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A recent analysis of 1 million REA listings from PropTrack and the CSIRO has found that energy efficiency features remain underreported, despite one-third of buyers willing to pay a premium for more efficient properties.
The report found that listings still underreport efficiency features, offering an opportunity for agents and sellers to differentiate their homes, and called for information on efficiency to be standardised.
The report comes following an REA survey of 4,800 respondents which found that 36 per cent would spend more for more energy efficient dwellings.
While reducing carbon emissions remains a large factor – cited by 55 per cent of respondents – nearly 70 per cent of buyers stated that they were motivated by the promise of lower energy bills when considering energy efficiency.
“We know consumers are seeking more information on listings than ever before and it’s clear that energy efficiency information is an increasingly important part of finding the right home,” said Kris Matthews, executive general manager at PropTrack, the data and analytics arm of REA Group.
“Agents have a real opportunity to attract more buyers by including as much energy-efficient information as possible.
“We have several energy efficiency filters available on realestate.com.au already, but we know there’s more to do. Working towards standardising energy efficiency information would benefit both consumers and the real estate industry.”
CSIRO energy expert, Anthony Wright, said that standardising the way energy efficiency is reported would help buyers make more confident and informed choices.
“Online real estate portals are a primary source of information for those looking to buy or rent a home in Australia. By making energy efficiency information clear, consistent and easy to find, platforms such as realestate.com.au and real estate agents can support more informed and confident decision-making,” he said.
The two organisations are working to integrate more robust energy reporting into platforms such as realestate.com.au. Current tools include several energy filters, but both PropTrack and CSIRO acknowledged more needs to be done.
The push comes as housing affordability remains a top concern nationally. Advocates believe that better visibility into home efficiency could empower buyers and potentially nudge the market towards more sustainable construction.
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