Climate change consultants believe some of Sydney’s coastal homeowners face dropping property values at extreme weather events become more common.
Dr Karl Mallon of Climate Risk believes there are potentially millions of dollars at risk when property valuations start to take into account thinks like cyclones on the coastlines, sea erosion, landslips and bushfires.
Part of the research stage of buying a home includes looking at transport options, school catchment areas, rates and the like, but these days it’s also recommended that new home buyers also consider flood zones, storm areas and other weather risks.
While flood damage is often covered by home insurance policies, actions of the sea often aren’t, so it’s worth investigating just what is included.
In 2017 Climate Risk is launching an online valuation tool.
Users can search residential addresses to see how climate change could impact the property’s value in years to come.
While our property inspectors don’t include storm risks in our reports, there are a number of features we do look at.
We take note of site drainage issues, which can lead to erosion and damage to the home over time.
During the inspection we also mention any signs of previous damage and repairs, which can give you some indication of past flooding, hail damage and other potential problems.
If you’re looking at buying a home on Sydney’s North Shore, talk to us about arranging a pre-purchase property report.