Imagine waking up to find your backyard, and a chunk of your multimillion-dollar home, has plunged 61 metres into the ocean.
For residents of Southern California’s wealthiest coastal enclaves, this terrifying reality just played out.
But here’s the chilling truth: it’s not just an American nightmare. Australian homeowners are staring down the barrel of a similar, potentially $611 billion disaster.
In a scene ripped straight from a Hollywood disaster flick, parts of a seaside bluff in Rancho Palos Verdes recently gave way, sending backyards and fences tumbling into the Pacific.
Yet, for some, like Geno Imbriale, who owns a $2.5 million cliffside mansion, it’s just “California’s version of Russian roulette”,
“It’s like a drive-by shooting, which house gets hit. You just never know,’ Imbriale told the Daily Mail.
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An aerial view of land movement damage near homes in a wealthy coastal bluff community on October 2, 2025 in Rancho Palos Verdes, California. Picture: Getty
Despite his home’s value plummeting and the land beneath it moving at an alarming 43 centimetres a week – eight times the normal rate – Imbriale isn’t budging.
“I grew up here, it’s home. My wife and my kids, we all love it. I feel like it will stand for another 100 years, maybe more,’ he told the Daily Mail.
The collapse happened last month on Marguerite Drive in Rancho Palos Verdes, about a ten-minute drive from Imbriale’s home.
Between 90 and 120 metres of the bluff ‘sloughed off’ into the sea in a crescent-shaped break, according to the Los Angeles County Fire Department.
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Multimillion-dollar homes are on the cusp of disappearing into the ocean. (AP Photo/Jae C. Hong)
The disaster left a row of multimillion-dollar homes suddenly much closer to the edge, including two Marguerite Drive homes which have been listed for sale with prices ranging between a staggering $13.3 million and $15.3 million.
While Imbriale’s defiant stance might seem baffling, it highlights a deeply concerning trend that’s hitting closer to home than many Australians realise.
Our own coastal and bushland paradises are increasingly in the firing line, facing unprecedented threats from climate change.
The Australian Government’s stark National Climate Risk Assessment, released in September, paints a grim picture.
It warns of property value losses reaching a staggering $611 billion by 2050, with over 1.5 million Australians facing the impacts of rising sea levels, alongside escalating risks of bushfires, floods, and extreme storms.
But here’s the truly mind-boggling part: despite these dire warnings, property prices in many high-risk areas are still soaring.
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Erosion on Gold Coast beaches after Cyclone Alfred. Picture supplied by City of Gold Coast.
A Ray White analysis of the report revealed that in suburbs where up to 100 per cent of properties face high climate risk, prices are still climbing.
Of 64 analysed suburbs, 58 per cent saw positive price growth over the past year, averaging a 5.8 per cent rise – mirroring the national market.
Take South Australia’s Adelaide Hills, for instance.
Suburbs like Stirling, Heathfield, Crafers West, and Aldgate – where virtually every home is at extreme bushfire risk – recorded price growth of up to 12.5 per cent, with median values exceeding $1.3 million.
It’s a similar story in high-value coastal and bushland areas across other states, including Palmers Island, Crangan Bay, East Wardell, Seahampton, and Bucketty in NSW, all showing strong buyer interest despite their vulnerability.
In Victoria, Hollands Landing, Manangatang, and Shepparton topped the list of high-risk suburbs, while Queensland’s Groper Creek, Cunnamulla, Brookstead, and even parts of the iconic Gold Coast are in the crosshairs.
The Gold Coast, a jewel in Australia’s tourism crown, offers a chilling real-time example. Months after Cyclone Alfred unleashed its 17-metre wave fury in early March, its crown jewels – Main Beach and Surfers Paradise – still haven’t recovered.
Gold Coast beaches are still showing the impact of Cyclone Alfred.
Long-time local Tony, from Ocean Meriton, describes the daily sight as a stark reminder of nature’s raw power. He and his partner Vanissa Livara watched Alfred’s terrifying arrival from their above level 40 apartment.
“From our vantage point, the beach became a sea of foam, with stairways collapsing and tree debris scattered everywhere. I don’t believe the council could have prepared for the sheer force of Alfred – it was overwhelming,” Tony said.
He warns that erosion is still advancing, and with summer’s storm season looming, the lack of a co-ordinated, large-scale restoration effort is “nothing short of alarming”.
“These beaches are not just local amenities – they are an Australian treasure and a cornerstone of the Gold Coast economy,” he passionately argues.
“Immediate intervention is needed to protect both the coastline and the communities who depend on it.”
The question for Australian homeowners isn’t if, but when, these climate risks will hit home – literally.
With rising insurance premiums, body corporate fees, and rates already a reality for many, the gamble on a high-risk property could soon become a devastating loss.
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