WEEKLY PROPERTY UPDATE #002
There have been a few recent changes to the NSW affordable housing state environmental planning policies (SEPP or AHSEPP). The flats meet all the Basix requirements, which means they are energy efficient, they are functional and about the same size of some of the miner’s cottages but of course being brand new have none of the issues of older homes. On the 14 February 2014 probably the most important, was the change to the period in time the complying development assessment can take.
Previously it was 10 days and it has now been extended to 20 days. This is because the neighbours now need to be notified of the application to build a granny flat.
In the past, the neighbours were not notified and may have realised all too late that granny was coming to their close proximity. Neighbours of the complying development now get to know what’s going on next door – which I think is a good thing.
They have 14 days to lodge any complaints or ask any questions of the certifier. They can’t really stop a granny flat being built unless the application is not meeting all the requirements of the policy; however they have the opportunity to discuss any concerns and check plans.
Imagine you live in a high density area where the land size is quite small; say 450-500 square metres blocks and the house next door starts to build a granny flat. There is not a lot of space for the tenants of the flat to chill out so they hang right on your fence line when they have a BBQ which happens to be next to your bedroom window. This is not a good situation for anyone.
Property Bloom always looks for large lot sizes for their granny flat developments, land that is 800 square metres – 1,000 square metres so there is plenty of yard space for both the house and the flat. This is one of their main criteria but they have a long list of other criterias that need to be met before they will present a property to their clients for such a development. Their goal is to maximise the rent from the house and the flat but if the positioning of the flat is too close to the house, it just won’t work.
For a granny flat development to work for property investors it needs to result in a high rental yield, be well designed so that there are no issues down the track and maximise depreciation benefits of the property.
Happy Buying and Selling!!!
If you have any property questions you would like to ask me, Please feel free to call me on 0413 807 344 or email firstname.lastname@example.org. I would love to hear from you.