Dual Occupancy and second dwellings
There’s never been a better time to consider doing a dual occupancy or even subdividing a residential block.
The process through council legislation is now simpler to understand and implement. The general view of city planners is that the wider community needs variety and availability of housing options for the public to choose from.
Smaller housing is continually meeting more of the market and this view is substantiated by a recent report I read that concluded that 46% of all rented property is occupied by a single tenant. That includes everything from the humble bedsitter to a stylish apartment in a high-rise with a view of the harbour.
Not being someone who is easily convinced about new data, I wondered if that could be true as it seems a very large percentage, but only a few weeks later I read another report from a different source stating that 66% of tenants occupy a property where they have more bedrooms than they require. Wow all those tenants renting a place that’s to big for their needs.
It’s beyond dispute that the composition of our communities is changing and as the market nears a point where 50% of all property is rented and 50% owner occupied the biggest area of investment opportunity is not in big housing but rather in smaller dwellings that offer modern inclusions and access to important things like employment hubs, shops, transport, restaurants and outdoor venues or parks.
So, the opportunity to build a granny flat on your land is a more logical and prudent investment choice than ever before.
However, the advantages of building something larger than a granny flat and divide your land as a Dual Occupancy or Strata Subdivision is something you shouldn’t ignore. It’s a boon for investors and families with live in parents, or a son or daughter who want to live near their family and own part of the land.
This could be the answer to your family’s housing needs.
Currently the rules that govern Dual Occupancy Subdivisions have been relaxed, blocks that previously would not comply under previous regulations are suitable for consideration opening up the possibilities for you.
Best regards Terry Clayton