Queensland Premier Anna Bligh today launched the $1.7 billion North Bank project, to take shape on the Brisbane River in central Brisbane over the next 12 years.

North Bank will include both commercial and residential elements, as well as cafes, bikeways, a ferry terminal and an Olympic sized swimming pool, and will begin construction in mid-2008.

Described as a city playground to rival Sydney?s Darling Harbour, the North Bank precinct will be located between Victoria Bridge and Alice Street in central Brisbane - and will extend 80 metres over the waters of the Brisbane River.

?It will be a place where people can live, work and play,? says Bligh, adding that all buildings in the precinct will have to meet a minimum five-star green rating in design and construction.

Stage one is expected to be completed within four years.

There is growing evidence that buyers will pay more for environmentally-sustainable homes, according to Victoria?s Building Commission.

A new ?pulse survey? by the commission has found that 86% of consumers highly value sustainable building.

Building Commissioner Tony Arnel says the five-star standard now requires all new homes in Victoria to include a greater range of energy efficiency and water-saving features that increase comfort and reduce energy bills.

?The market is now demanding greener homes with many new housing estates currently building beyond five-star regulations,? he says.

Arnel says that as the popularity of green homes rises, re-sale values are expected to increase. ?This gives green homes even greater value,? he says. ?In the ACT, vendors are required to disclose the energy rating of their homes at point-of-sale. Sales data shows that energy-efficient homes are worth more.?