Gold Coast downsizers favouring dual living properties

Cashed-up empty nesters over the age of 50 are seeking out properties for dual income homes, according to Business Development Manager and Chief Auctioneer at Raine & Horne, David Bennett.

And it’s not hard to see why this is such an appealing option.

“Highly sought-after dual income, strata title properties will normally be located close to a beach or waterway, have wide street frontages that potentially provide extra access and aesthetic curbside appeal, and they will be well-serviced by public transport,” he said.

Defined as a residential building where two homes share a central wall, dual living is a growing trend in the Queensland real estate market, as more buyers realize the benefits of cashflow property.

Raine & Horne agent, Shane Collins, said dual living properties hold plenty of merits for a downsizer seeking to augment existing streams of income.

Mr Collins said dual living properties come with many benefits for downsizers.

“Dual living properties with a strata title are also attracting self-managed super funds, some overseas investors, as well as families who are looking for a holiday home,” he said.

Even the younger generation can benefit from dual-income living. Dual occupancy residences allow those stepping onto the property ladder to pay off their mortgages quicker through the benefit of having an additional income stream. Alternatively, they can also choose to leverage the property to upgrade to a better home, enabling them to rent out both sides of the property to finance their new home loan.

According to Metricon, there has been an increased demand in duplex and dual occupancy properties, as buyers seek to maximise the value of every square metre. Dual living utilises valuable land and provides additional accommodation, while still adhering to council regulations.

Benefits of dual living for downsizers

  • Dual occupancy gives downsizers a way to downsize without leaving the family home, as the home and yard are split into two smaller dwellings
  • You can generate a steady income stream
  • Lots of downsizers choose to rent out to their children, to help them get a foot on the property ladder for a reduced rate while saving for a deposit
  • Added security of having extra people in the home, particularly if on vacation
  • Giving downsizers an income producing asset after they’ve moved on to a retirement home