New report warns of coastal erosion impacting expensive SA suburbs

Coastal erosion caused by climate change is wreaking havoc with high-end South Australian suburbs, leaving millions of dollars in property vulnerable, according to a new report.

Property worth hundreds of millions of dollars in South Australia is at severe risk due to rising sea levels and coastal erosion caused by climate change, according to a national report.

Real estate analyst CoreLogic has drawn upon 30 years of shoreline movements and location analysis to calculate a coastal risk score – based on property values – for 98 per cent of residential property nationally.

It says increasing storm surges have the potential to affect $2bn worth of Australian coastal homes.

It found that SA’s most at-risk areas – based on property values and concentration of properties – were Glenelg North, Port Lincoln, Somerton Park, Encounter Bay and Glenelg South.

Glenelg is one of the places in danger of erosion. Picture: Sarah Reed

CoreLogic estimates $609m worth of property in those areas is at “high” or “very high” risk of worsening climate conditions.

The figure represents 671 properties including houses and individual apartments.

Queensland was the nation’s most vulnerable state for coastal damage, the report said.

Dr Pierre Wiart, CoreLogic’s head of consulting and risk management, and the report authors, said damage caused by recent storms and floods in South East Queensland and NSW were a tragic but timely reminder of the untold devastation extreme weather events could have on Australian people and property.

“In the next three decades, coastal risk will crystallise, with the tangible effects of climate change already being felt in most parts of Australia,” he said.

Aerial shots of Holdfast shores. Picture: Sarah Reed

“Coastal risk has far-reaching implications for the country’s property market and its supporting financial sector, including property valuations, home loan viability and insurance premiums.”

Dr Wiart said the report would inform homeowners, buyers, insurers and lenders of potential future climate-related coastal risks.

The Advertiser reported last year that 34 coastal councils need $212m to fund projects to prevent natural beach erosion by 2030.

The sum includes projects to protect and restore natural assets as well as built structures such as groynes, rock walls, jetties, boat ramps and harbours.