The Bureau of Meteorology has warned there is a 70% chance of La Niña returning this spring.
The bureau’s three-month climate outlook shows a high chance of above-average rainfall for most of the eastern two-thirds of the Australian mainland between September and November.
“With wet soils, high rivers and full dams, and the outlook for above-average rainfall, elevated flood risk remains for eastern Australia,” it said.
Given the warning, this would be a good time for home owners to:
- Check if they have flood insurance
- Investigate ways to protect their home from rising water
- Prepare an evacuation plan
If you are in the market for property, this is also a reminder to consider whether it could be impacted by weather events and what insurance premiums could be to obtain adequate cover for that property.
How the new climate bill will affect real estate
Meanwhile, Real Estate Institute of Australia President Hayden Groves said the Federal Government’s new climate change bill would have implications for the housing market.
The Climate Change Bill 2022 has cleared the House of Representatives, but still needs to be approved by the Senate. Assuming it does, the new legislation is likely to bring forward increased emissions reduction drives by governments and their business partners, according to Mr Groves.
“This is likely to manifest in the energy space and an enhanced focus on residential disclosures,” he said.
“And with that, the government hopes, so too will consumer preference and markets. Already, there is an emerging body of research that shows that homes demonstrating sustainable features currently command a premium.”
Mr Groves said despite the new climate legislation, Australia would still experience extreme weather events.
“Resilience and preparation measures will need to be increased by homeowners and principals to protect their homes and shopfronts from continued erratic weather,” he added.
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