PHOTO: Byron Bay
People are fleeing the rest of the country to move to northern NSW and Queensland – but they could be in for a huge shock, according to a new official report.
Southerners have been moving north in a giant locust-like swarm, landing in the sunny climes between Byron Bay and the Sunshine Coast where they are making property prices go ballistic. Byron Bay has the fastest growing median property prices in the country, rising from $1.3 million to $2.7 million in the last year, according to realestate.com.au.
Brisbane and the Sunshine Coast are also zooming ahead. But the dreams of sun and sand could all come crashing down, according to a new government report released quietly last week.
Analysts from the Reserve Bank of Australia recently prepared a new report on how climate change would affect Australian banks. Because Australian banks do so much lending for property, they had to check how climate change will affect property prices. The research is summarised in this alarming map, showing that while Sydney, Melbourne and Perth each contain areas where prices will be hit by climate change, the effect on southeast Queensland is predicted to be far worse.
READ MORE VIA NEWS.COM.AU
