Perspectives of Australian property practitioners on sustainability features in residential property

Wong, Shi Yee; Susilawati, Connie; Miller, Wendy; Mardiasmo, Diaswati

doi:10.1007/s10901-019-09726-3

Cited by 5 publications

(2 citation statements)

References 35 publications

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“…As such, property features related to sustainability must also be disclosed along with the house size and details in the information made available to the prospective buyers or renters. Currently, as stated by Wong et al [48], Australian real estate agents are more focused on promoting general housing features (i.e., house size) but not actively promoting sustainability features to the potential sellers/buyers. As such, features such as water sustainability [49], environmentally friendly materials, solar panels, and smart electric gadgets [50] and other sustainability features, if added to property details, can help minimize their regrets.…”

Section: House Size (Hs)mentioning

confidence: 99%

Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data

Ullah

Sepasgozar

2020

Sustainability

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The real estate sector is receiving mix responses throughout the world, with some countries like USA receiving lesser and European and Asia Pacific markets receiving more transactions in recent years. Among the concerning factors, post-purchase regrets by the real estate owners or renters are on the rise, which have never been assessed to date through scholarly research. These regrets can further increase in the time of lockdowns and bans on inspections due to Corona Virus Disease 2019 (COVID-19) and social distancing rules enforced by various countries such as Australia. The current study aims at investigating the key post-purchase regret factors of real estate and property owners and renters over the last decade using published literature and online threads. Based on pertinent literature, 118 systematically identified and text-mined articles, and four online threads with 135 responses, the current study develops system dynamics models to assess and predict the increase in consumers’ regrets over the last decade. Further, a user-generated thread with 23 responses involving seven real estate managers and five agents with more than 20 years of experience, 10 buyers with at least three successful rentals or purchases, and a photographer with more than 10 years of experience, is initiated on five online discussion platforms whereby the respondents are involved in a detailed discussion to highlight the regret reasons specific to real estate purchases based on online information. General architecture for text mining (GATE) software has been utilised to mine the text from both types of threads: Published and user generated. Overall, the articles and threads published over the last decade are studied under two periods: P1 (2010–2014) and P2 (2015–2019) to highlight the post-purchase or rent-related regret reasons. The results show that regret levels of the real estate consumers based on published post-purchase data are at an alarmingly high level of 88%, which compared to 2015, has increased by 18%. Among the major cited reasons, complicated buy–sell process, lack or accuracy of information, housing costs, house size, mortgages, agents, inspections, and emotional decision making are key reasons of regret. Overall, a total of 10% and 8% increases have occurred in the regrets related to the buy–sell process and lack of inspections, respectively. On the other hand, regrets related to agents and housing costs have decreased drastically by 40% mainly due to the good return on investments in the growing markets. However, based on the current trend of over reliance on online information and more powers to the agents controlling online information coupled with lack of physical inspections, the situation can change anytime. Similarly, lack of information, housing size, and mortgage-related regrets have also decreased by 7%, 5%, and 2%, respectively, since 2019. The results are expected to encourage policy level changes for addressing the regrets and uplifting the real estate industry and moving towards a smart and sustainable real estate sector. These results and pertinent discussions may help the real estate decision makers to uplift the current state, move towards a smart real estate, and avoid futuristic regrets, especially in the COVID-hit environment where most of the industries are struggling to survive. Careful attention is required to the top regret factors identified in the study by the real estate managers, investors, and agents to pave the way for a more managed real estate and property sector whereby the consumers are more satisfied with the value they receive for their money. This win–win situation will enhance the property business and remove the stigmas of intentional and deliberate withholding of information by managers and agents from the property and real estate sectors that can help boost the business through more purchases and satisfaction of its customers.

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Section: House Size (Hs)mentioning

confidence: 99%

Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data

Ullah

Sepasgozar

2020

Sustainability

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“…Consumers are influenced by the information that is available to them and by the people they interact with. Recent studies by Hurst and Halvitigala [32], Wong et al [33] and Wong et al [34] examined experts in the field (real estate agents, valuers and financiers) and their promotion or acknowledgement of sustainability and energy efficiency, and found that in most cases, the information was limited and often demonstrated an inadequate understanding of sustainability and energy efficiency features in housing altogether. Real estate professionals lack knowledge of sustainability despite the availability of further training or customer interest [32,35,36].…”

Section: Barriersmentioning

confidence: 99%

The Evolving Nature (or Not) of Sustainability Communications in New Home Building in Australia

Warren-Myers,

Schmidt

2023

Sustainability

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Research has demonstrated that sustainable homes can help mitigate the impact of climate change and assist with meeting international climate targets. However, market implementation has been slow due to limited regulatory regimes and poor engagement by home builders across Australia. In Australia, homes are commonly built by ‘volume home builders’ (VHBs), who are defined as home builders who build large quantities of homes, generally from a standardised set of plans and formats. The Housing Institute of Australia (HIA) ranks the largest volume home builders annually in their top 100 home builders report. To evaluate the VHBs’ approach to communicating sustainability in their home products, this study used content analysis techniques to investigate their use of online communication channels (websites, blogs and social media accounts). This study examined 23 New South Wales VHBs in 2020 and 2022 and compared them to a study of Australia’s top 100 VHBs in 2016. The findings demonstrated a significant increase in the level of sustainability communications in their online channels between 2016 and 2020 but showed a decrease between 2020 and 2022. Overall, the level of detail, the type of information and the educational quality improved from 2016 to 2022. However, only two VHBs provided a high level of sustainability information. The most recent results illustrated that VHBs have moved away from having sustainability links and terminology on their websites compared to the 2020 baseline. This study demonstrated that leading Australian VHBs have an enormous opportunity to improve their sustainability messaging and suggested recommendations for enhancing communication capabilities and providing more meaningful sustainability information.

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Preferred green home features by potential buyers in Sibu Sarawak

Wong¹,

Wong²,

Palis³

2022

IOP Conf. Ser.: Earth Environ. Sci.

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Green concept was gaining attention since 1960s, with research and development initiatives been allocated to ensure its evolvement, for enhancing the minimization on the impact of global warming and greenhouse gases emissions. Enormous green home features be introduced worldwide, but such features were not collated into a single piece of information, and the preference of home buyers varies according to the culture, living environment, and personal preferences. This research aims to examine the relative importance of green home features to potential home buyers in Sibu, Sarawak. Purposive and random sampling methods were adopted as the participants need to meet the requirement of having intention to purchase a house in Sibu in the next five years. Quantitative online questionnaire survey was distributed to the potential home buyers with 118 valid responses returned (response rate 29.57%). The results indicated that air quality, energy saving lighting, and energy efficient air conditioner were the three most preferred features by the respondents. This research could contribute to the knowledge gap of the preferred green home features by the potential home buyers in Sibu, and hence, serve as a piece of supporting document to the developers, to meet buyers’ demand and further increase the supply of green home in Sibu.

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Perspectives of Australian property practitioners on sustainability features in residential property

Cited by 5 publications

References 35 publications

Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data

Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data

The Evolving Nature (or Not) of Sustainability Communications in New Home Building in Australia

Preferred green home features by potential buyers in Sibu Sarawak

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