Many of the best properties are those with waterfront. Who wouldn't want to live in a home with stunning views of the water and the beach that give you the feeling of being on a holiday? But while it is just amazing, acquiring a waterfront property also comes with risks. One of which is the recent warning from academics.
As reported by Domain.com.au, waterfront homes are at risk over the next 30 years due to the rising sea levels. Speaking at a University of Sydney lecture, online real estate publication The Fifth Estate managing editor Tina Perinotto said that the rising sea levels will have adverse impact on homes along the coastal if no measures will be introduced.
With more than 85 percent of the population living in Australia's coastal areas, a 0.2-meter rise in sea levels by 2030 will put some 61,500 homes in Queensland should the current planning and building regulations stay the same. They are facing possible flooding, coastal erosion and other weather-related effects.
But more than the value of their properties, many Australian care about their home and their community having lived there for decades already. This attachment, according to University of Sydney associate professor Abbas El-Zein, will be a challenge in introducing measures because one of the viable options include moving away from the coastal.
"It's happening all around Australia that when councils try to make public the information about the risk to particular properties and areas ... this tension is created [with homeowners]," El-Zein said, per Domain.
Meanwhile, if you're considering acquiring a waterfront property, Lamudi listed some things to think about. These include the impact of natural calamities that can determine how long your property will last, the extent of your ownership, accessibility, the possibility of renting it out, and how much it would cost you to maintain the property.
