ABSTRACT
The ever-increasing need for sustainability adoption is imperative to mitigate and minimize future impacts from climate change and limited finite resources. However, sustainability implementation is inhibited due to challenges in valuing property’s sustainability characteristics. Understanding, assessing and taking account of the value contribution is crucial to gaining widespread adoption and implementation of sustainability in the built environment. To date, in property valuation the lack of key financial correlations between sustainability and economic return have inhibited valuers from being able to accurately reflect the impact of sustainability on value. This largely results from valuers: inability to assess, compare and value sustainability due to limited and transparent data; and their inadequate knowledge of sustainability, sustainability rating tools and analysis techniques. This chapter will examine the challenges facing Australian valuers in understanding the context of value in relation to sustainability; sustainability measurement, comparison and quantification in valuation; value considerations in valuation; and valuers knowledge of sustainability and the need for further professional development.
