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Port Lincoln properties under threat from climate-driven coastal erosion, study finds

Prime spots in Port Lincoln are under threat, according to CoreLogic. (ABC Eyre Peninsula: Bernadette Clarke)

The ongoing effects of climate change could see Port Lincoln's coast crumble and make it more difficult to get mortgages approved for seaside properties, according to a new CoreLogic study.

Researchers used three decades of data to determine where and how properties could be affected by climate and coastal changes in the future.

The study shows that after Glenelg, Port Lincoln has the second highest number of properties in high-risk areas susceptible to impact.

The report found 131 individual houses, 58 apartment buildings and 108 apartment dwellings, with a combined value of $119 million, could be affected.

CoreLogic senior global risk transfer director Pierre Wiart said coastal erosion was already taking a toll.

"We realised there's different types of erosion that could happen along the coastline, some of them on a very long-term basis," he said.

The study says about 300 properties in Port Lincoln are at risk. (ABC Eyre Peninsula: Bernadette Clarke)

Waterfront risks

Dr Wiart says Glenelg North, in Adelaide, is the most vulnerable area in coastal SA, but Port Lincoln is not far behind.

"The reason is much more on the fact that there is a lot of assets, a lot of individual houses, residential homes which are very close to the shore," he said.

"So it doesn't mean that there is a problem as of today, but they would be effectively vulnerable to coastal risks."

The study quotes the Intergovernmental Panel on Climate Change, which states that human influence has warmed the atmosphere ocean and land, that climate change is affecting weather and climate extremes.

It also states that the impact of climate change is happening faster than anticipated.

Almost half of all Australians live within 10 kilometres of the coastline and many continue to look for a sea-change, but this study aims to educate real estate lenders and owners.

"It's intended for the financial sector — often for the banks or insurance [companies], they want to have discretion with their clients to see if they're aware of the potential risks," Dr Wiart said.

"They have a duty of care, so they want to look after their clients rather than penalise them."

The study ranks Port Lincoln as the second most at-risk location in SA. (ABC Eyre Peninsula: Bernadette Clarke)

Study an 'attention grabber'?

Raine and Horne Port Lincoln managing director Steve Prout said it would be a long time before Port Lincoln was at risk.

"We do utilise CoreLogic services [and] I'm certainly aware of things like global warming," he said.

"What does concern me even more though, is when they release reports like this, with a great headline that says $25 billion worth of high coastal risk, it is an attention grabber I am not a big fan of.

Steve Prout believes Port Lincoln will be alright for at least half a century. (ABC Eyre Peninsula: Bernadette Clarke)

But with severe weather events prominent in Australia, particularly on the east coast, where flooding has forced people out of their homes and damaged businesses, lenders are becoming more wary about certain locations.

Mr Prout says it is also up to buyers to exercise caution.

"You've seen more dramatic sides — on the east coast you have houses sitting on the top of huge cliffs, and there's a surge there.

"But I think that differentiates from coastal erosion.

"We look at places like Port Lincoln — we're protected by Boston Island and those sorts of things.

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