What Can the Rise of Granny Flats in Sydney be Attributed To?
The tug of supply and demand in Sydney’s property market is well known. But, the truth is, this reflects a deeper issue within the property market. According to Dr. Nicola Powell-Domain’s Chief of Research and Economics, this is attributed to Sydney’s property prices. As Sydney has the second most expensive median house and unit prices globally.
With many having this in mind, granny flats are seen as more affordable living. You may be wondering, “How do we know this?” Well, the truth is, this comes down to buyer search queries.
The Rise in Granny Flats: Search Query Breakdown
Given the many newfound search queries, these signal a broader generational shift. Key search terms found include “dual living,” “dual key,” and the most obvious one being “granny flat.” All of which provide an insight on how the “traditional home” is now seen as less affordable.
In an article by Domain Marketing Hub, Dr Nicola Powell mentions that these search terms are a non-negotiable. She says, “The key thing here, if you are a buyer and you’re using a search term, is that it means that it is one of those non-comparables.”
Why Granny Flats Are So Relevant in Sydney’s Current (And Future) Property Market
Dr Nicola Powell highlights that when you’re a buyer, “You’re not willing to compromise on in the beginning of your search.” So, what’s driving the change within our current economic climate?
The Growing Desire for Income Increase
Granny flats provide the flexibility of guest accommodation. This is because it can be rented out on the market for an extra income stream, and also helps to offset mortgage. This makes it particularly helpful for buyers struggling with Sydney’s rising property prices.
Flexible Designs
Looking for a separate space to accommodate a hobby? Or even an escape from your daily dwelling? Granny flats offer the freedom of creating a custom space, without the costs of renting out a separate location.
Explore potential granny flat designs:
- Home Office: Create a productive workspace right at home, perfect for remote work or managing your business.
- Studio: A stylish studio design that offers a flexible space for living, working, or relaxing.
- Home Theatre: Enjoy movie nights with a dedicated home theatre, designed for comfort and entertainment.
Easy Maintenance
Beyond being easier upkeep than ongoing pool expenses, granny flats are generally easier than a traditional home. Given its small dimensions, the space is much more easy to clean. This also allows for lower bills, such as utility because its size involves less energy needed to heat or cool.
Increase in Property Value
Whether you’re looking to sell your primary residence, or even purchase an investment property, a granny flat is ideal. This is because adding it to this property boosts market value significantly. In an article by Domain, the principle of RPG says granny flats “Add a premium of 20 to 30 percent of what it (the property) cost.”
A Rise in Multigenerational Living
With a sudden increase in living expenses, as well as property prices, there are more families living together. Granny flats offer the convenience of more affordable housing, all while providing the privacy of independent living. Alongside this, it’s ideal for those caring for elderly family members without having to leave their home to do so.
Dive into the Future of Sydney’s Property Market
Get ahead of Sydney’s property market, with a granny flat investment. As the demand for this property type is seemingly growing in demand. At 5 Star Granny Flats, we take a tailored approach to this accessory dwelling unit. Providing cost effective, yet custom living spaces for you.
Explore our granny flats below:
- One Bedroom: Ideal for couples or those with isolated living, our 1 bedroom granny flats are curated to you. Providing simple upkeep, all while allowing for the flexibility of spacious and modern living.
- Two Bedrooms: For couples, or growing families, the 2 bedroom granny flats are designed to optimise space. Providing the peace of mind of bathroom privacy, alongside a modern open living area.
- Three Bedrooms: For those looking for spacious living, all while enjoying upkeep convenience, the 3 bedroom granny flat is right for you. Providing a layout that maximises space and comfort. Alongside a good investment opportunity for many.
Find the 5 Star Granny Flat Difference Here
At 5 Star Granny Flats, we create custom, affordable living spaces that suit your day-to-day lifestyle. From one-bedroom to three-bedroom options, our granny flats offer comfort, easy upkeep, and great value. Discover how we can help you make the perfect addition to your home.
Contact our team today!
