New data from realestate.com.au shows that Australian home buyers are increasingly searching for properties with extra self-contained living spaces, such as granny flats or studios. Keyword search data revealed a 27% increase in searches for ‘dual living’ and a 13% increase in searches for ‘granny flat’ over the past year.
The desire for more spacious and flexible living arrangements can be attributed to several factors. The ongoing cost-of-living crisis, with soaring mortgage rates and high inflation, has led buyers to seek properties that can provide additional rental income to offset loan repayments. Furthermore, the COVID-19 pandemic has influenced the trend of buyers seeking larger homes with more amenities, including secluded spaces for working from home.
In terms of desired features, swimming pools topped the list for houses, while balconies were most desired by apartment buyers. The search behavior of buyers differed depending on the type of property they were looking for. The top five suburbs with the most searches for granny flats were Blacktown, Oran Park, Campbelltown, Edmondson Park, and Leppington, all located in Sydney’s west. In Queensland, searches for ‘dual living’ rose by 40%, with the southern suburbs of the Gold Coast being the most searched.
A dual living property refers to a property with two separate homes under one roof, which can accommodate multigenerational households or allow owners to live in one home and rent out the other. On the other hand, a granny flat is a self-contained dwelling either in the backyard or attached to a house, primarily used to house family members like grandparents or adult children. Granny flats can also be leased on the rental market in some states.
While swimming pools were highly desired by established families, overseas buyers, and those searching in pricier suburbs, they could be polarizing and sometimes deter buyers with young children. Parking, specifically garages, was another highly sought-after feature, valued for security, storage, and the ability to install electric vehicle chargers.
When it comes to apartments, balconies ranked as the most desired feature, especially in New South Wales and Victoria. Balconies provide a sense of openness and connection to the outdoors, which is highly valued by apartment buyers. Air conditioning was the second most desired feature for apartments, particularly in the warmer states.
Overall, the data reflects a growing preference among Australian buyers for spacious, flexible, and amenity-rich properties that can accommodate extended families or provide additional income opportunities.
Sources:
– realestate.com.au