THE recent natural disasters will have a greater impact on residential property compared to commercial, in terms of insurance, planning, financing and redevelopment, according to the API Australian Property Directions Survey.
The survey found 81% of respondents see a moderate to significant impact on insurance for residential property.
A majority of respondents also expect planning and redevelopment to be impacted for residential property.
However the impact is not limited to residential, respondents also expect insurance for commercial property to experience a moderate to significant impact.
“The API is increasingly concerned by the developing impact of the recent adverse climate events upon the suitability of residential, commercial and industrial property for mortgages.
“This is in addition to the impact already evident in the survey responses as regards insurance,” API NSW president Robert Dupont said.
Australian Property Journal
