The transition towards a Circular Economy is growing increasingly urgent for the construction industry, driven primarily by the National Circular Economy framework which aims to double Australia’s circularity by 2035. In Australia, the construction and demolition sector accounts for nearly 39% of the nation’s waste, underscoring the urgent need for innovative practices such as material reuse and repurposing. The Australian construction industry remains slow in adopting Circular Economy practices due to persistent cultural barriers, including negative stakeholder perceptions, limited awareness of the value of secondary materials, and uncertainty regarding product quality. However, without stakeholder motivation, even the most technically sound circular models cannot deliver value. Therefore, understanding and reshaping stakeholder perceptions is essential to create demand for waste repurposing. This paper critically reviews existent literature to understand how stakeholders perceive the value of waste, and value creation opportunities in relation to construction and demolition waste repurposing and how these perceptions can incentivize stakeholder participation in circular economy practices. Accordingly, the key research question guiding the study is: “How does value creation enhance the adoption of waste repurposing in the construction industry?”. To address this question, a comprehensive literature review was conducted, followed by content analysis of selected peer-reviewed studies. The findings highlight that value creation must be understood from multiple stakeholder perspectives, recognizing their diverse roles, interests, and contributions across different stages of the construction and waste management processes. The paper contributes by advancing understanding of value creation in circular systems, extending beyond financial outcomes to include environmental and social dimensions. These insights can support Australia’s transition toward a circular construction economy, strengthen sustainable practices in the construction industry, and contribute to achieving broader sustainable development goals.