Queensland Homes at Highest Risk of Coastal Erosion

A Gold Coast residential suburb has been identified as having the greatest amount of property at high risk of being damaged by coastal erosion in Australia.

According to Corelogic, Paradise Point has an estimated $1.4 billion worth of property at very high risk of coastal erosion or storm-surge-related damage or loss within a 6.4 square kilometre area within the next 30 to 60 years. 

The suburb has 406 homes identified as being at high or very high risk, 46 of which are apartments.

Corelogic defined very high risk as properties likely to be damaged by coastal erosion or storm surges within the next 30 years, and high risk as property likely to be damaged within the next 60 years.

Paradise Point is a boating-orientated suburb with man-made canals and gated communities. Property values have grown by 50 per cent during the past five years to January 2022.

Corelogic’s report estimates that about 20 per cent of the suburb is at high risk, which is equivalent to 40 per cent of the suburb’s total residential value.

Cronulla in New South Wales was second on the list with $486.4 million of property at very high risk—eight detached homes and 254 apartments, followed by Port Melbourne in Victoria with $483.8 million of property—29 detached homes and 202 apartments.

Manly, in Sydney's northern beaches, had $462.1 million worth of property at very high risk—21 detached homes and 109 apartments.

Other suburbs on Corelogic’s list included Aspendale, Victoria ($455.3 million), Runaway Bay, Queensland ($424.1 million), Brighton, Victoria ($415.4 million), Caloundra, Queensland ($380.5 million), Collaroy, NSW ($375.9 million), and Golden Beach, Queensland ($340.6 million).

_{^Top 10 suburbs by number of buildings estimated to have very high and high coastal risk exposure. Source: Corelogic coastal risk index.}

While Queensland had the highest number of high risk properties at 311,148, Tasmania had the highest percentage of properties at risk—22 per cent of its total homes (53,069) and 25 per cent of its total residential wealth.

New South Wales had the highest total value of property at high risk with $423.2 million.

Across Australia, $5.3 billion worth of property was identified as being at "very high risk"— 2187 detached homes and 2062 apartments.

▲ Cronulla, south of Sydney, has $486.4 million of property at very high risk, according to Corelogic.

One in 10 residential dwellings are located within 1km of the coast, representing more than $1-trillion worth of property across Australia.

The Corelogic report also tracked coast line recession.

Topping that list was East Mackay beach in Queensland, where the shoreline has retreated by an average of 7.72m per year over a 424m stretch of beach.

Kinka Beach, also in Queensland, had a 7.25m per year shoreline retreat average across a 358m stretch of coastline.

Queenscliffe and Portland in Victoria had shoreline retreat averages of 6.43m per year and 5.64 m per year respectively, while Broadwater in Busselton, WA, had an average of 5.01m per year.

_{^Top ten suburbs with highest shoreline retreat averages. Source: Corelogic coastal risk report.}

Climate change has led to rising sea levels which increases the risk not only of coastal flooding but storm surges, coastal erosion, and changing and receding coastlines.

The United Nations’ Intergovernmental Panel on climate change said that climate change was proceeding at a faster rate than before and that human-induced climate change was driving many extreme weather and climate patterns and events.

Climate change has more recently led to a higher occurrence of specific weather patterns which saw Queensland and New South Wales affected by disastrous and fatal flooding.

More rain is predicted in the coming days for parts of NSW with fears of more flooding. 

More than 30 mayors and local government councillors recently wrote to the federal government, asking for action and funding to prevent and recover from property and infrastructure loss and damage within communities.