Apartment buyers in Australia are becoming more environment-conscious

Australian apartment buyers from Victoria and New South Wales are becoming more environmentally conscious when buying apartments, according to research by Australian Apartment Advocacy (AAA).

More than one in five apartment buyers from the two states claimed that environmental aspects were "extremely" or "very important" when purchasing a property.

Environmental initiatives in new apartments allow residents to monitor their power usage amid increasing energy costs, said AAA director Samantha Reece.

"Environmental initiatives incorporated in an apartment design can offer up to 19% savings a year in energy consumption," Reece told The Real Estate Conversation.

Also Read: Why homebuyers need to be aware of climate change

Of those homebuyers who were concerned with the environmental aspects of property purchases, 50% in NSW were retired while 57% in Victoria were young professionals.

Reece said this is consistent with the findings of the Australian Bureau of Statistics (ABS), which found that young Australians belonging to the 18 to 24 age groups and older adults were more likely to be concerned about environmental matters.

Furthermore, the ABS data show that 88% of Australians had taken steps to limit their energy use, recognising the relationship between power usage and carbon emissions.

"The fact that close to a quarter of the survey respondents indicated that they were focused on this attribute also demonstrates that the demand for environmental amenity within apartment designs is only going to continue in the longer term," Reece said.