South Australia’s housing disaster has pushed granny flats on to deal with hunters’ purchasing lists, with extra homebuyers trying 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 response to probably the most looked for phrases on realestate.com.au in 2024.
However up to now 12 months, 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 laws made by the state authorities final 12 months.
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Beneath the modified planning guidelines, ancillary lodging – equivalent to granny flats – can now be leased or rented out to assist ease SA’s housing disaster.
PropTrack senior economist Eleanor Creagh mentioned extra individuals have been in search of 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 searching for a tenant to assist them repay debt.
“I anticipate affordability-linked search phrases equivalent to granny flats to stay in vogue, regardless of expectations of an interest-rate reduce,” she mentioned.
Deakin College affiliate professor in property Dr Ameeta Jain mentioned the granny flat searches have been an indication of rising issues over affordability, pushed by households trying to assist ageing grandparents in addition to kids staying at house till a lot later in life.
Whereas the shift in the 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 standard home block was a extra probably pathway ahead, in response to Dr Jain, though it’d come on the expense of the traditional Australian dream of a home on a quarter-acre block.
Dave and Sarah Smith of Harris Actual Property, who’re promoting a custom-designed house with a granny flat at 20 Younger St, Blackwood, mentioned builders have been being attentive to purchaser wants when it got here to intergenerational dwelling.
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![Granny Flats](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Dave and Sarah Smith from Harris Actual Property at 20 Younger St, Blackwood, SA. Image: Emma Brasier
This consists of Kreca Constructed and Designed, the SA primarily based firm behind the execution of the Younger St house, 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 house, specifically, is an attention-grabbing one, as a result of it’s bought this self-contained (constructing), that’s extra of a studio than a granny flat, with separate bedrooms, ensuite, walk-in gown and kitchen.
“Then, whenever you transfer to the principle home, the downstairs can be absolutely self-contained … so (the builder) actually catered for nearly three generations of dwelling inside 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 persons are buying a home however then should lease it out right away to assist cowl the mortgage,” she mentioned.
“So they’re nonetheless dwelling at house whereas they’ve bought another person paying for his or her home. These models 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 longer term as SA struggled with growing dwelling prices.
“Intergenerational dwelling is one thing that consumers are searching for in right this moment’s market because it’s turning into an increasing number of tough for younger consumers to buy properties because of budgetary constraints and excessive rates of interest,” she mentioned.
