Watch: Property values drop by $42 billion due to flooding

Out of the two million flood-prone houses across Australia, at least 70 percent have had their values reduced by water inundation risk.

An increasing number of Australian homes are facing a severe risk of flooding, with property values around the country dropping by $42.2 billion according to a new report from the Climate Council and property data firm PropTrack.

Take a look at a video explaining the story below.