•CLT building showed 30% less LGHGE compared with a RC building in Melbourne.•A reduction of 1.3% of LCC was observed for CLT compared with a RC building in Melbourne.•CLT building has an advantage in terms of LCC and LCGHGE in the construction/EOL phases, but not in the operation phase.•Energy efficient methods and reuse/recycling at EOL can enhance LC performance of CLT buildings. Engineering wood products have significant potential as a sustainable alternative for concrete and steel in construction. Cross Laminated Timber (CLT) can add value to conventional timber products due to its high strength-to-weight ratio, simple installation, aesthetic features and environmental benefits. Recent changes in the national construction code permit structural timber buildings with a height of up to 25m, which demonstrates the strong commitment of the construction industry to adopt more sustainable practices. This paper aims to compare life cycle greenhouse gas emissions (LCGHGE) and life cycle cost (LCC) of CLT and reinforced concrete (RC) in identical midrise residential buildings in three most populated cities in Australia. It has shown that the CLT building has 30 % less LCGHGE compared with the RC building over a life span of 50 years in Melbourne, and 34% and 29% reduction in LCGHCE in Sydney and Brisbane, respectively. The results from LCC analysis showed that CLT building is 1.3% lower than conventional RC in Melbourne, and 0.9% lower in Sydney and Brisbane. The initial and end of life phases reflected reductions in LCGHGE and LCC for the CLT building whilst the operation phase incurred higher values. The extended service life of buildings has a major impact on the operational phase while changes in the discount rate have strong effects on the lifecycle operational and maintenance costs. Overall the CLT building outperformed the RC building in terms of LCGHGE and LCC across three cities. However, further savings in the operational phase with energy efficient methodologies and reuse or recycling of timber products at the end of life of the building can reinforce CLT as a sustainable alternative to RC construction.