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Global warming threat to Queensland house prices?

A new report warns that house prices in Queensland could be hit by the effects of extreme weather and rising sea levels.

Changing weather conditions could have an impact on house prices in low-lying parts of Queensland in the years to come, it has been claimed.

Research conducted by scientists from the Commonwealth Scientific and Industrial Research Organisation, and the University of Queensland, indicates that areas in the south-east of the state - including Brisbane - could be hit.

The study predicts that rising sea levels and intense storms will cut thousands of dollars off the value of many Australian homes, reports the Courier-Mail.

However, the researchers said that proactive steps taken by homeowners and local communities - in terms of fortifications and other infrastructure - could mitigate the damage.

The report calls for “adaptation measures’’ such as raising homes, improved drainage and a bar on development in at-risk areas.

“For a house that is already in the flood zone, then 50 cm of sea level rise will result in an additional 2.75 per cent of price discounting," said project leader Dr Ryan McAllister.

"How much discounting occurred before sea level rise depends on its place in the flood zone."

Posted by Craig Francis

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