QLD Granny flat in Ipswich

Discussion in 'Where to Buy' started by NewbieInvestor, 7th Apr, 2019.

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  1. NewbieInvestor

    NewbieInvestor Member

    Joined:
    2nd Aug, 2015
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    Location:
    Sydney
    Hi All,
    I have property in Riverview, lot area is around 700 sqm. I am thinking of building a granny flat as per Ipswich council recommendation (50 Sqm - 1 bedroom ).

    I am wondering if there any rental demand for this kind of granny flat and how much rent I can achieve?

    How much approximate cost to build this granny flat and anyone deal with experience granny flat builder?

    I will appreciate your help.
     
    NewbieInvestor, 7th Apr, 2019
    #1
  2. Propertunity

    Propertunity Well-Known Member

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    Location:
    NSW
    You should make a few phone calls to local PM's and ask them the question. They will know. They are at the coal-face every day.
    I'd guess $90-110K as the 2brm 60m2 ones usually cost $120K (ish).
     
    Propertunity, 8th Apr, 2019
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast (Australia Wide)
    be prepared for a significant hair cut on the val expectation.

    Not yet well established stock type, so if u need finance be aware that you will possibly only get 65 to 70 c in the dollar of the build cost back on val.
    ta
    rolf
     
    Rolf Latham, 8th Apr, 2019
    #3
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  4. NewbieInvestor

    NewbieInvestor Member

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    Sydney
    Thank you Alan and Rolf
     
    NewbieInvestor, 8th Apr, 2019
    #4
  5. Mick Butterfield

    Mick Butterfield Well-Known Member

    Joined:
    15th Jan, 2016
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    Location:
    Bermagui NSW
    I was looking into this for my property (Eastern Heights) recently. Costings were as Propertunity estimated at the 90-110K depending on the finish. I had a brief chat with my PM about it and he seemed to think that rent would be around the $250-$275 per week and that the ones they had rented had been quite popular. I still may go ahead with it but have a few things on the plate atm so not going to pursue it anymore at this time. Let me know how you go.
     
    Mick Butterfield, 9th Apr, 2019
    #5
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