Climate Change and the Property Market
Climate change is having a significant impact on the property market, with thousands of homes being destroyed by bushfires and floods. The 2019/20 Black Summer Bushfires destroyed over 3,000 homes, while flooding in Lismore in 2022 inundated almost 2,000 homes.
All Australians are effectively paying a climate disaster penalty, whether it's through skyrocketing insurance, higher construction costs, or decreasing property values. Flood risk alone is estimated to be putting a $42 billion dent in property values across the country.
Climate change is exacerbating floods and bushfires, causing more intense and frequent disasters.
Author's summary: Climate change affects property market values.
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