The risk of flood is wiping more than $42bn off the value of Aussie homes and costing governments millions of dollars in lost tax revenue every year.

The PropTrack Climate Council Property Value Flood Risk Report released today is the first to track the nation’s about 2 million homes specifically subject to a flood maps and found the vast majority, about 1.4 million, have lost value as a result of their flood risk.

A typical three-bedroom, two-bathroom house in a flood map area is now worth $75,500 less than near neighbours not covered by the map.

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But discounts are higher in areas flooded more recently or perceived as having the most significa

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