about flooding risks for individual suburbs and identified 398 areas where at least half the properties were at risk of being flooded by 2025. Thisgrows to 431 by 2050, with the flooding risk in 103 suburbs affecting more than 90 per cent of properties.
In NSW suburbs like Ballina and West Ballina, around 99 per cent of properties would be at moderate or high risk of flooding in 2025, and this figure does not include properties at low risk.
Almost every home and business in towns like Bourke and Nyngan would be affected.
Even in new suburbs like Sydney’s waterfront Barangaroo, 90 per cent of the 331 properties could face flooding.
In Victoria, 92 per cent of the 16,740 properties in Shepparton could be impacted.
You can check the risk for your suburb in the tables below :-
2025
2050
Climate Valuation also has a free online service for people to do a basic check of their address, and the risk for all climate-related impacts including forest fire, coastal inundation, soil subsidence (not including coastal erosion), extreme wind including cyclones and flooding (riverineand surface water).
‘If you can’t insure, people can’t build houses’
The Insurance Council of Australia has also called for more money to be spent on risk mitigation, to decrease the impact of extreme weather events.
It has highlighted Lismore as one of nine locations in need of urgent flood mitigation infrastructure, and has called for $200 a million a year in federal funding — matched by states and territories — to be invested in projectsto make communities around Australia more resilient.
Please do your due diligence before buying.
You can read the full article in the link below.
