Hi guys I have properties in zillmere and strathpine qld. Both are 600m2 so have ample room for granny flats additions. Just wondering if anyone knows the demand for this sort of accomodation in either area? Or which location would be better suited for a GF? Also how much rent a 2bd GF would fetch? Cheers
You cannot rent a granny flat separately (legally) in BCC. So granny flats don't really add much value.
You could consider Strathpine (MBRC) but I have never met anyone who wants to live in a granny flat. Ask the local RE agents about demand.
Dyor but a quality, properly designed gf that has privacy ,sep parking , 2 br with outdoor areas etc gets snapped up for around $300 a week in mbrc
What would the build cost be for that and size of land required on your lot? Then take the total cost of that and see what size land with house you can get for the same money. I reckon the later would easily be more valuable and in demand.
No right or wrong really but does depend on your circumstances and strategy..they can play a valuable role in de risking large portfolios that have significant .holding costs. Despite most peoples view on here a well built product in a good location can make money as there is a niche market now for some oo. Badly built and designed not so much ☺
I hear what your saying and it wouldn't surprise me if it makes money. I think though ROI for risk involved as well as using up captial and long term demand need to be looked at Very often people will invest in something without fully understanding ( even on a basic level) how their decision will impact their progression of building wealth. This is not' hindsight' stuff I'm referring to. Just plain simple stuff that after reading a book or two they'd be the wiser. You said no right and wrong... and 10 years ago I may have agreed with you... however today I do believe there are optimal way to invest best for ROI and less optimal ways. Even for people with limited incomes etc there are more optimal and less optimal ways to invest imo. But we all have our opinions
Yep some good points there...definitely needs the right planning, significant effort and not for everyone...certainly not during the accumulation phase when capital is needed
I have a very optimistic view on GF I personally believe that in the right location a granny flat can sit very nicely in a balanced portfolio! 1. You’re getting 2 incomes from the one piece of land with minimal holding costs! 2. You’re in less debt! Yes investment debt isn’t as bad but I’m taking the conservative approach with my portfolio and want to own everything outright. 3. Good cash flow for paying down both the GF And primary residence. 4. Affordable rent in quality locations. To summarise if you’re talking about Moreton bay council region and you are picking a quality suburb and street with high O/O appeal and stats, a GF could be positioned perfectly in the market for a number of tenant types. The key is having the GF Set up properly on the block with proper separation and privacy, space for both primary and secondary dwellings! It’s essentially a small unit with a backyard. I think these will only become more and more popular from an affordability point of view! I’m all about the quality Vs quantity and if I can have 2 incomes over 4 separate lots I’ll have that. I’m planning on being in a position to be able to hold forever, but I can see that this strategy wouldn’t be everyone’s cup of tea for that reason. Cheers !
I do agree with you as your strategy seems to be yield focused and very long term growth, im in a similar position, I'm not too worried about growth as I have multiple properties positively geared and I'm also chasing yield. I have been thinking Logan area for granny flats as prices are more on the lower end with bigger lots and being a low social demo area. I am yet to do my research with the council but good to know mbrc as an option. Also did a Google search and found companies doing template based granny flats for $45 - $60k for a 2b 1b with a some space. I guess strategy is purely for yield. Just a thought!
