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Granny Flat Could Boost Property Values by 30 Percent

CoreLogic

More than half a million home owners across Australia’s eastern seaboard have enough space on their property to build a granny flat, which could boost home values by 30 per cent and add around 27% to rental income. Combined analysis by CoreLogic and Archistar identified 583,440 properties in Sydney, Melbourne and Brisbane that meet the criteria for an additional self-contained unit of at least 60 square meters. Constructing a two-bedroom granny flat would require an initial investment of around $200,000, while the outlay for a one-bedroom dwelling would be approximately $120,000. CoreLogic Head of Research, Tim Lawless said: “Building a granny flat is becoming an increasingly compelling proposition for homeowners in a relatively lacklustre market. Not only can it help to manufacture new capital gains, but it has th…

What you need to know before building a granny flat

Granny flats, or secondary dwellings, can allow home owners to keep parents or adult children close by while giving them their own space. They can also be a great way to generate rental income.

But before you book in your builder, there are a few questions you’ll need to ask and some research to undertake to make your project a successful one. Can I build a granny flat in my backyard? Don’t assume that because your neighbour has one, you can have one too. Each state and territory has different laws governing secondary dwellings, with rules on block size and dwelling size and the distance you’ll need to leave between boundaries, trees and your existing house. Allan Stroud, owner of Lifestyle Granny Flats, says in Queensland the rules differ from shire to shire. “Each shire has its own particular requirements and limits as to how big you can build, and these can change,” he says. “For ex…