Climate Change, a threat to property values

'Sitting ducks': The Sydney homeowners facing reduced property values

What are your thoughts?

 

It's definitely something to consider when purchasing property I think. I would avoid certain low lying coastal areas: I think there's risk there that isn't complemented with any advantages. (Buying in a Brisbane flood zone is cheaper, buying close to the beach is more expensive).

 

My area - according to the article it doesnt appear to suffer from floods or storms.

Give me reduced insurance premiums and superior house price growth, please

 

Has to be factored in

 

Ahhh
But with last year officially being the hottest on record you forgot about the fire risk to your property
Premiums going up 20%, sorry

 

The back half of my home may burn... the front half... I reckon safe as bedrock.... (I could hide under our house in a fire... wonder how much oxygen will be available?)

 

Best not to assume anything. nothing is indestructible. you just need a few trees kn fire to cause havoc.

 

Under your house ! it would want to be built like a bunker for you to do that. If the top half burnt down around you, could you get out ?

Lack of oxygen is the least of your worries. Most people die of smoke inhalation long before they're cooked. Never heard of anyone suffocating from lack of oxygen.

If you live in a fire prone area you should have a fire plan. Contact your nearest RFS for more detail.

NSW RFS - NSW Rural Fire Service

Get their app, it will show you when fires are near

 

Get down low and go go go??
My house is made of solid sandstone so it's more or less like a bunker.

I should get a fire plan though....

 

Think about all the fuel in and around it but. Apartment towers are steel and contrete doesn't do anything to save them.

 

Worth considering. Our government also seems to think so...

Adapting to climate change | YourHome

A far bigger threat to property values, especially in Sydney and Melbourne is the changing world social and political climate.

 

Or a pizza oven.

 

A pizza oven has the heat source from the inside and the walls of the oven stops the heat going out.
If the heat source is external I would imagine my downstairs under house area being like bunkers at Cooper Pedy - staying cool and insulated.

 

Joke @Gockie

 

No worries. The whole talk of fire danger is interesting though. My old house was in a very fire prone suburb (we didn't have a fire though in the 8 years we were there, but there was a big one in 1994) and this current home is in a bushfire prone area. Local agents say fires tend to spread West to East rather than East to West as the hot air goes. But I suppose wind can change direction and what is said could be bs.

 

Care to elaborate?

 

^ This.

Economic struggles at a global level could have substantial local effects here in Aus.

I never thought I'd say this but NZ could well do better than AU in the coming years. As in, macro-economically (not necessarily housing, specifically...).

I say this because NZ is a much smaller population and geography. Easier and less expensive to look after (roads, infrastructure etc.), plus, its exports are things humans will always need: food and clothing (wool etc.) mostly. It is too expensive to compete on much else (much the same as AU), but the difference is that global demand for AU's rocks and minerals tend to ebb-and-flow. i.e. the current mining lull. NZ however has a relentless demand from China for all of its dairy, wheat, fish, sheep, etc. and of course carries that much-desired "perceived premium" since it comes from a "trusted" western country.

Also, and rounding out to that mention of political/social unrest, I applaud NZ for quietly subbing-out of middle eastern wars and other global geo-political conflicts/allegiances. Sure, they are still selling too much land/businesses to foreign interests IMHO (like we are, here in Aus) amd within NZ they have social and inequality problems too (same as here) but I think they are better positioned to weather global socio-political-economic storms than we here in Aus.

 

Yeh, but what big economic struggle is currently on the horizon? What's is coming that I need to brace myself for? What specifically do I need to be worried about? Is Brexit going to cause the downfall of the Eurozone? Will Trump bring an end to free trade? Will China and the U.S. enteratradewar ? Will these things impact the price of my house to such an extent that I should be changing the way I do things?

 

Although a lot of coastal areas and cities will be wiped out, I think there will be some massive engineering works to protect the most valuable parts of cities around the world, e.g. a sea wall around the Brisbane CBD would be feasible while some of the rest of the city is abandoned. Also in London, New York and Shanghai sea defenses would be built, but a lot of towns and cities will become memories. There is a feasible proposal to build a wall across the Gibraltar straight from Africa to Europe to protect Mediterranean cities where millions live.
Unfortunately poorer countries will be hit hardest and will have to retreat, there will be a lot of migration.

I expect my personal abode 5m above sea level will eventually succumb to the waves, but not in my lifetime, so I´ll keep it although it will plummet in value eventually.

 

I think most, if not all coastal assets would likely be protected. Engineers will prob come up with an affordable solution. However, the aesthetics and utility of coastal areas will be significantly diminished, as will house prices.

But this is very, very long term