What’s all the fuss about granny flats?
Unless you’ve been living under a rock for the last few years you would have noticed a lot of fuss about granny flats. It seems wherever you look there is another granny flat popping up and it’s not hard to see why.
Ever since the introduction of the “Affordable Housing SEPP 2009,” which allows an expedited approval process for Granny Flats, Sydney has witnessed to a boom in Granny Flat construction.
Timothy Cocaro, director of RESCON Builders, notes that the number of granny flats they are building for clients doubles year in and year out. This reflects NSW Planning figures indicating 4818 new granny flats built in 2014-2015, up from just 1510 in 2010.
It’s easy to see why: with Sydney home prices at an all-time high, kids are finding it harder to get a foothold in the property market and opting for a granny flat in their parents’ rear yard. Investors are also seeking to turn their existing properties into cash positive investments and, of course, we can’t forget the grannies looking to downsize.
If your property is zoned residential, at least 450sqm and with some green in the backyard, then your block is probably suited for a granny flat. With the cost of a first home out of reach for many, and yield of up to 20%, it’s easy to see why there has been such a boom.
Interested? There’s heaps of resources on the web and our granny flat specialists are only too happy to answer your queries and offer a site analysis to see if a Granny Flat suits your block.