Weather Damage

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<p>NCAR and IAG have released a report examining current and future climate change impacts on the Australian climate and weather extremes that produce significant property, personal and economic damage and hardship.</p>
<p>When examining the effected areas of tropical cyclones (TCs), they found there has already been a southward shift of the regions where tropical cyclones reach peak intensity and this is expected to continue.</p>
<p>Tropical cyclone risks are expected to increase most rapidly in the south-east Queensland / north-east NSW regions, followed by the coastal districts south of Shark Bay in Western Australia.</p>
<p>The world has entered a new era of global TCs in which economic and insured losses are doubling every 15 years.</p>
<p>A frequent problem in Australia is bushfires and according to the latest trends in fire danger indices, they are likely to increase in almost all locations nationally, leading to more frequent and extreme events, and longer fire seasons.</p>
<p>The rate of increase varies by location and will depend on weather system changes and site specific factors at regional scales, which means different regions may see different impacts on property values.</p>
<p>"Sea level rise is expected to accelerate around the Australian coastline but at differing rates. It is notable that past assessments of sea level rise are lower than those that recent observations show," the report said.</p>
<p>"Areas at risk of large and giant hail should progressively shift southwards, with the largest increase in risk likely to be in the region inland from the Hunter River south through the central and southern New South Wales highlands and central to eastern Victoria."</p>
<p>A note which hold both potential and danger for property values is that intense short duration rainfall is expected to increase almost everywhere in Australia, resulting in more frequent flooding in urban areas and in small river catchments. </p>
<p>However this may lead to increase rainfall in drought-ridden areas of Australia which could positively effect property values particularly of the agricultural variety.</p>
<p><em>To read the full report click <a href="https://www.iag.com.au/severe-weather-changing-climate" target="_blank">here</a>.</em></p>
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j.ballantyne1990-6AQqhLzZaK

How are Australia's changing weather extremes going to affect real estate?

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<div style="text-align: left;" align="center">GUEST OBSERVER</div>
<div style="text-align: left;" align="center"> </div>
<div style="text-align: left;" align="center">Following some of the most damaging weather Australia’s east coast has ever seen, the Victorian State Government is being urged to consider reforms which would see maintenance funds be made mandatory for owners corporation communities. </div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Maintenance funds help communities pay for emergency repairs whilst waiting for insurance claims to be processed; but without them, the wait can be perilous. </div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Thousands of apartment and unit communities were hit hard by recent weather, and with no laws in place to ensure that emergency maintenance funds are collected; many will struggle to cope with the fallout now and in the future. </div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">We’re very concerned that Victorian owners corporation communities aren’t in a position to financially deal with the unpredictable nature of Australian weather.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">We understand 20,000 claims have been lodged since the wild weather hit, and with the knowledge that many won’t be covered, the number of affected owners unable to afford repairs could very well reach into the thousands.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">If reports of insurers not covering recent damage, under an “act of the sea” clause are correct, it really shines a light on the need for maintenance funds to be behind each community. </div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Living in Australia often means being exposed to wild weather events and communities need to go a step further than simply relying on their insurance policy to save the day.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Insurers commonly do not cover ‘acts of the sea’ so repairs following the raging waters that have ripped coastline communities apart will likely need to be funded in other ways.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Aside from the funds themselves however, the wait for claims to be processed amid major events like the ones just seen can hurt just as much, so having access to funds immediately is pretty crucial.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Beyond weather from above, bushfires are a year-in year-out threat to Victorian owners corporation communities and communities need to be held accountable on their financial preparedness as soon as possible. </div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">It won’t be long until we’re discussing the devastating effect of bushfires on owners throughout the state and we’ve got a scheduled rollout for the State Government to consider in making these funds mandatory.</div>
<div style="text-align: left;"> </div>
<ul style="text-align: left;">
<li>By end of year 1, owners corporations with greater than 50 lots must implement a maintenance plan and set up the collection of funds. </li>
<li>By end of year 2, for owners corporations with 10-50 lots must implement a maintenance plan and set up the collection of funds. </li>
<li>By end of year 3, remaining owners corporations with 10 lots or less must implement a maintenance plan and set up the collection of funds. </li>
</ul>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Under this plan, the 1.5 million Victorians living in strata will in 3 years be able to consider minor hiccups following major weather events as a worst case scenario and we’re encouraging the State Government to consider the value of that.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">In place of any progress on the legislative front, Mr Beck is urging Victorian owners corporation residents to raise their voice and speak to a professional owners corporation manager to get clarification on how their community should best go about setting up funds. </div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">Owners corporation communities don’t have to wait for the regulatory say so to set up maintenance funds, they can start financing their future needs today.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;">The ugly truth is that there’s no guarantee there won’t be a major event this weekend that creates more chaos, so we hope State Government decision makers and owners corporation communities alike move quickly to see this issue overcome.</div>
<div style="text-align: left;"> </div>
<div style="text-align: left;"><em>Rob Beck is general manager, Strata Community Australia (Vic) and can be contacted <a href="https://www.vic.stratacommunity.org.au" target="_blank">here</a>.</em></div>
<p style="text-align: left;"> </p>
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Weather Damage

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