Retirees and Air BNB fueling boom in Granny Flats
The ever increasing tide of baby boomer's entering retirement is creating a substantial shift in the housing market. As more and more people enter retirement we are seeing this segment of the market shift to other forms of housing. Primarily, these baby boomers are downsizing out of the large 4 or 5 bedroom family home into smaller 3 bedroom homes, apartments, retirement villages or even granny flats.
Granny Flats offer great opportunity for multi-generational living or alternatively provide a fantastic ability for you to generate additional revenue from your existing residence by renting out the additional space through your local property agent or through the rapidly growing online Air BNB.
Recently we've been engaged to renovate an existing 80's brick home and add a substantial granny flat to the property which is currently under construction. With land prices ever increasing, more and more people are seeing value in investing money into their existing homes rather than selling up and re-investing into something new. This is particularly so with older houses on larger blocks which are becomingly increasingly rare and increasingly valuable.
Under the Brisbane City Plan, Granny Flats are permitted on existing lots with a maximum secondary dwelling area of 80m2; with many other local government areas in South East Queensland having similar provisions in their planning schemes.
If you would like advice as to whether a Granny Flat would be suitable for your block and/or would like to know whether it is permissible in your Council area, please make contact with us today.