Booker Bay listed as top location for future climate risk
Booker Bay has been placed in the top 20 coastal locations in NSW for future climate risk.
The suburb is listed as expected to be 20th most impacted by "coastal erosion" in 30 years' time, according to Groundsure ClimateIndex reports, available through property information specialist InfoTrack.
The information comes from a "tool" which also analyses other climate risks including flooding, and bushfire.
Groundsure chief executive Mr Dan Montagnani said the climate risk associated with a property can impact the homebuyer's ability to borrow money, insurance premiums, and potentially the future value of the home.
"Climate change is already considered a tier one risk by lenders on the impact to investment and value, and homeowners in some affected locations are already living with the consequences through higher insurance premiums," he said.
InfoTrack head of property Mr John Ahern said the Groundsure reports provided property-specific assessments for individual residences.
"They are specifically designed for property lawyers and conveyancers to do their due diligence and better inform buyers," Mr Ahern said.
The reports respond to an increasing legal and consumer demand for information which allows them to advise and warn their clients about climate risks.
"Until now, climate change has not been front of mind, but a new generation of homebuyers is demanding insight on risks, to consider the potential long-term impact for their families and financial security.
"Homebuyers have a right to know what could lie ahead as they make the most expensive financial decision of their lives."
Mr Montagnani said it was also hoped the reports will encourage impacted communities to consider infrastructure to improve their resilience.
He said: "To forecast a property's coastal erosion risk, we blend historical erosion data with current coastline geomorphology.
"Our algorithm estimates the time until the coastline reaches a property.
"We then categorise the risk.
"Our Today rating assesses threats most highly which will impact the property in the near future, while our 30-year projection evaluates long-term erosion concerns to the property owner in the future."
SOURCE:
Media release, 8 Nov 2023
Clare Christensen, Adoni Media