SUSTAINABILITY is a major issue for the property industry, however a joint API and ADPIA survey found, few truly understand the impact of potential changes to government policy.
The Australian Property Institute and the Australian Direct Property Investment Association had over 120 industry participants at their recent Profitable Sustainability in Property conference.
In a survey conducted on the day, 100% of respondents believe sustainability is a major issue for the property industry. And 93% believed increased costs and taxes as a result of carbon emissions legislation was the most important issue.
However, the survey found 90% of respondents only have a limited – or no – understanding of the impact of potential changes to carbon emission laws.
Comments from attendees included that it was very difficult to find an appropriate level of information and that the industry needs clarity of proposed legislation.
ADPIA vice president Adam Murchie said there is bound to be legislative changes in the future and that the property industry needed to create a platform that could engage governments and industry.
“As an industry it is imperative that we engage with the right stakeholders to make meaningful progress on issues of sustainability.
“If we work together to identify the most important issues, then we can deliver beneficial outcomes to investors, developers and managers. Importantly, the outcomes need to be seen as being value drivers, rather than as just another cost,” he added.
Respondents also believe developers need more financial incentives to go beyond standard measures. For example, make land tax exemptions for green (or exceptionally green) properties.
There were also calls for “education rather than regulation” and “greater incentives especially around renewable energy”.
Interestingly, 93% of respondents believe that property owners and tenants can reduce their carbon footprint by improving staff awareness and 81% by upgrading lighting.
API’s national sustainability committee chair Richard Bowman said the API and ADPIA would continue to work together to identify and address issues of importance to their members.
Propertyreview.com.au
