Make room for granny
As the nation’s housing crisis continues, a new report has found granny flats are an “untapped” resource in Australia’s capital cities. Research by property analysts, including CoreLogic, found at least 655,000 existing homes in Sydney, Melbourne, and Brissie had the right zoning and town planning codes in place to build a granny flat (aka a self-contained second dwelling on a property not exclusively used by grandmothers…). And outside those 3 cities, the report found there is potential for a million more granny flats or other affordable accommodation to be built on existing properties. CoreLogic’s Tim Lawless said it wouldn’t just provide an “immediate and cost-effective opportunity” for lawmakers – it could also benefit homeowners by boosting the value of their property or earning extra rental income. Which might be welcome news with another interest rate rise potentially on the horizon…
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