EXPERTS from the Royal Melbourne Institute of Technology (RMIT) University have weighed in on the flood crisis on how future-proofing of homes needs to occur in Australia’s changing climate. NSW and Queensland have witnessed Groundhog Day on multiple occasions in the last 3-4 years with detrimental floods taking the houses and properties of thousands along the east coast and in inwards cities and towns too. Just this week we’ve also seen Victoria lashed with severe weather where thousands of homes have been inundated as the weather event continues.
“The majority of existing and new housing in Australia is not suitable for performing in our current climate. “Predicted climate changes over the coming decades will only exacerbate this issue for many Australian households. We are already seeing the negative impact on people’s health and wellbeing during extreme weather events. In some cases, households will find their housing unliveable for periods of time if we see climate change much further,” Trivess Moore said.
Peng Yew Wong says that despite the market increasing and housing standards surging, the number of uninsurable homes in the future is a concern. “New housing standards will increase in 2023 but while this will make housing more resilient to a changing climate, there is more that should be done to future-proof new housing moving forward,” Wong said. “The Australian housing market is already experiencing its most volatile period since the beginning of this century, primarily due to the emergence of new drivers in the housing market due to the natural and man-made disasters.”
Watt’s comments were backed a week ago by Prime Minister Anthony Albanese, who backed a review of planning and zoning. “With the insurance companies already imposing higher insurance premium (or not insuring at all) and the banks getting more reluctant to lend on flood-prone or cyclone-prone locations, it is reasonable to conclude that flood-prone properties will be facing significant downward pressure due to rising sea level and as such, to under-perform other residential property types into the future.”