Climate risk threatens property values of Australia's famed beachside homes

Global warming threatens to undermine the value of coastal homes, which are at growing risk of storms, flooding and coastal erosion. PHOTO: EPA-EFE
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SYDNEY - In Australia's frenzied property market, some of the most prized homes are waterfront ones, which offer unfettered views of the ocean or access to beaches.

Last year, for instance, some of Sydney's highest-priced sales included a harbourside boat shed that sold for A$38 million (S$37.1 million) and neighbouring beachfront homes in the leafy suburb of Double Bay that sold for a total of A$61 million.

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