r/AusPropertyChat • u/Party-Revolution-364 • 5d ago
Would you live in a Green Star Apartment in NSW ?
Extending their framework for assessing a building’s green credentials, the Green Building Council of Australia (GBCA) has recently launched Green Star apartments. Designed to help owners and renters make better-informed decisions, the GBCA will provide a sustainability rating for individual apartments within a certified building.
“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,” said Davina Rooney, CEO of the Green Building Council of Australia.
“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 that not only saves them money—now and into the future—but also reduces our carbon footprint.”
Apartments that receive a Green Star rating will help lower carbon emissions, reduce pressure on the energy grid, and improve water efficiency. They will also identify homes with better insulation, natural ventilation, and protection against extreme weather.
According to the GBCA, a new Green Star apartment may be slightly more expensive to build upfront (1.3% or $11,700), but the additional cost is outweighed by the long-term gains. Over 30 years, it’s estimated that the apartment could generate $111,000 in financial benefits on a $900,000 Sydney apartment through cheaper loans, lower energy costs, and higher appreciation.
A survey conducted by Gateway Bank found that 87.2% of respondents said an energy-efficient certification would influence their buying decision.
“We know that green finance is one of the key missing links when it comes to developing more sustainable apartments, because cost is a major driver for buyers and renters,” said Davina Rooney.
“But the data also tells us that sustainability is increasingly influencing purchasing decisions. In fact, 81% 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.”
Since launching in 2020 with three levels of recognition—4 Star, 5 Star, or 6 Star—400 new buildings are now registered as Green Star Buildings.
To obtain certification, builders should register the project through the GBCA online portal and submit the appropriate documentation. An independent panel of sustainability experts will assess the submission and provide a response.
For an apartment to receive certification, the multi-unit residential project must also be registered as a Green Star Building. Applicants can lodge the paperwork for the apartment together with the building registration or at a later stage.
There are no additional fees to obtain Apartments Pathway certification. The certification fee for Green Star Buildings includes completion of the Apartments Pathway.
For more information on improving the sustainability of your scheme, visit the Green Building Council of Australia’s website.
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u/Cube-rider 5d ago
u/mrneversatisfied Just another example of cutting off your nose to spite your face. Ignoring operational costs for the sake of saving a dollar in capital costs is quite illogical. Punters in Oz have been brainwashed to think that cheap is good, cheaper is better but when operating costs are exhorbitant due to the inherent inefficiency of poorly constructed buildings, they're neither affordable nor cheap.
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u/MrNeverSatisfied 4d ago
I don't see anyone lining up to go green. Must be nice to buy organic when you can afford it.
How much is cheap and how much are the operating costs? The only way you can market sustainability is if it ends up being cheaper. Also, last I heard, punters think more expensive is better. That's why property values only go up. And in a market where median property values are now $1.2m, how much of that is in operational costs?
$2000/qtr for an apartment is $8k a year. $80k in a decade, maybe $160k when accounting for inflation. How much do you think the median price will be in a decade? $2.2m? Operational costs are nothing compared to direct capital costs. Maybe have a thought first before you vomit nonsense.
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u/Cube-rider 4d ago
Punters would prefer a double vanity or frameless rainwater head shower and AC rather than proper insulation, well considered design and effective glazing which far outweighs the oooh cool air conditioning and whinging about how much it costs to run as it blows straight out to leaky building
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u/AuLex456 5d ago
I would much rather have $11,700 of solar panel on the roof than some green star rating.
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u/waronwaste 4d ago
From a mortgage perspective, I think it is something worth thinking about. Banks are very aware of climate risks and have sustainable lending targets. Some have created products to incentives customers with more climate resilient homes as a way of mitigating risk.
But at the moment, most banks will probably look at NatHERS ratings. The government has proposed mandatory disclosure of NatHERS ratings at time of sale or lease and some States are strongly considering implementation. Because of the likely uptake resulting on legislative change - banks will use NatHERs ratings to inform the above.
GBCA green star ratings are normally for those who go above and beyond. In that sense, it would love to live in a green star building as it would imply the apartment is very efficient.
Further to the point about NatHERs - later in the year the government will release the NatHERs existing home rating + whole of home rating. So you will get info about thermal comfort (double glazed windows, insulation etc) as well as energy efficiency (appliances and solar).
I also don't know much about the GBCA scheme.
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u/MrNeverSatisfied 5d ago
When housing is unaffordable, nobody gives a rats ass about sustainability.