After a $2 million property lay in a splintered heap near the foot of a Mornington Peninsula hill on Tuesday, questions have been raised about the long-term viability of home lending and insurance for hilltop neighbourhoods.
A real estate advertisement once described the house as a "sublime hillside family home" with a huge balcony that opened to panoramic views of Port Phillip Bay.
A $2 million property with panoramic views of Port Phillip Bay slid down a hillside once used as its selling point.A $2 million property with panoramic views of Port Phillip Bay slid down a hillside once used as its selling point. There have been at least two other recent landslides in the same area.
As the week drew to a close, residents were still unsure as to when they would be able to return home.Karl Mallon from Climate Valuation, a firm that specialises in the risk of weather and climate change-related disasters to home ownership, said some financial institutions had begun asking his firm for detailed data on landslip risks in particularly prone areas.
This week, he told ABC Radio Melbourne he believed then that work to stabilise the area would start within weeks.A third resident, who lived uphill of the destroyed home, suggested responsibility was being handballed between the Mornington Peninsula Shire Council and the local water authority, South East Water.
Scott Chen, a civil engineer who recently visited the area, said factors including weathered soil exposed to strong sea winds, inadequate drainage systems and a penchant for hillside developments could have weakened the land's stability."However, neither the state government nor local councils have integrated landslide risk into urban planning restrictions.
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