by Jeni Bone
More than 180 international property professionals are on the Gold Coast this week to discuss the impact of climate change on real estate and developments at a conference hosted by Bond University and held at the Holiday Inn.
Erosion on the Gold Coast last summer. Photo by: Bruce Miller
The 17th Pacific Rim Real Estate Society Conference will run with the theme ‘Climate Change and Property: its impact now and later’ focuses on sustainability across a diverse range of topics, including:
* Retrofitting of urban environments
* Green leases and valuations
* Impact of green initiatives on portfolio investments
* Climate impacts on behaviour in property markets
* Managing environmental change - Government initiatives and responses
* Rural and remote communities
* An planning expert on Queensland's Gold Coast says the Brisbane floods have highlighted the challenges that can confront waterfront property owners.
The director of the Institute for Sustainable Development at Bond University, Professor George Earl, says the current flood disaster in Queensland, Victoria and Northern NSW underlines the need for adequate infrastructure to deal with the effects of climate change.
'Areas which were prestigious in previous generations now are those very properties which are at most risk because of climate change and rising tidal waters etc,' he said. 'I don't think they will become less desirable or even less valuable - I think what it will do is heighten the emphasis on sustainable infrastructure.
'There are some areas which have gone under in the last few days up in Brisbane which are quite OK to be built on.
'It is just that in fact we have to understand the infrastructure that's needed not to protect just them, but the city in general has to be upgraded.
'We have to do more significant work in terms of understanding the issues of climate change on real estate.'
He said he believes the floods will not cause long-term damage to Brisbane property values nor will the damage make south-east Queensland any less desirable to home-buyers or dramatically reduce prices.
'In the short-term, it will probably stagnate them and probably make them go back somewhat,' he said. 'But I think that as we start handling better the issues of climate change and real estate and urban planning, Brisbane and the Gold Coast will still be beautiful places to live.'
The PRRES conference has attracted delegates from Australia, New Zealand, Singapore, Malaysia, Philippines, Japan, Hong Kong, Taiwan, Taipei, South Africa, England, America, Canada, Germany and Spain.
Watch this space for more post-event coverage.
More at http://www.bond.edu.au/about-bond/news-and-events/events/BD3_012272