The Secret to Solving Sydney’s Housing Crisis Is in Your Backyard
The top metropolitan cities of the world are facing a housing crisis. However, it seems Sydney is winning this ugly race at an unprecedented rate.
As The Guardian reports, only five cities are more unaffordable than Sydney in the housing market globally. It’s appalling for every Sydney resident, but especially for the youth. Young Sydneysiders, who are just at the beginning of their careers, are facing this hit the most. Due to the lack of affordable housing options near their offices, experts say they are witnessing a significant loss in productivity. It’s impacting Sydney’s startup ecosystem, costing the city an estimated $2.9bn a year.
And as if that’s not enough, this chronic housing problem is also causing a severe rental crisis. The interest rates on property loans have shot up, making it difficult for homeowners to secure loans. This causes a shortage in the supply of rental properties.
It seems like all hell is breaking loose in Sydney’s housing market. But there’s a solution to this problem, sitting right in your Sydney home’s backyard. Wondering what? Keep reading –
Optimise Your Land with Purpose and Profit
You must have heard the old-age adage that every problem is an opportunity in disguise. Well, it turns out that while the Sydney rental crisis is a struggle for many, savvy homeowners and investors can monetise this situation.
All you have to do is capitalise on the high demand for rental properties by repurposing your backyard into a custom granny flat in Sydney.
Granny flats are an alternative housing solution that is turning out to be a practical solution to the rental crisis. They are an effective solution because they are smart and affordable. According to a study by Matt Kelly, an urban planner at Architectus, Sydney, secondary dwellings, like granny flats, can facilitate a high level of “secure occupancy” for residents in the private rental sector at prices cheaper than market rates.
So, if you’re planning to monetise the issue of the housing crisis while offering affordable rental options, keep reading to explore more benefits of granny flat designs in Sydney.
Why Granny Flats are a Smart Investment During the Housing Crisis?
1. Mitigates the Pressing Housing Crisis
Over the years, the Australian government has facilitated several housing affordability policies. However, they have had little impact on the house prices. In addition, there has been a shortage of available residential land near jobs and services lately. These factors and Australia’s growing population are driving the housing prices, which has significant social and economic repercussions.
An investment into a granny flat can be a viable solution for addressing the housing crisis. It offers a well-designed space at affordable rates and contributes to solving the ongoing rental issue.
2. Turns an Empty Nest Into a Profitable Avenue
Once your kids grow up and move out for higher education and jobs, you become an empty nester. It’s a bittersweet feeling — you’re happy but left with unused space and empty rooms. Well, why not put that space up to some good with a granny flat builder in Sydney and make it a profitable avenue?
You can use the space efficiently by renting out the custom granny flat. Whether you want students, young professionals, retirees or small families as tenants, it will create a secondary income stream. Moreover, adding a granny flat can also enhance the future potential of your home by increasing its sale value.
3. Throws a Lifeline to Young Students and Professionals
Do you know 35.3 per cent of Sydney tenants pay more than 30 per cent of their monthly incomes on housing costs? It’s bewildering! The lack of affordable housing options impacts the young people the most. In such a crisis, a granny flat can make your home an affordable dwelling unit. And if you’re concerned about the space, talk to an experienced granny flat builder in Campbelltown or nearby areas. They know how to create the most out of a small space so that it’s convenient for tenants.
Moreover, a granny flat addition in the backyard can also become a financial aid for your children. Instead of paying rent, they can live with you in the granny flat. The best part is that while you would be living on the same property, it would be under different roofs, and thus, nobody’s privacy gets disturbed.
4. Aligns with the Australian Government’s Standpoint
The idea of using granny flats to subside the housing crisis is not new. In fact, granny flats have been supported by the Australian government for more than a decade. Back in 2008, the Former New South Wales Premier, Morris Iemma promoted the idea of granny flats to increase the supply of rental accommodation across the city. He even launched a plan to make the construction of secondary dwellings easier for homeowners.
Granny flats offer a multifold opportunity for you as a homeowner and a proud Sydney resident. In addition to earning more profit, you will offer the city a much-needed solution to its housing crisis.
So, if you are planning to build a granny flat, get in touch with an expert granny flat builder. Brickwood Homes is one of the leading granny flat builders in Liverpool, Campbelltown, and nearby areas. Speak to our specialist today to build a well-designed and custom granny flat in your backyard.