Climate Change Impact on Property Market
Climate change is affecting the property market, with increasing instances of natural disasters like bushfires and floods. The 2019/20 Black Summer Bushfires destroyed over 3,000 homes, while the 2022 Lismore floods 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 alone is estimated to decrease property values by $42 billion nationwide.
Climate change is exacerbating floods and bushfires, causing more intense and frequent disasters.
Author's summary: Climate change affects property market values.