Will my property fall in value?

For existing dwellings, property values are affected shortly after a natural disaster such as a bushfire or flood, but experience shows that they tend to return to close to previous levels within one to two years. The coastal protection approaches proposed in the IA Climate Change Impacts report should reduce the impacts of such events, helping to protect property values.

When considering development in identified hazard areas - including building alterations or additions - owners must address the risks identified in this report, and the cost of developing may be somewhat higher, depending on the particular situation.

This may reduce property values for properties where these costs are high and development potential substantially underlies the land value (i.e. undeveloped land or older properties ready for redevelopment).

For those few areas where a development freeze may be proposed in the short term until the longer term ability to protect property is assessed, property values will be affected until the situation is resolved, and in the longer term if the freeze is retained.

Over the long term (25 years +), when coastal property owners are expected to contribute to the cost of coastal protection, coastal property values will be reduced depending on the cost or feasibility of protecting a particular location.

Clarence City Council
38 Bligh Street (PO Box 96)
Rosny Park, Tasmania 7018
Telephone:(03) 62 17 9500

Page URL: http://www.ccc.tas.gov.au/page.aspx?u=1560

Page last Reviewed: 2011-07-28T09:10:51