South Australia’s housing disaster has pushed granny flats on to accommodate hunters’ purchasing lists, with extra homebuyers seeking to capitalise on intergenerational dwelling alternatives.
The proper Aussie deal with is essentially unchanged from 2023 as a single-level residence with a water view and a pool, a research, balcony, ensuites for the bedrooms, shed and a storage.
It additionally wants airconditioning and out of doors leisure house, in line with probably the most looked for phrases on realestate.com.au in 2024.
However prior to now yr, the most important improve in searches throughout SA has been for phrases particularly referring to granny flats, up a staggering 114 per cent in comparison with 2023. The rise in searches is believed to be instantly linked to amended planning rules made by the state authorities final yr.
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Beneath the modified planning guidelines, ancillary lodging – reminiscent of granny flats – can now be leased or rented out to assist ease SA’s housing disaster.
PropTrack senior economist Eleanor Creagh mentioned extra folks have been searching for monetary flexibility on the house entrance.
“It’s no shock that we have now seen this improve at a time when mortgage charges stay at present excessive ranges and the cost-of-living disaster has had an impact on many households,” Ms Creagh mentioned.
MOST INCREASED SEARCH TERMS FOR SOUTH AUSSIE REAL ESTATE
Key phrase
YOY Progress
Granny
114%
Public Trustee
66%
Brick
52%
Tenanted
47%
View
42%
Duplex
38%
Stone
32%
Riverfront
32%
Nook block
31%
Mid Century
27%
The economist added that, with the rental market additionally more and more difficult, it was possible this mirrored rising opportunism amongst homebuyers in search of a tenant to assist them repay debt.
“I anticipate affordability-linked search phrases reminiscent of granny flats to stay in vogue, regardless of expectations of an interest-rate minimize,” she mentioned.
Deakin College affiliate professor in property Dr Ameeta Jain mentioned the granny flat searches have been an indication of rising considerations over affordability, pushed by households seeking to assist ageing grandparents in addition to youngsters staying at residence till a lot later in life.
Whereas the shift in direction of multi-generational dwelling was probably being augmented by affordability, the researcher mentioned it was probably granny flats wouldn’t be sufficient and Aussie properties must be reimagined for multi-generational dwelling sooner or later.
A higher prevalence of dual-occupancy developments with two properties on a conventional home block was a extra probably pathway ahead, in line with Dr Jain, though it would come on the expense of the basic Australian dream of a home on a quarter-acre block.
Dave and Sarah Smith of Harris Actual Property, who’re promoting a custom-designed residence with a granny flat at 20 Younger St, Blackwood, mentioned builders have been paying attention to purchaser wants when it got here to intergenerational dwelling.
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Dave and Sarah Smith from Harris Actual Property at 20 Younger St, Blackwood, SA. Image: Emma Brasier
This contains Kreca Constructed and Designed, the SA primarily based firm behind the execution of the Younger St residence, which has been listed on the market with a worth information of $2.3m to $2.5m.
“Their properties are very wanted within the (Mitcham Council) foothills. They’ve a very robust focus, not solely on a really high-end constructed, however generational dwelling,” Mrs Smith mentioned. “This residence, particularly, is an fascinating one, as a result of it’s obtained this self-contained (constructing), that’s extra of a studio than a granny flat, with separate bedrooms, ensuite, walk-in gown and kitchen.
“Then, if you transfer to the principle home, the downstairs can be absolutely self-contained … so (the builder) actually catered for nearly three generations of dwelling throughout the property.”
Ms Smith mentioned properties with ancillary lodging have been more and more in sizzling demand.
“What we’re seeing out there is that younger individuals are buying a home however then need to lease it out immediately to assist cowl the mortgage,” she mentioned.
“So they’re nonetheless dwelling at residence whereas they’ve obtained another person paying for his or her home. These items or granny flats permit them to have their very own house.”
Valerie Timms of Ouwens Casserly Actual Property mentioned properties with granny flats have been the long run as SA struggled with rising dwelling prices.
“Intergenerational dwelling is one thing that consumers are in search of in at this time’s market because it’s changing into an increasing number of troublesome for younger consumers to buy properties because of budgetary constraints and excessive rates of interest,” she mentioned.