QLD Queensland property Climate Change - how does it affect your purchase?

Queensland property Climate Change - how does it affect your purchase?
If you at all put some thoughts into climate change when you are buying a property?
Article from ABC Australia.
It's already hard to buy a house on the Queensland coast — and climate change is about to make it worse

 

'Never seen anything like it': Bribie Island breached
Pelican waters insurance might go up? I personally think climate change is manageable for most in the first world, but its sure to make coastal areas more and more expensive to maintain and the erosion, more rock walls etc is likely to detract from the beauty. Am i the only one nervous about coastal property?

 

This is a looooong way from where people live on Bribie

 

I'm into long term investing but not that long term. Maybe we should start taking continental drift into consideration for our next property.

 

Yes. If people are afraid to buy coastal properties, then why are they significantly more expensive (desirable) than similar properties in the next street back from the waterfront. I was a very socially-aware child in the 60s and 70s when Gold Coast beaches were regularly eroded from the effects of king tides and cyclones. We have been through nearly thirty years of drought and the younger generations just dont know what rain is. The Boomers championed the Green movement back in the day, and many of them have lived long happy and prosperous lives at Bryon and all along the east coast ever since. My friends and I used to mock the housing estates built on the waters' edge but those places sold out in a millisecond are are still very popular today. I am not aware of any marina developments like Raby Bay and Newport sinking under the sea yet, but we were told by "experts" on 60 Minutes and the ABC that all of Australia would be uninhabitable by about now.

 

All I can say - know your risk when buying your properties.
Don’t complain about it when it goes under or ask for handout from government.

 

Except that if there are enough of them then there will be handouts as its everyones problem apparently eg christchurch earthquake, gfc etc.

 

Has the flooding pattern even changed in QLD? I based all my portfolio purchases on the 1974 flood.

In 2011, nothing changed.

I'm not saying it won't get worse, I am not a climate change denier. But for the time frames that most of us are interested in (decades, not centuries), I don't see how it's really going to affect us.

 

I remember stumbling on a website that did evaluations for each individual property and it was trying to sell bulk valuations to corporations. It was basically just the flooding risk projected into the future.

I do see more companies, like insurance and others factoring in the climate risk. So I guess it will show in prices sooner rather than later.

 

If your focusing on flooding I think the flooding situation in many of the major areas have actually improved over the years /decades as government continuously install and upgrade new infrastructure to quickly remove rain water runoff.

Some of those floodmaps are not correct and some areas that indicate a house that has blue overlay to indicate flood have actually never flooded ever.

If climate change your focusing on other aspects like temperature in this suburb or something I dont take this into consideration at all. I'm not here to hold my properties for another 50+ years.

I'm here to make my money, pocket the profits and enjoy the rest of my life.

 

Developers are getting smarter and so are consumers. Building on elevated land, out of flood zones and cyclone proof homes. I'd be more worried about Sydney and other regions that have 0 defense against violent storms. Darwin and FNQ have been through enough cyclones that their building standards have improved significantly. The real issue is existing homes that were poorly built and planned.

 

Should you build your home stronger to withstand the possible impacts of climate change?

Should you build your home stronger to withstand the possible impacts of climate change?

Putting on my engineering hat - I am always going to approve houses that are stronger and more energy efficient.

 

That was my point above. It's kinda like disability housing. Just make it accessible from the get go. You never know if you will need it. Same principle with having strong hones.

 

People are naive if they think certain types of properties won't be negatively affected, because banks and insurers are still just starting to get their heads around the risk models. It'll become an increasing factor in their calculations, and that will affect buying and selling in some areas.

Think banks knocking back valuations on contract on properties close to an eroding beach, and things like this:

Coastal properties at highest climate risk could fall in value in 18 months

 

'We've worked our whole life, this is our family home': What the future of climate change means for coastal property owners

I swear more and more articles are coming up last year and this year.
Will climate change spell the end of coastal living as we know it?

 

Your thread was about QLD but the news article you've now listed is about NSW...
The original story is also from 2 years ago.

Are some beachfront properties at risk of erosion? Yes, a small minority.
Does this mean the "end of coastal living" as all the news headlines state? Probably not.

 

Tens of billions of dollars' worth of property facing climate and erosion risk, analysis shows

Tens of billions of dollars' worth of property facing climate and erosion risk, analysis shows

The 10 billions dollars question.
Risk ON or Risk OFF

 

I think don't understand that climate change impacts NSW ans VIC too. QLD won't be the only one. Its in our interest the world does something.