blog.buysellrealestate.com.au

The value of the popular coastal property market may start to slide with news that house prices under threat - The Age” href=”http://www.theage.com.au/national/beach-house-prices-under-threat-20080627-2y50.html?page=-1″ target=”_self”>the Victorian Government is set to designate vast new areas of Victoria’s coastline as floodprone. This is in response to the findings of the Intergovernmental Panel on Climate Change and the CSIRO, which suggests planners should allow for a sea level rise of between 18 and 100 centimetres over the next 60 to 100 years.

The report, which is expected to be released some time in the next few weeks, will impact on proposed developments at Port Albert and Port Fairy, as well as Western Port towns of Tooradin, Warneet and Hastings. Developers may need to dramatically pull back on the amount of land they develop, and when you’re talking beachside, you’re dealing in big money.

Individuals like Kevin Reardon are paying the price. He’s already invested $400,000 in a block of land at The Honeysuckles, a beachfront development on Ninety Mile Beach:

“The Honeysuckles Estate is a purely residential subdivision (about 400 lots) behind the primary dune of the Ninety Mile Beach and contained on the inland side by the flood plain of Lake Reeve.”
- About The Honeysuckles

View Larger Map

So with just the sand dunes on one side, and Lake Reeve on the other, The Honeysuckles seems particularly vulnerable to rising sea levels.  On Tuesday the Wellington Shire Council is set to decide on whether to place a moratorium on all building development in the area, but such a stance is bad news for people like Mr Reardon:

“A moratorium is unacceptable. Buy me out or just leave me alone.

This is a knee-jerk reaction, but if they make this decision it’s going to hurt a lot of people. And right now, we’re in limbo. We can’t build, we can’t sell.”
- Mr Reardon

Whichever way councils like Wellington Shire go, they could be in trouble. If they allow developments to go ahead, they put themselves at risk of litigation in the future should sea levels rise or storm surges wash through the towns. On the other hand if they ban building developments, then current property owners face huge losses.

What will be the implications for other communities, big and small, around Australia? I’m particularly interested in what this might mean for low lying developments around the Gold Coast’s canals, and the Brisbane suburb of Raby Bay, where the possibility of cyclones is an added risk.To see a dramatic visual of what a 1 metre rise in sea levels might mean, check out this map, and zoom in on the south-east Queensland coast.

Back in 2006 former Queensland Premier Peter Beattie was asked about the issue of wave surges wiping out waterfront properties on the Gold Coast:

“Now I don’t want to be alarmist because, as I said, this isn’t going to happen tomorrow and people on the Gold Coast need to know that. This is a long-term strategy. We are going to do this modelling, we’ll be - this is a long-term strategy for modelling - we will ensure that the community’s are involved in it, people have some idea of what’s happening and over the next years, this is what we will do so that people understand the potential.”
- Peter Beattie, Lateline

I don’t think the issue of rising sea levels has yet impacted on the residential property market, but I reckon it’s got to influence things eventually. Governments, both local and federal, need to start preparing for the possibility of changes in our sea levels and weather patterns, and that means action is needed sooner rather than later. One day they’ll need to move on from modelling, and start making changes, and that’s when it’s going to start to hurt the electorate, and hence the ruling government, whoever that might be. And when real changes start happening, that’s when buyers, sellers, and real estate agents will start to pay attention, and we may start seeing some low-lying waterfront properties significantly drop in value.

The value of the popular coastal property market may start to slide with news that house prices under threat - The Age” href=”http://www.theage.com.au/national/beach-house-prices-under-threat-20080627-2y50.html?page=-1″ target=”_self”>the Victorian Government is set to designate vast new areas of Victoria’s coastline as floodprone. This is in response to the findings of the Intergovernmental Panel on Climate Change and the CSIRO, which suggests planners should allow for a sea level rise of between 18 and 100 centimetres over the next 60 to 100 years.

The report, which is expected to be released some time in the next few weeks, will impact on proposed developments at Port Albert and Port Fairy, as well as Western Port towns of Tooradin, Warneet and Hastings. Developers may need to dramatically pull back on the amount of land they develop, and when you’re talking beachside, you’re dealing in big money.

Individuals like Kevin Reardon are paying the price. He’s already invested $400,000 in a block of land at The Honeysuckles, a beachfront development on Ninety Mile Beach:

“The Honeysuckles Estate is a purely residential subdivision (about 400 lots) behind the primary dune of the Ninety Mile Beach and contained on the inland side by the flood plain of Lake Reeve.”
- About The Honeysuckles

View Larger Map

So with just the sand dunes on one side, and Lake Reeve on the other, The Honeysuckles seems particularly vulnerable to rising sea levels.  On Tuesday the Wellington Shire Council is set to decide on whether to place a moratorium on all building development in the area, but such a stance is bad news for people like Mr Reardon:

“A moratorium is unacceptable. Buy me out or just leave me alone.

This is a knee-jerk reaction, but if they make this decision it’s going to hurt a lot of people. And right now, we’re in limbo. We can’t build, we can’t sell.”
- Mr Reardon

Whichever way councils like Wellington Shire go, they could be in trouble. If they allow developments to go ahead, they put themselves at risk of litigation in the future should sea levels rise or storm surges wash through the towns. On the other hand if they ban building developments, then current property owners face huge losses.

What will be the implications for other communities, big and small, around Australia? I’m particularly interested in what this might mean for low lying developments around the Gold Coast’s canals, and the Brisbane suburb of Raby Bay, where the possibility of cyclones is an added risk.To see a dramatic visual of what a 1 metre rise in sea levels might mean, check out this map, and zoom in on the south-east Queensland coast.

Back in 2006 former Queensland Premier Peter Beattie was asked about the issue of wave surges wiping out waterfront properties on the Gold Coast:

“Now I don’t want to be alarmist because, as I said, this isn’t going to happen tomorrow and people on the Gold Coast need to know that. This is a long-term strategy. We are going to do this modelling, we’ll be - this is a long-term strategy for modelling - we will ensure that the community’s are involved in it, people have some idea of what’s happening and over the next years, this is what we will do so that people understand the potential.”
- Peter Beattie, Lateline

I don’t think the issue of rising sea levels has yet impacted on the residential property market, but I reckon it’s got to influence things eventually. Governments, both local and federal, need to start preparing for the possibility of changes in our sea levels and weather patterns, and that means action is needed sooner rather than later. One day they’ll need to move on from modelling, and start making changes, and that’s when it’s going to start to hurt the electorate, and hence the ruling government, whoever that might be. And when real changes start happening, that’s when buyers, sellers, and real estate agents will start to pay attention, and we may start seeing some low-lying waterfront properties significantly drop in value.

The value of the popular coastal property market may start to slide with news that house prices under threat - The Age” href=”http://www.theage.com.au/national/beach-house-prices-under-threat-20080627-2y50.html?page=-1″ target=”_self”>the Victorian Government is set to designate vast new areas of Victoria’s coastline as floodprone. This is in response to the findings of the Intergovernmental Panel on Climate Change and the CSIRO, which suggests planners should allow for a sea level rise of between 18 and 100 centimetres over the next 60 to 100 years.

The report, which is expected to be released some time in the next few weeks, will impact on proposed developments at Port Albert and Port Fairy, as well as Western Port towns of Tooradin, Warneet and Hastings. Developers may need to dramatically pull back on the amount of land they develop, and when you’re talking beachside, you’re dealing in big money.

Individuals like Kevin Reardon are paying the price. He’s already invested $400,000 in a block of land at The Honeysuckles, a beachfront development on Ninety Mile Beach:

“The Honeysuckles Estate is a purely residential subdivision (about 400 lots) behind the primary dune of the Ninety Mile Beach and contained on the inland side by the flood plain of Lake Reeve.”
- About The Honeysuckles

View Larger Map

So with just the sand dunes on one side, and Lake Reeve on the other, The Honeysuckles seems particularly vulnerable to rising sea levels.  On Tuesday the Wellington Shire Council is set to decide on whether to place a moratorium on all building development in the area, but such a stance is bad news for people like Mr Reardon:

“A moratorium is unacceptable. Buy me out or just leave me alone.

This is a knee-jerk reaction, but if they make this decision it’s going to hurt a lot of people. And right now, we’re in limbo. We can’t build, we can’t sell.”
- Mr Reardon

Whichever way councils like Wellington Shire go, they could be in trouble. If they allow developments to go ahead, they put themselves at risk of litigation in the future should sea levels rise or storm surges wash through the towns. On the other hand if they ban building developments, then current property owners face huge losses.

What will be the implications for other communities, big and small, around Australia? I’m particularly interested in what this might mean for low lying developments around the Gold Coast’s canals, and the Brisbane suburb of Raby Bay, where the possibility of cyclones is an added risk.To see a dramatic visual of what a 1 metre rise in sea levels might mean, check out this map, and zoom in on the south-east Queensland coast.

Back in 2006 former Queensland Premier Peter Beattie was asked about the issue of wave surges wiping out waterfront properties on the Gold Coast:

“Now I don’t want to be alarmist because, as I said, this isn’t going to happen tomorrow and people on the Gold Coast need to know that. This is a long-term strategy. We are going to do this modelling, we’ll be - this is a long-term strategy for modelling - we will ensure that the community’s are involved in it, people have some idea of what’s happening and over the next years, this is what we will do so that people understand the potential.”
- Peter Beattie, Lateline

I don’t think the issue of rising sea levels has yet impacted on the residential property market, but I reckon it’s got to influence things eventually. Governments, both local and federal, need to start preparing for the possibility of changes in our sea levels and weather patterns, and that means action is needed sooner rather than later. One day they’ll need to move on from modelling, and start making changes, and that’s when it’s going to start to hurt the electorate, and hence the ruling government, whoever that might be. And when real changes start happening, that’s when buyers, sellers, and real estate agents will start to pay attention, and we may start seeing some low-lying waterfront properties significantly drop in value.

The value of the popular coastal property market may start to slide with news that house prices under threat - The Age” href=”http://www.theage.com.au/national/beach-house-prices-under-threat-20080627-2y50.html?page=-1″ target=”_self”>the Victorian Government is set to designate vast new areas of Victoria’s coastline as floodprone. This is in response to the findings of the Intergovernmental Panel on Climate Change and the CSIRO, which suggests planners should allow for a sea level rise of between 18 and 100 centimetres over the next 60 to 100 years.

The report, which is expected to be released some time in the next few weeks, will impact on proposed developments at Port Albert and Port Fairy, as well as Western Port towns of Tooradin, Warneet and Hastings. Developers may need to dramatically pull back on the amount of land they develop, and when you’re talking beachside, you’re dealing in big money.

Individuals like Kevin Reardon are paying the price. He’s already invested $400,000 in a block of land at The Honeysuckles, a beachfront development on Ninety Mile Beach:

“The Honeysuckles Estate is a purely residential subdivision (about 400 lots) behind the primary dune of the Ninety Mile Beach and contained on the inland side by the flood plain of Lake Reeve.”
- About The Honeysuckles

View Larger Map

So with just the sand dunes on one side, and Lake Reeve on the other, The Honeysuckles seems particularly vulnerable to rising sea levels.  On Tuesday the Wellington Shire Council is set to decide on whether to place a moratorium on all building development in the area, but such a stance is bad news for people like Mr Reardon:

“A moratorium is unacceptable. Buy me out or just leave me alone.

This is a knee-jerk reaction, but if they make this decision it’s going to hurt a lot of people. And right now, we’re in limbo. We can’t build, we can’t sell.”
- Mr Reardon

Whichever way councils like Wellington Shire go, they could be in trouble. If they allow developments to go ahead, they put themselves at risk of litigation in the future should sea levels rise or storm surges wash through the towns. On the other hand if they ban building developments, then current property owners face huge losses.

What will be the implications for other communities, big and small, around Australia? I’m particularly interested in what this might mean for low lying developments around the Gold Coast’s canals, and the Brisbane suburb of Raby Bay, where the possibility of cyclones is an added risk.To see a dramatic visual of what a 1 metre rise in sea levels might mean, check out this map, and zoom in on the south-east Queensland coast.

Back in 2006 former Queensland Premier Peter Beattie was asked about the issue of wave surges wiping out waterfront properties on the Gold Coast:

“Now I don’t want to be alarmist because, as I said, this isn’t going to happen tomorrow and people on the Gold Coast need to know that. This is a long-term strategy. We are going to do this modelling, we’ll be - this is a long-term strategy for modelling - we will ensure that the community’s are involved in it, people have some idea of what’s happening and over the next years, this is what we will do so that people understand the potential.”
- Peter Beattie, Lateline

I don’t think the issue of rising sea levels has yet impacted on the residential property market, but I reckon it’s got to influence things eventually. Governments, both local and federal, need to start preparing for the possibility of changes in our sea levels and weather patterns, and that means action is needed sooner rather than later. One day they’ll need to move on from modelling, and start making changes, and that’s when it’s going to start to hurt the electorate, and hence the ruling government, whoever that might be. And when real changes start happening, that’s when buyers, sellers, and real estate agents will start to pay attention, and we may start seeing some low-lying waterfront properties significantly drop in value.

Queensland developer Raschta has purchased a strategic parcel of
industrial land in Townsville, Queensland with the intention of
developing warehouse units on the site.

A refurbished two-level CBD office building offered with vacant
possession in Melbourne, Victoria, has been sold by Knight Frank.

Offered with vacant possession, a two-level retail and office building in Niddrie, Victoria, has sold at auction.

A refurbished double-storey shop and dwelling property in Thornbury,
Victoria, has sold after auction following a campaign by Fitzroys.

According to Clayton Utz, landowners in New South Wales may not be
aware of the extent of their obligations under a new bill on
contaminated land and are thus putting themselves at risk of large
fines and remediation costs.

New research from the Housing Industry Association has confirmed a
requirement for almost one million new homes to meet Australia’s
growing population.