Climate change could slash property prices

Climate change could slash property prices
11/05/2019 , by , in INTERNATIONAL

The research estimates residential property value losses of $571 billion by 2030 related to increased extreme weather events, inundation of some low-lying coastal properties and higher insurance premiums.

That would wipe approximately 9 per cent of the nation’s total residential property value — about as much as has been lost so far in the current property downturn, which is on track to be the worst in Australia’s recent history.

However, these losses would not be evenly spread, as an estimated 5-6 per cent of property owners bear the brunt of climate change risks.

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