Coastal property values affected by landmark decision
In a landmark decision, Victoria’s Civil and Administrative Tribunal has banned the development of six homes in the farming/coastal area of Toora, nearly 200km south-east of Melbourne because of rising sea levels and storm severity.
What will this do to the value of sea view coastal properties. I spent may years living by the sea but sold for this very reason but I probably sold too early and did not get the full value of the property but I was concerned about living too close to the sea.
The planning authorities are sending a message that we do need to be careful about where we plan new developments due to predicted sea level rises. Inevitably some people’s property prices will be affected. It is something we have known about for some time now and it is probably time that there was some intervention for development of foreshore properties in low lying areas.
Conversely, properties that are elevated and not affected may find their values increase.”
The decision is also expected to affect other decisions on sensitive coastal sites around Australia pending, including a 600 lot residential development at Point Lonsdale in Victoria. One would have though that caution on sea levels would already have been incorporated into affected local council guidelines.
Technorati Tags: Coastal property, coastal property values, landmark decision, landmarks
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