White Paper on Coastal Risk for Residential Properties Released
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Coastal Risk Scores for Financial Risk Assessment has been released
CoreLogic has released the Coastal Risk Scores for Financial Risk Assessment – white paper which aims to provide policy makers with insight for evaluating the risks of storm surges and erosion to coastal properties.
Drawing on 40 years of environmental hazard data, the report uses a risk score methodology to measure the impact of climate change on specific locations over time.
It also looks at the impacts on housing demand and values at both a property and regional level.
The risk score methodology evaluates combined coastal risks based on compounding storm surge (rapid erosion) and change in coastline (slow erosion), with the latter also implicitly considering ongoing rising sea level trends.
The report draws on 3 decades of shoreline movements and advanced location analytics, to calculate and assign a coastal risk rating for 98 per cent of Australian residential property.
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