Upsizers search for dual living homes for two generations
Families upsizing are targeting homes with dual living options, both for a second generation and for a potential income — with prices as low as $1.25 million.
Families upgrading out of a unit and into a house are increasingly targeting dual-living properties that they can share with a relative or lease for income.
Duane Hunter, of D & S Hunter Estate Agents, said since the Federal election and interest rate drop he has seen a marked spike in the number of people looking for generational living and the possibility of renting out part of the house for income.
Buyers are keen to buy in the new conditions but they are also looking for ways to save money and make money with their purchase, he said.
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“Homes that offer dual living are most in demand because there are so many people with either older children to accommodate or elderly relatives,” he said.
“Having family live with you is cheaper than a retirement village or buying a separate unit and they reason that down the track that dual accommodation can be let out for income,” Mr Hunter added.
On the northern beaches there are more than 700 properties for sale, according to realestate.com.au, and 14 of them offer dual living.
The two generational homes range from a six-bedroom house in Cromer with a $1.25 million guide to a four-bedroom house on 1543sqm of land in Mona Vale with a $2.95 million price tag.
Mr Hunter has a classic five-bedroom, four-bathroom house in Elanora Heights going to auction later this month which has attracted 25 groups at its first open house.
“All the buyers were families and they loved the ocean views the solar-heated pool and the fact that the house is so close to shops,” he said.
Number 19 Merridong Rd, Elanora Heights is on 879sqm of land and a short walk to Elanora Height Public School. The ground floor has three bedrooms, a large lounge, and family and dining areas plus a covered outdoor area beside the swimming pool. Upstairs are two more bedrooms, a living room, wet bar and full-length balcony.
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Prices have softened in Elanora Heights. Mr Hunter said that at the market’s height, in 2016, the two-storey property would have traded in the $1.8 million to $1.9 million range however since the election, easing of bank lending and the dropping of interest rates there has been an uplift in buyer sentiment.
The property has a guide of $1.55 million and goes to auction on Saturday June 29.
Originally published as Upsizers search for dual living homes for two generations