THE Australian Property Institute has welcomed the federal government’s report into the vulnerability of coastal properties from the effects of climate change.
API NSW divisional president Robert Dupont said the Climate Change Risks to Coastal Settlements and Industry report will provide further substance to the assessment of risk so urgently needed along the coast of NSW.
“THE API has been an active voice in recent years regarding the consequences of rising sea levels and the increase of coastal storms, expressing the need for significant rethinking of just how the vulnerability of coastal properties can be addressed.
“The report is timely, being released on the coat tails of the NSW Division of the API’s Lender Alert to its members, many of whom are contracted by banks and other financial institutions to undertake mortgage valuations,” he added.
Dupont said recent flooding in Brisbane has revealed how worrying the accuracy of mapping is – any helpful addition to remedy this problem for the institute is welcome, especially along the NSW coast.
The Institute noted the reported comments by Greg Combet, Minister for Climate Change and Energy Efficiency, highlighting the potential future costs of climate change with the release of the sea level rise modelling. The Institute considered that such costs may be borne by many coastal residents and businesses sooner than anticipated, unless accurate flood mapping was funded by the Australian and State Governments, as a matter of urgency.
“Our mortgage valuer members need greater certainty to understand which coastal properties are likely to be flooded or eroded by sea level rise or more frequent severe storm events.
“Hopefully this new report can put coastal property issues and the matter of sea level rise on the political agenda,” Dupont concluded.
Australian Property Journal
