Bleak climate report points to property market wipeout, uninsurable homes
Climate change will render one million homes uninsurable by 2050 and wipe billions from the property market, among myriad other economic, health and social ramifications, according to a major new national report.
The country’s 8-10 million older dwellings remain the most exposed to extreme weather and require targeted action to lift their resilience. (Image source: zstock/shutterstock.com)
A harrowing report into the impact of climate change portrays a not-too-distant future where a million homes will be uninsurable and national property values would’ve lost $611 billion in value.
The National Climate Risk Assessment was warned that by 2050 at the current rate of climatic attrition would see temperatures rise in Australia by 2 to 3 degrees Celsius, resulting in lost wealth, reduced labour productivity, and projects that cannot be …
