Australia’s largest group of independent property valuers have today made comment on the Federal Parliamentary Report released this week which explores Australia’s coastline.

The report, titled “Managing our coastal zone in a changing climate” raises some very serious future issues facing property owners, planning authorities and the property industry in general.

Opteon CEO, Greg Sugars said “The report has highlighted a range of emerging issues that have yet to be formally addressed by the property industry. We will be studying the report carefully and following the progress of recommendations contained within the report.”

“Opteon is holding its annual conference later this week and the report has already been circulated to our internal standards committee for comment and workshopping at their meeting”

“As Opteon completes over 250,000 valuations per annum for mortgage lenders, I am sure some of our clients will be keenly watching the progress of the report recommendations also. In effect, the issues that are facing property owners also potentially affect those that lend against the security of the effected property.”

Mr Sugars continued, “One of the key issues will be to provide accurate advice on values of the potentially affected properties, especially if the government looks at a compulsory land insurance scheme.

Valuers will also need to familiarise themselves with any changing planning implications and carefully asses any future insurance considerations when undertaking replacement cost exercises.”