Home buyers are still willing to pay top dollar for waterfront views and bush frontage but a landmark report suggests it won't always be the case.

Riverine flooding, coastal inundation, bushfires, wind storms and droughts that can crack walls will eventually catch up with property markets, according to Australia's first-ever national assessment of climate risks .

Under a worst-case scenario, extreme weather events are estimated to hit values by $570 billion by the end of the decade.

Losses could climb to more than $610 billion by 2050 under 3C of warming - a temperature rise the Australian Climate Service views as "prudent" to prepare for - as buyers opt to pay less for risky dwellings, banks value them accordingly and insurance costs trend higher.

The numbers assume little is done t

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