THE Green Building Council of Australia has launched Green Star apartments, a new sustainability rating that independently verifies each apartment within a certified building, with six companies involved in a trial.
Six industry leaders – Cbus Property, Frasers Property, Homes Victoria, Lendlease, Sentinel, and Stockland – have partnered with GBCA to trial Green Star apartments in current projects.
“With housing affordability at crisis levels, our cities growing denser, and climate pressures intensifying, the demand for apartments must be met with cost-effective and sustainable solutions,” Green Building Council of Australia CEO Davina Rooney said.
“The rating system we’re launching today will make it easier for developers to create generation-defining homes.
“It will help more Australians get their foot in the door in a way which not only saves them money – now and into the future – but also reduces our carbon footprint.”
While a Green Star apartment may have a marginally higher upfront cost – just 1.3 per cent or about $11,700 more to build – this initial investment is far outweighed by long-term financial benefits.
Over 30 years, a Green Star apartment in Sydney could deliver nearly $111,000 in total financial gains through cheaper loans, lower energy costs, and higher appreciation.
“We know that green finance is one of the key missing links we have when it comes to developing more sustainable apartments, because we know that cost is a key driver of buyers and renters,” Ms Rooney said.
“But the data also tells us that sustainability is increasingly influencing purchasing decisions.
“In fact, 81 per cent of buyers now see sustainable property features as either ‘critical’ or ‘important’ in their decision-making.
“The launch of Green Star apartments will help buyers and renters identify homes that align with these expectations, while also ensuring lower operating costs and improved liveability.”
Gateway Bank has confirmed it will accept the Green Star Buildings – Apartments Pathway certification as part of its Green Home Loan eligibility criteria, with other lenders expected to follow suit.
“Sustainable apartments shouldn’t come with a cost premium – they should be the standard,” Ms Rooney said.
Cbus Property CEO Adrian Pozzo said the group was proud to be part of this initiative.
“We know it will be game changer in helping more Australians access healthier, more liveable and more sustainable apartments,” he said.
“As a first step, we will be piloting the Green Star apartments pathway at our residential offering at 185 Wharf St, Spring Hill, which will set a benchmark for sustainable apartment living while offering long-term cost savings for residents.
“Green Star supports our commitment by providing an independent standard that gives buyers and investors greater confidence that their homes will be exceptional quality, comfortable, healthy, affordable to run, built for the future and importantly, enable people to live more sustainably.”
Property Australia
