Some of the luckiest people in the Sydney property market at the moment are those sitting on large backyards with the potential for subdivsion. Recognising that Sydney needs about 500,000 new dwellings by 2030, Planning Minister Rob Stokes told the SMH this week that recent reforms in the planning system will assist people to build and renovate around their current properties.
Not Just for Granny
And the backyard granny flats of previous eras are passing. Basically we have three groups of people now using their own land to build more comprehensive modern homes: children buying for parents, investors - who can still reap up to a 6% rental return on a such a dwelling, and a newer group of parents - keen to get their children into their own homes.
About 4500 subdividions were granted in Sydney in FY2014-2015 and 3650 granny flats were approved.
The growth is good for the construction industry and for the consumer so everyone wins.
If 2016 is the year for you to capitalise on the size of your block, come and see us at Mortgage Choice Sutherland / Cronulla.