Granny Flats – A Stepping Stone to Home Ownership

The recent Housing Affordability Report by the Real Estate Institute of Australia shows WA remains one of the most affordable states in the country for housing. Despite a softening in the Perth real estate market and the median house price down to $525,000, why is home ownership still not attainable for so many?

Why is Home Ownership still not attainable?

Possibly because the median income for Perth households is recorded as $85,700?  Assuming that a household can save a 10% deposit, sign up for a 30 year loan at our current average 5.58% interest rate and then spend a third of their income on mortgage repayments… they should be able to afford a house around $415,000.

There is quite a gap there between what the median household earns and what the median house costs isn’t there!?

Increases in Multi-generational Households

Perth’s Granny Flat Specialist believes this is one reason why we’ve seen an increase in multi-generational households. Adult children remaining in the family home well in to their twenties and thirties…  Young families opting to live with their older parents… Or single parents relying on their own mum and dad for some financial assistance.

Building a granny flat can be a great stepping stone to home ownership.  From as little as $90,000 you can have a small home of your own…  A free standing, self-contained dwelling that is ready to move in to.

Granny Flats are more than just an Affordable Solution

Granny flats are not only affordable but they offer families space, independence and privacy. Two families living under one roof can sometimes cause stressors and strains in the relationship; requiring exceptional communication, constant negotiation and a high level of trust and respect.  Having individual space and separation can often solve these issues and offer a more relaxed and harmonious living arrangement while still being close by.

If home ownership is currently out of reach for you or someone you know, then feel free to contact Perth’s Granny Flat Specialist to see if we can design something to suit your needs. (08) 9284 7778

Recent Posts