- 17% of Victorian households are at a 'high' or 'very high' climate risk
- The rate and impacts of flood, coastal erosion and bushfires are increasing
Following last year’s devastating bushfires, CoreLogic has analysed Victoria’s climate risk and concluded that 9% of householders in the state are exposed to a “very high risk of climate hazard”, with another 8% at “high risk”.
Whether it be flood, bushfire or coastal erosion, Victorians are vulnerable to severe weather events, and these are on the rise.
“This [risk] is equivalent to a combined estimated property value of $277 billion,” said Dr Pierre Wiart, CoreLogic’s Head of Consulting and Risk Management Solutions.
“Like most Australian states and territories, … future scenarios indicate that both bushfire and flood risks are likely to be on the rise across the regions due to drier environments but also increasing precipitation, albeit separately.”
Victoria is at risk from bushfires across the state, the highest risk being around Melbourne’s north-east.
“Flood risk is significant from Swan Hill to Echuca and Shepparton due to the Murray River, while the flat landscape of Melbourne and its surrounds creates a flood risk from the Yarra, Maribyrnong and Werribee Rivers,” said Dr Wiart.
“However, accurate future flood projections can be tricky due to conflicting forces at play, namely the relative impacts of drought and precipitation.”
“Rising sea levels are also expected to affect many parts of Victoria under extreme future scenarios. Victoria is already feeling the effects of coastal erosion, with the Victorian Government providing funding to tackle the problem at beaches such as Apollo Bay, Lakes Entrance and Mallacoota.
“Our research shows that rising sea levels are likely to exacerbate coastal erosion in many parts of the state.”
Over 2.5 million residential homes in Victoria were assessed according to their climate hazard risk.
“While no one knows exactly what tomorrow will bring, access to the right data can provide a strong foundation for informed decision-making in uncertain times. Business leaders and decision-makers, for example, may be better equipped to assess climate hazards when they have data that drills down to the level of individual properties,” he said.
Source: Climate Risk Solution, Core Logic.