Floods have devalued Australian homes by $42bn. Experts say that’s the cost of ‘a changing climate’

‘Always an anxiety about the next flood’: When Warren Irwin’s North Lismore house was flooded in 2022, he was offered a buyback. He was lucky not to have sold at a loss, unlike others in the region. Photograph: Warwick Irwin

When Warwick Irwin returned home after a week away, he was shocked by the ruin inside.

It was February 2022 and two days earlier his North Lismore house had flooded to the ceiling. “It was quite a mind-blowing experience when I got into the house when the water went down.”