Worsening floods driven by the warming climate have wiped billions of dollars off the value of homes across Australia , according to a new report.

The research, released today by the Climate Council and property data firm PropTrack, analysed millions of properties over the past two decades.

While house and apartment prices have skyrocketed across the nation in recent years, the report found homes in flood-prone areas are worth a collective $42.2 billion less, as of this April, due to the risk of the natural disaster.

"Our homes are our most prized assets, but we're increasingly being dealt a losing hand when it comes to worsening climate risks," Climate Councillor and economist Nicki Hutley said.

"This study finds of more than two million flood-prone homes, at least 7

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