Climate change threatens $150bn worth of property

By Nila Sweeney

A new government report has predicted that up to $150bn worth of coastal property may be under threat from climate change-related sea level rises and coastal erosion.

A number of homes in the Byron Bay area are among those under the most immediate threat, where the New South Wales Government recently intervened to permit owners to build protective sea breaks.

However, some experts believe that the problem will not deter investors from buying units on the coast. According to The Australian Financial Review, RP Data national research director Tim Lawless said the issue will not prompt a fall in demand for seaside developments.

"People are always going to want to live near the coast. The pull of lifestyle is much stronger than insurance coasts and the possible impact of climate change," he said.