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October 15, 2016
Construction data shows homeowners are currently embarking on more granny flat projects than at any time in the city’s history, with buyers shelling up to $300,000 on their backyard homes.
The big spending followed a record slump in house sales: there are 20 per cent less freestanding houses available across the city than there was a year ago and less than half the number listed in 2011, according to Core Logic.
Even with luxury trimmings, the homes tend to be cheaper than other options such as apartments, which can price from $600,000 to over $1 million in some suburbs.
“It’s a popular option for families with grown-up kids,” Mr Willoughby said.
“A lot of parents are building granny flats hoping their children will live in them over their 20s. Some intend to eventually swap when grandkids come along. They’ll live in the granny flat and their kids will take the main house.”
“The way people think about granny flats has evolved,” Homeplusone founder Paul Rosasqui said.
“They are like mini-houses now and people want all the bells and whistles, like downlights, Caesarstone benches and big tiles.
“On some properties, the granny flat looks better than the primary house.”
Granny flats also fulfill many people’s desire for a garden: Westpac’s Home Ownership 2016 Report, released Friday, revealed having some semblance of a backyard still remains a priority for more than half of Australian buyers.
“I needed to move house, but after looking at the apartments available, I became certain they weren’t for me, so I paid for a granny flat,” she said.
Ms Ly said the couple decided a granny flat was less risky.
“Everything is so expensive at the moment,” she said. “We want to see how the market goes and a granny flat seems like a safe way to park our money in the meantime.”
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