气候变化领域集成服务门户(CCPortal): Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property?

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DOI	10.1016/j.crm.2021.100361
	Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property?
	Fuerst F.; Warren-Myers G.
发表日期	2021
ISSN	2212-0963
卷号	34
英文摘要	This research tests if contemporary house prices reflect the flood vulnerability of properties. In particular, future sea level rise is likely to expose properties to flood risk that are currently considered safe from these adverse events. Using a comprehensive dataset comprising of statutory rating valuation information and sales transactions, a hedonic framework is applied to estimate the potential price effects of current flood risk and future sea level rise. A valuation discount effect is identified for properties in known flooded areas while sea level rise has no detectable effect on valuations or sales data. The lack of a sea level rise discount in this analysis may be due to the absence of clear and comprehensive information on sea level rise available to home purchasers, myopic buyer behaviour, relatively affordable insurance premiums in areas not yet affected and no concrete plans for requiring buyers and owners to contribute to community or dwelling adaptation costs. Our results also indicate that buildings are in a significantly worse state of maintenance and repair if they are located in both current flood zones and areas that are likely to be under water when sea levels rise further. Generally, the lack of a price discount highlights that purchasers may be under-prepared for the future challenges and implications of sea level rise and the ancillary effects of future flooding, inundation and storm surges. © 2021 The Author(s)
英文关键词	Asset prices; Climate change; Flood risk; Residential real estate markets; Sea level rise
语种	英语
来源期刊	Climate Risk Management
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/256118
作者单位	Professor of Real Estate and Urban Economics, Trinity Hall and Department of Land Economy, University of Cambridge, 19 Silver Street, Cambridge, UK CB3 9EP, United Kingdom; Senior Lecturer in Property, Faculty of Architecture, Building and Planning, University of Melbourne, Glyn Davis Building 133, Masson Road, Parkville, Victoria 3010, Australia
推荐引用方式 GB/T 7714	Fuerst F.,Warren-Myers G.. Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property?[J],2021,34.
APA	Fuerst F.,&Warren-Myers G..(2021).Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property?.Climate Risk Management,34.
MLA	Fuerst F.,et al."Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property?".Climate Risk Management 34(2021).