New research from PRDnationwide shows that sustainable buildings sell faster than their conventional counterparts. Not only this, but sustainable buildings outperform conventional buildings in all relevant areas – environmentally, socially and financially.
“[Sustainable] features not only contribute to improving the price of properties but also a decrease in the time taken to sell the property,” reads the report.
“Further research conducted indicates that houses with sustainable features achieve the most competitive market price.”
Sustainable buildings were determined based on the following criteria:
- Spatial planning: Site area, ratio of bedrooms to bathroom/s and zoning/land use
- Occupant health and safety: Smoke alarms, pest control measures and building materials
- Occupant comfort: Building orientation, insulation and cross-flow ventilation
- Operation and services: Water service connections, communication/data service connections and energy service connections
- Building durability: The use of non-toxic building materials, bathroom/toilets are easily accessible for people with various levels of mobility, and the lifespan and durability of kitchen/bathroom materials
According to the research, the top benefits of owning a property with these features incude:
- More savings on utility bills and less maintenance: Projected energy savings ranged from 3-14 percent in 2015 and from 3-32 percent in 2020 based on 6-star sustainable, energy efficient residential properties across Australia
- Less days to sell listed property: Properties with recorded sustainability features in Kelso, Queensland took 13 less days to be sold on the market
- Higher median price: Median house prices of properties with recorded sustainability features (eg. Solar panels and/or watering systems) are at least 10 percent higher than properties without recorded sustainability features
- Higher resale value
In order to reap the sale benefits mentioned above, the research has recommended that the real estate industry increase communication to potential buyers and sellers about the sustainability features in their homes.