Posted: 18 November, 2016
by Sohan Judge
Sydney Homeowners Could Face Property Value Decline And Here’s Why
Does this affect you?
Those lucky enough to actually own a home in Sydney are facing a blow, with their property value set to decrease.
Sydney-based consultants Climate Risk say due to climate change, coastal homes could reduce in price as the risk of increasingly extreme weather events grow.
Dr Karl Mallon said the main problem is “you can build a house which is insurable tomorrow, but is wholly unsuitable 30 years down the track.”
In a recent report, it was said that Australia is highly vulnerable to “storm surges associated with tropical cyclones and extra-tropical cyclones, including [more intense] east coast lows.”
Dr Mallon also explained that changes in property value occurs when the market realises the event will occur and revalues the house, not when the event actually takes place.
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