Less than a third are aware about their property's risk of being impacted
Millions of Australian homes are at risk of natural disasters, with most homeowners unaware of the danger, according to real estate giant Domain.
Domain Group’s 2024 Perils Report, the first of its kind, examines the impact of bushfires, floods, and coastal erosion on Australian homes. It indicates a direct correlation between a home’s value and its susceptibility to natural disasters.
“Australians are struggling. Affordable housing is becoming increasingly inaccessible, we have unprecedented cost-of-living pressures, and we are seeing more consistent and extreme weather events which are significantly devaluing our homes,” said Domain chief executive Jason Pellegrino (pictured).
“Of greatest concern is that many Australians are living on land facing peril in order to have a place to call home. Alarmingly, our own research shows that only 29% of Australians know about their property’s risk of being impacted by a natural disaster and some 20% know where to go to seek information about these risks.”
The Domain report also found that approximately eight in 10 Australians believe the government should provide more information about a property’s risk of being hit by natural disasters.
“While the research shows that 80% of Australians believe the government should be responsible for providing information about a property’s risk from natural disasters, each of us have a unique role to play in tackling these complex issues — be it government, banks, insurers and industry,” Pellegrino said.
He stressed that Australia needs to do more to build viable, liveable communities as the climate changes, adding that discussions about the housing and climate crisis should not occur in isolation, as these issues cannot be solved independently.
“Ultimately, we all bear the collective responsibility for our future, and this is all about starting a conversation on how to better use land,” Pellegrino said.
Domain chief of research and economics Nicola Powell also emphasised the collective responsibility in driving change, noting that the report has highlighted how at-risk Australian communities are.
“We all remember the dark days of Black Summer in 2019-20 and the fatal bush fires that engulfed so much of our country,” Powell said. “Our report shows that there are 5.6 million Australian homes at risk of bushfire, which is almost half of all properties.
“The unfortunate reality of this is that as the risk of bushfires increases, the value of these homes decreases. On top of this, Queensland has the highest proportion of at-risk properties when it comes to flooding, while New South Wales faces the largest expected losses in property damage coming in at over half a billion dollars per year.
“Despite this, there persists a concerning trend of continued construction and residential development in flood-prone zones. While these findings are alarming, the report shows there is opportunity for change.”
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