House prices are continuing to rise on the Northern Beaches, and supply remains low. Local real estate agents are reporting massive numbers of attendees at Northern Beaches open homes, and a limited number of properties on offer. Housing affordability is a major issue for many young adults, who are being priced out of the local market, or are being forced into affordable rental options.
According to realestate.com.au, buyers on the Northern Beaches have embraced granny flats as a solution to the housing affordability crisis. Buyers are seeking out granny flats as means to allow inter-generational living, as well as to earn additional income that makes otherwise unfeasible mortgage repayments attainable.
Whether you’re looking to add rental income, or to increase the sale value of your home, now is a great time to capitalise on this climate of increasing prices and low supply by adding a granny flat to your Northern Beaches property!
According to the CEO of Raine & Horne, properties can sell for a significant premium when they have a granny flat attached. Also, granny flats can yield a cash-positive return on investment through rental income. On the Northern Beaches, a good granny flat can rent for $350 – $600+ per week.
Match this opportunity with the ease of adding a granny flat to your home. Not only can you expect to get returns on a cash-positive investment, you can usually get a construction or equity loan quite easily. Banks and financial institutions generally love granny flats because the homeowner already has equity in the property, and the repayments should be less than the rent earned.