{"id":183610,"date":"2024-06-13T16:30:54","date_gmt":"2024-06-13T06:30:54","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=183610"},"modified":"2024-06-07T00:08:21","modified_gmt":"2024-06-06T14:08:21","slug":"millions-of-aussie-homes-at-risk-of-peril-new-research-reveals","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/millions-of-aussie-homes-at-risk-of-peril-new-research-reveals\/","title":{"rendered":"Millions of Aussie homes at risk of peril \u2013 new research reveals"},"content":{"rendered":"

Millions of Australian homes are at risk of natural disasters and most homeowners are unaware, leaving them sitting ducks and potentially uninsurable, according to Domain's 2024 Perils Report<\/a>.<\/p>\n

Domain CEO, Jason Pellegrino, emphasized the urgent need for Australia to build viable, livable communities as the climate changes.<\/p>\n

\"Mortgage<\/p>\n

Mr Pellegrino said:<\/p>\n

\"Australians are struggling.<\/p>\n

Affordable housing is increasingly inaccessible, we're facing unprecedented cost-of-living pressures, and more consistent and extreme weather events are significantly devaluing our homes.

<\/div><\/p>\n

Our greatest concern is that many Australians are living on land facing peril just to have a place to call home.\"<\/p><\/blockquote>\n

Alarmingly, the research shows that only 29% of Australians know about their property's risk of being impacted by a natural disaster, and only 20% know where to seek information about these risks.<\/p>\n

Mr. Pellegrino stressed that conversations about the housing and climate crisis need to be integrated because they cannot be solved in isolation.<\/p>\n

He further commented:<\/p>\n

\u201cUltimately, we all share the collective responsibility for our future, and this forum is about starting a conversation on how to better use our land.\"<\/p><\/blockquote>\n

Domain's Chief of Research and Economics, Dr. Nicola Powell, highlighted the report's findings, which show just how at-risk Australian communities are and the role we all play in making a change.<\/p>\n

Dr Powell said:<\/p>\n

\"We all remember the dark days of Black Summer in 2019\/20 and the fatal bushfires that engulfed so much of our country.\"<\/p><\/blockquote>\n

The report shows that 5.6 million Australian homes are at risk of bushfires, which is almost half of all properties.<\/p>\n

\"Volume<\/p>\n

She further commented:<\/p>\n

The unfortunate reality is that as the risk of bushfires increases, the value of these homes decreases.<\/p>\n

Additionally, Queensland has the highest proportion of at-risk properties due to flooding, while New South Wales faces the largest expected losses in property damage, totalling over half a billion dollars per year.<\/p>\n

Despite this, there is a concerning trend of continued construction and residential development in flood-prone zones.<\/p>\n

While these findings are alarming, the report also highlights opportunities for change.\"<\/p><\/blockquote>\n