Abstract
In the context of curbing greenhouse gas emissions to meet the ambitious but much-needed targets to limit global warming to reasonable levels, residential housing can play a significant role. By enhancing the energy efficiency of residential housing, emission reductions, reduced costs and better health and wellbeing of occupants may be achieved. Despite gradual improvements in home energy efficiency, homeowner engagement could be greatly enhanced by the demonstration of how energy efficiency and energy ratings can be reflected in residential property values. Ascertaining the value of energy efficiency may enable greater investment and potential for increased availability of finance for added energy efficiency options in new and existing housing. Extant research suggests a significant relationship between house values, rental prices and energy efficiency certifications, particularly where mandatory disclosure operates. However, limited research has examined residential valuers’ (appraisers) perspectives and practice considerations.This paper examines the challenges for valuers in identifying and considering energy efficiency initiatives and ratings on residential property value and the capacity of residential valuation professionals to incorporate energy efficiency into the valuation (appraisal) process.The research identified limited means available to valuers in Australia in identifying energy efficiency attributes and ratings; challenges in awareness, knowledge, and understanding of energy efficiency ratings; and, subsequently, limitations in consideration of initiatives and ratings in valuation. This research affirms findings of other Australian and international studies, suggesting mandatory disclosure and certification are essential if energy efficiency is to be considered by the market and reflected in residential valuation.
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