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Nicki Hutley, a former partner at Deloitte Access Economics and a Climate Councillor, warns that Australia is becoming uninsurable due to climate change, with rising premiums and property devaluations. Climate Valuation estimates $170bn property value loss by 2050. Research shows sustainability boosts property values up to 20%. Various risks like physical, transition, and liability are exacerbated, requiring regulatory and financial sector actions. Reports emphasize the need for climate risk disclosures in real estate transactions, urging proactive measures to address potential economic disparities and prevent a housing market collapse akin to historical events.

The construction industry has come under fire in recent months with various ongoing concerns such as lack of skilled labour, lack of supplies and most recently, the interest rate increase.

News this week has been somewhat dire for the construction and building industries, with discussions in the media about the likelihood of the industry grinding to a halt over a lack of supplies and workers.

Melbourne’s recent restrictions easing has been well received across the state.

A construction supply crisis is affecting key development projects across the country as builders deal with a critical shortage of building materials.

Property trading remained buoyant last week as the country’s two largest cities posted clearance rates indicating more than three-quarters of home auctions were successful, even as lockdowns curbed the number of transactions taking place.