If you are a property investor, it is highly likely that purchasing a dual living property has come onto your radar.
In fact, at Property Queensland, we have extensively written about why dual occupancy properties in Brisbane are so favourable. From the additional rental income generated for owners to the reduced fees, dual living continues to be the optimal choice for investors looking to buy.
But, don’t just take our word for it. Statistics are revealing the rapid uptake of this type of housing, and the government is quickly clearing the way to make sure it continues to expand.
Dual living statistics
While there is not much data available on the current market in Queensland, the New South Wales government has clearly committed to supporting investment in dual living.
NSW Planning Minister, Rob Stokes, told Domain that dual living arrangements are being boosted particularly because of rental shortages.
“New figures show the fast-tracked system has made way for more than 4800 secondary dwellings…signed off in 2013-14, a great leap from 1511 in 2009-10,” Mr Stokes said.
The demand for dual living isn’t just because of problematic rental situations, but the desire for individuals to earn a little bit more cash on the size. The flexibility of dual living makes it attractive for investors who are looking to potentially rent out one of the apartments and live in the other.
Doman also interviewed a new owner of a dual living property who preferred that option over buying a new unit.
“I thought a dual living property could be a good opportunity to achieve a higher return on my investment than buying a single house” the 48-year-old said.
And, she is definitely receiving the return on investment, which compelled her to buy in the first place.
“I think I’m getting at least $100 – $150 more a week by renting the property to two separate tenants. They were rented out following the first time day it was advertised and since then, there have never been any problems finding tenants.”
Not only Investors are interested in dual living!
What’s advantageous about this type of invest is the type of people who can afford it. Too often, investors are seen as high-flying business people who are experienced in the area.
But, as dual occupancy consultant Carol Charlesworth told the Daily Telegraph, a true diversity of people are picking the housing option.
“It is a combination of families where the parents live in one side and the children on the other, or it could be an investor taking advantage of a very good rental return,” she said.
This is also backed up by Peter Kulakovski, director of Kurmond builders, who says that not only are a range of people buying them but all over a city.
“They are built by investors, mums and dads, and family members who are choosing to build together.”
In recent times, dual living has emerged as the perfect option for investors but part of the solution for generation X who are struggling to enter the housing market.
The Courier Mail even went as far to say that this housing option “might just save the day” for those stuck outside the housing market.
Many Gen-Xs have been put in the position where their kids can’t afford or won’t leave home, but they still want to downsize from the traditional family house. On the other hand, some individuals are faced with the difficulty of elderly parents needing to live nearby.
These complex family situations are now classified as the “multi-generational household”, which means they are looking for housing that is independent of one another but still within reach.
This format comes almost perfectly in the form of dual-living, which accommodates the modern family situations. For children or elderly parents who are living under the same roof, it allows them independence from parents but the safety of having a family member right next door.
If you are an investor, you might be wondering – why does this matter to me? What’s the importance of knowing who is living in the complex, as long as someone is?
Well, these growing family trends show that the demand for dual living isn’t slowing with larger groups of people seeking out this housing option.
If you are interested in knowing more about dual living properties, then please get in touch with us today!