Benefits of Building a Duplex on the Gold Coast
If you are in the market for a property, it is a perfect time to invest. The Gold Coast property market is booming and it is the best time to invest in the market. There is a high demand for rental properties in the region. As such, investing in a duplex can be beneficial for homebuyers looking to live and earn extra income.
Duplex or Dual Occupancy Homes
A duplex is a residential building with two dwellings separated by a common wall. Both the dwellings have their own entrances, kitchen and other amenities. Duplex exists on one land title and can be either owned and sold together or on different titles and sold and owned individually.
Difference between a Duplex and House
A house contains one dwelling under a single roof. A duplex has two individual dwellings with separate entrances and amenities.
Why Duplex is a Great Option on the Gold Coast?
With the increase in the demand for rental properties building a duplex is an attractive proposition. You can live in one section of the duplex and rent out the other one. Living on the coast offers a relaxed lifestyle and the convenience of commuting to Brisbane for work. Rapid Infrastructure development - upcoming Coomera connector project, shopping centres, schools and hospitals as well as low mortgage rates and work from home options are key driving forces behind the Gold Coast property boom. All these factors are working in the favour of the Gold Coast property market.
The interstate migration rates have also increased as people from NSW and Victoria move to the Gold Coast. Brisbane is also touted as the likely favourites for the 2032 Olympics. In a nutshell, the market is booming. Investing now in a duplex is a sweet spot for homebuyers without the hefty price tag.
The region will see strong growth for the next 5-10 years. Depending on your circumstances, you can choose from a range of investment strategies:
- Live in one unit and rent the other
- Rent both units to tenants
- Sell - if your duplex is in the right location, the value will appreciate over the years and you will be able to see a good return.
Why consider building a duplex?
If you are looking at a property for investment purposes, a duplex would enable you to get high rental yields and growth than what you could earn from two separate houses in the same location. Building a duplex would enable you to get more income than what you could achieve from two separate houses whilst saving money on land costs.
For a first time home buyer, buying a duplex is going to be cheaper than a house. You can live on one side of the unit with a duplex and rent out the other side. The extra income can be used to pay off the mortgage and utility bills. And you will also be able to enjoy your privacy without the hassle of sharing your space with your flatmates.
You can also rent it out for short-term stays on Airbnb. A duplex in a tourist area like Gold Coast or Tweed can be rented out for higher prices. You can also rent a spare room in your home and increase your revenue.
Building a duplex might also be convenient to suit your family arrangement. If you would like to live closer to your parents, a duplex can be a perfect alternative. When help is needed, you will be close by to assist and check in every day.
Duplexes can be built on odd-shaped or narrow blocks easily. They require less land and have low body corp fees than a traditional house.
Looking for Duplex Builders?
If you would like professional advice and a free consultation, speak to the experienced builders at Symcorp today on 1300 043 012. Alternatively, complete our online enquiry form and our friendly team will be in touch with you soon.