Maitland Granny Flats proving popular
This year we’ve certainly noticed a spike in enquiries about people wanting to build a granny flat in Maitland.
We believe there are a number of reasons for this, but the biggest demand seems to be from young couples looking to build a granny flat to help pay off their mortgage faster. They choose to either live in the main dwelling and rent out the granny flat, or flip it around and live in the granny flat themselves.
The other group that has shown a lot of interest is property investors, who have noticed the strong performance of the property market in the region. The Real Estate Conversation reported that “When we combine average annual changes in median property values with rental yields to calculate a ‘total return’ over the last fifteen years, property markets of the local government authorities (LGAs) within Hunter Valley actually outperformed all of Greater-Sydney’s 43 LGAs and 29 of Greater-Melbourne’s 31 LGA’s … amongst Australia’s Top 40% was the LGA of Maitland (134th).”
Maitland is clearly an area of strong growth in housing and granny flats are no different. By building a granny flat, property investors are often able to turn a negatively geared investment into a positively geared one.
We recently spoke about an example of return on investment that the team at Mortgage Partners Australia explained, whereby the scenario demonstrates the yield of the example property shifting from 8.59% to 15.18% with the addition of a granny flat costing $125,000. Impressively in this example the granny flat could be 100% financed.
And of course, then there are the families that need more space and privacy for their extended family, but want everyone to be close by. This recent case study was a clear example of that, with the daughter and her family living in the main dwelling and the granny flat being built for her mum.
The Backyards Grannys team have recently completed a number of granny flats in the Maitland LGA, including within the suburbs of Maitland, East Maitland, Tenambit and Ashtonfield, Rutherford and Thornton. We have a long list of Maitland granny flats also in the design and approval stages, ready to be built later this year.
If you’d like to discuss the granny flat options available for you and your Maitland property, please call us on 49472800 or contact us.