Heather Stevens in the Cumberland Courier (Australia): Never before have Australians been more aware of potential Sea Level Rise. But despite this awareness the coastal property market continues to boom. A study conducted by http://www.ClimateChangeIA.com found that long before sea levels rise, there are already 3 key reasons that the coastal property market may soon be washed out:1: Development restrictions: Property appreciation has long been considered one of the safest ways to make money. But what happens to coastal property when development is restricted? In 2008 the VCAT blocked the development of several coastal properties in the small coastal town of Toora, VIC, on the grounds of climate change induced flooding. A local estate agent estimated that properties lost 70% of their value overnight. Precedence of this landmark case may see more coastal developments knocked back on the grounds of potential sea level rise… Public infrastructure, built for the long term may also be restricted….
2: Insurance and rate hikes: Insurance companies are taking action to ensure they are not left footing the cost of sea level rise. Most insurance policies don’t cover damage to properties from salt water flooding. Of those that do, properties are hit with an added premium based on their perceived risk….
3: Liability sits with the home owner: Government has made is clear that it does not take any responsibility to safe guard properties against rising sea levels.… This will certainly have an impact on consumer confidence in the coastal property market…..
The Twelve Apostles on the Great Ocean Road, southern Australia coast, shot by Jon Hurd, Wikimedia Commons via Flickr, under the Creative Commons Attribution 2.0 Generic license
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