Port Stephens and Pindimar are among a list of suburbs most at risk of losing multi-million-dollar homes to coastal erosion within the next three decades.
The pair has been named in the top five NSW suburbs in a report designed to warn potential homebuyers of climate risks now and in the future.
Stockton, North Arm Cove and Corlette also made the list, as did the Lake Macquarie suburb of Swansea.
The data is thanks to a new tool available to homebuyers offering analysis on coastal erosion, flooding and bushfire risks.
It ranks suburbs most at risk, not only today, but also in 30 years’ time.
The Hunter joins some of the country’s most expensive real estate in eastern Sydney’s Vaucluse and the North Coast’s Byron Bay.
Eight locations that aren’t in the firing line now but are deemed to be among the state’s most at-risk addresses in the future include Wamberal, Old Bar, Batemans Bay, Sandringham, North Arm Cove, Corlette, North Shore and Booker Bay.
The Groundsure ClimateIndex™ report, available through InfoTrack, found the Central Coast suburb of Wamberal is looking at a grim real estate future.
“Multi-million dollar beachfront homes sit on a cliff which is eroding at a rate of over one metre per year,” it stated.
“Sea level rise, increased storms and the effects from powerful future El Nino/La Nina events could all accelerate the demise of some seriously expensive investments.”
Groundsure CEO Dan Montagnani said while he didn’t predict the findings would impact property value in sought-after coastal locations, it’s important that homeowners and prospective buyers were aware of risks to best plan for the future.
“Climate change is already considered a Tier 1 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 explained.
As the trend to a more rapidly warming climate continues, the sad reality is that homebuyers in some vulnerable locations will not be able to secure a full loan or insurance cover.
It’s also hoped the reports will encourage impacted communities to consider infrastructure to improve their resilience.
InfoTrack global head of property John Ahern said the Groundsure reports were unique in that they provide property-specific assessments for individual residences, instead of broad regional ratings.
“They are specifically designed for property lawyers and conveyancers to do their due diligence and better inform buyers,” he added.
“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.”
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