Climate change could cut property prices across a swathe of Sydney’s northern suburbs from Lane Cove to Ku-ring-gai, with Reserve Bank analysis showing many homeowners face declining equity in their houses and rising insurance costs.
They suggested there would be 254 “climate-sensitive suburbs” at increased risk of a drop in value by that time, rising to 1438 suburbs by 2100. “That is, the technical insurance premium may understate the actual rise in premiums, particularly if insurers become more concerned about exposures to ‘high risk’ regions,” they said. “This may arise because many of the addresses within these regions are impacted by the same hazard . In addition, if climate change causes incomes in these regions to also decline, it would result in even larger risks to banks.
The researchers found that without any efforts to reduce emissions, coal exports to the three countries would rise by 17 per cent by 2050. But if the nations reached net zero, Australian coal exports would fall by 80 per cent, with two-thirds of that due to the actions of China, Japan and South Korea.Exports of LNG, forecast to be $49 billion in 2021-22, are not expected to fall as much as coal.
swrighteconomy micksfoley Covid must ne coming to an end !
swrighteconomy micksfoley If climate change and rising sea levels are real, why then do billionaires keep buying islands and waterfront property?
swrighteconomy micksfoley Think a economic collapse is more likely
swrighteconomy micksfoley That might just be the boomerest way to talk about climate change. Won't somebody please think of the equity!
swrighteconomy micksfoley That’s right, the real problem we face is not so much a runaway greenhouse effect. The problem is instead that something could interfere with runaway housing prices in Sydney. Can we survive?
swrighteconomy micksfoley I’ll have a beachfront property in Bathurst. Play on.
swrighteconomy micksfoley Bitcoin fixes this
swrighteconomy micksfoley Reserving their complicity in sending these 250 suburbs & most of Australian's. WITH every dwelling into the OVER PRIMED mess of debt. Just keep borrowing buy a boat, new car, furniture, holiday. Put it on the House Just refinance & keep borrowing Good One RBA & Regulators
swrighteconomy micksfoley Poor investors will have to weigh up which they care more about, climate change denial or the housing market. So sad
swrighteconomy micksfoley When will this event to occur? More scare talk.
swrighteconomy micksfoley Hahahaha Each and every one of these suburbs has gone up and is continuing to rise 15% per annum for the past 40 years. Any suggestion of prices dropping is ridiculous
swrighteconomy micksfoley they're talking the language of Sydney now
swrighteconomy micksfoley What about those that suddenly find themselves overlooking the beach?
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