November 25th, 2010

Buyers and Sellers are Going Green in Victoria

Posted in: Australia, Victoria

It seems that environmental consciousness is at an all time high amongst individuals and in the business world – a trend which also seems to be red hot in the real estate and property industries.

According to Harcourts Victoria’s Chief Executive Officer, Brent Pullar more environmentally-friendly and sustainable homes are being built and sold each year as buyers and sellers are becoming more environmentally conscious.

“Not only are home owners beginning to be more environmentally aware, but new buyers are becoming more aware also. People looking for a new home are definitely influenced by the trend towards adopting green initiatives such as solar power, rain water tanks, reduced flow tap fittings and power monitors,” said Mr Pullar.

In recent years, Mr Pullar has noticed that some home buyers will reject properties that do not have environmentally-sustainable features in favour of properties that do.

“If a home does not have environmentally-friendly aspects, it can be a deal breaker for many potential buyers; that is very reflective of the level of environmental-consciousness that we are now seeing,” said Mr Pullar.

Further demonstrating this new level of environmental awareness, a survey conducted earlier this year by a national property research group found that 59 per cent of buyers are willing to pay more for a home with environmentally friendly and sustainable features.

There is also a growing trend amongst property developers to incorporate environmentally sound and sustainable initiatives into their home and apartment designs.

“Architects and property developers are no longer just designing for style and comfort, they are also designing for sustainability as more and more people are demanding environmentally-friendly homes,” said Mr Pullar.

Building codes now include energy-efficient requirements and the Federal Government has recently introduced a mandatory disclosure policy for office buildings’ energy use; Mr Pullar believes that it is only a matter of time before similar measurements are applied to apartment buildings and residential developments.

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