While rising house prices and low supply have created an affordability crisis across much of Sydney, Penrith has maintained consistent growth while still being comparatively affordable. It also boasts access to infrastructure and lifestyle features such as sporting facilities, education, shopping, a national park, and rail connection to Sydney CBD.
Young adults and first home buyers who are being priced out of the property market in other areas, are being drawn to the affordability and facilities of Penrith. Others are seeking out affordable rental options in Penrith, while studying or beginning their careers. According to domain.com.au, a robust investor market means that approximately 50 per cent of Penrith residents are renters.
As a homeowner in Penrith, you have a great opportunity to capitalise on market demands in your area by adding a granny flat to your 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. In Penrith, a good granny flat can rent for $200 to $450+ per week.
Whether you’re looking to add rental income, or to increase the sale price of your home, now is a great time to increase the value of your Penrith property by adding a granny flat.
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.