Our changing climate could soon make it harder to get a mortgage on the Queensland coast. We had three properties assessed with mixed results.
There’s a long history of adaptation on the Queensland coast — but our changing climate could soon make it harder to get a mortgage there.
That's where this place — Tallebudgera, behind Burleigh Heads on the Gold Coast — got its name, he says. Many words were lost, but Clinton is one of a number of people working to preserve and restore his language and with it, his saltwater country — his biren jagun. "[So] investors are unfortunately swooping in from down south … and are now outbidding us by tens of thousands."
They'll examine the properties as they would for an insurance company or bank — and let us know whether they're in the clear, or if they're at risk of becoming uninsurable or worse.We'll get to those results shortly. When Karl's company assesses a property, the results fall into three categories: low, medium and high risk. Properties in the high risk category may be uninsurable without mitigation measures.
Electorates on the Gold Coast and in far north Queensland ranked among the lowest in Australia for these concerns. He says Climate Valuation has had "very encouraging" discussions with banks about lending money to homeowners to make their houses more resilient to things like seawater inundation. "You look at most of Cairns and the low-lying areas of the Queensland coast and they could be experiencing the same thing.
The report also shows the flood risk to her property will plateau during the century, which the authors put down to regional climate variability, but that extreme flood levels could still reach Amy's roof. Karl says people are getting to the stage where they're gambling with their insurance — and their properties.
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