CHU: The Rising Trend in Sustainable Apartments in Australia

Sustainability is no longer just a buzzword; it’s a fundamental shift in how we approach living spaces, including strata properties. As highlighted in the recent Domain Sustainability in Property Report, sustainability considerations are increasingly influencing property decisions across Australia. For strata properties, which encompass a significant portion of urban living, adopting sustainable practices is not just beneficial but imperative.

In the 2024 report from Domain, the data reveals a growing trend in the demand and implementation of sustainable features in houses and units across Australia. Encouragingly, half of all houses and over one-third of units now boast some elements of green features. This shift is not just a trend but a response to long-term benefits such as energy cost savings, increased property value, and enhanced liveability.

Solar Panels Lead the Way

Solar panels are the frontrunners in sustainable home features, present in nearly 43% of houses sold. This trend highlights the effectiveness of public education on the long-term energy savings and environmental benefits of solar energy. For strata properties, integrating solar panels can significantly reduce the overall carbon footprint and utility costs for all residents, however it still requires the agreement of all owners, so can take a little longer to implement than for houses where only one party is responsible for the decision.

Economic and Social Impacts

Investing in sustainable features isn’t just an environmental decision; it’s can also save households money and make the property more desirable. Despite the housing market’s fluctuations, green homes continue to demand a higher price. The report has indicated that green homes attract greater buyer interest and sell quicker, making them a wise investment.

Data indicates that green is in demand

When analysing recent data from home sales and the market performance of green homes reveals that these properties come with an attached price premium. The report highlights that for units, the premium is $70,000 (11.7%).

Immediate Opportunities for Strata Properties

Given that the property industry is one of the main contributors to carbon emissions, the push for sustainable features in our homes is no longer a ‘nice to have’ feature.

For strata properties, this means:

  • Adopting renewable energy: Installing solar panels and other renewable energy systems can significantly reduce carbon emissions and energy costs.
  • Implementing energy-efficient Upgrades: Simple changes such as energy-efficient lighting, appliances, and insulation can make a substantial difference.
  • Promoting sustainable practices: Encouraging residents to adopt sustainable living practices, such as recycling and reducing water usage, can collectively have a significant impact.

 

At CHU, we are excited to be leading the way in sustainability in the strata industry. We’ve set out our goals and strategies to meet ESG targets and we are actively working with our supply chain to move the industry towards net zero.

The findings from the report highlights that the customer demand reflects these goals of a greener future for the residents in both houses and strata properties.

For strata properties, embracing sustainability can lead to enhanced property values, reduced environmental impact, and improved quality of life for residents.

Author: CHU 

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