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Viewing report
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Analysis of the Australian Green Homes Market - Perception and Preferences
Frost & Sullivan, Aug 2010, Pages: 86
When comparing future home owners and current home owners, it is interesting to note that future home owners appear to have higher environmental intentions toward green home products/services. However, when interpreting these results one should bear in mind that future home owners likely are not as aware as current home owners of home ownership costs (loan, taxes, insurance, maintenance, utilities, etc.). Thus, the future home owners’ perspective is likely from a dream home view, while current home owners are intimately familiar with the true costs of home ownership
Research Overview
This Frost & Sullivan research service titled Analysis of the Australian Green Homes Market - Perception and Preferences assesses awareness of the green homes concept and measures Australian home owner/future home owners’ preferences regarding green homes, green products, and services. The study determines the dynamics of purchase decisions and evaluates the value of features/attributes.
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Market Overview
Australian Green Homes Market Set to Pick up Steam as Awareness of the Green Concept Spreads
Despite the fact that most current home owners surveyed own new construction homes, most have admitted that their homes do not include many of the products/services surveyed. This is because a large proportion of current home owners own new construction homes that are at least six years old. Home owners of newer homes are more likely to have utilized green products/services. Overall, usage of green products/services that require less expense/steep up-front investment or extra effort – such as energy efficient lighting or home insulation – are more popularly adopted. Whereas, other green products/services that require steep up-front investment (solar panel systems), and/or home owner effort, (installing water saving tapware, rain water harvesting) are not widely adopted. Awareness levels of the various government grants available among those adopting green home products/services are moderate. “The perceived impact is mostly positive, as most current home owners think the use of the government-backed green home product/services would have a high impact on the environment,” notes the analyst of this research service. “However, current and future adoption plans overall are low-to-moderate.” Even with government assistance, the effort required by current home owners to adopt green products/services (such as shopping, installing, applying for government grant, etc.) does not offset the monetary savings, environmental benefits, etc. associated with green home products/services. Roughly two-thirds of future home owners expect to purchase a new construction home. However, more than half of these future home owners are delayed 18-24 months in making a home purchase. Overall, familiarity and planned adoption of green home products/services are high among future home owners. While affordability is the primary factor that will influence the home purchasing process, home builders should consider the emphasis that future home owners are bound to place on green home products/services. “Given cost-conscious future home owners, home builders should consider touting the long-term financial benefits/return-on-investment of purchasing homes with green products/services,” says the analyst. “Promotional messages that combine return-on-investment along with environmental benefits will overcome hesitancy that cost-conscious future home owners will have when faced with possible premium prices of green homes.”
When comparing future home owners and current home owners, it is interesting to note that future home owners appear to have higher environmental intentions toward green home products/services. However, when interpreting these results one should bear in mind that future home owners likely are not as aware as current home owners of home ownership costs (loan, taxes, insurance, maintenance, utilities, etc.). Thus, the future home owners’ perspective is from a dream home view, while current home owners are intimately familiar with the true costs of home ownership. Current home owners would like to incorporate more green home products/services in their homes, but doing so will require monetary resources, and physical effort that are not always freely available.
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