Family & Friends Join Forces
May 19 2023
Owners of properties geared for dual or multi-generational living are set to benefit from a growth in demand for this type of asset.
A combination of rising living costs, elevated interest rates and a lack of available housing, particularly in sought after beachside locations, is leading more people to join forces with family and friends to buy property.
Pooling resources enables buyers to gain access to markets where, as individuals, house prices may be unaffordable, particularly following the pandemic market highs.
The Federal Government last week acknowledged a need for this type of co-ownership with the announcement that from July 1 it will expand its Home Guarantee Scheme to allow any two people to purchase a home together with as little as a 5 per cent deposit.
While a growing number of friends and family are choosing to become co-owners, most prefer to retain a certain level of independence, space and privacy.
As a result, these altered living arrangements are pushing buyers towards properties that offer self-contained or separate living quarters, or those allowing dual occupancy or multi-generational living.
A luxury five-bedroom family residence spread across 9,318m2 at 32 Uplands Drive, Parkwood, is perfectly suited to multi-generational living with a spacious guest wing. The property is being marketed by sales agent Ryan Ward and will go to auction on Friday, 9 June at 11am.
Soon to hit the market through agents Sam Guo and Julia Kuo is 2 Christa Way, Benowa Waters, where a six-bedroom family home and two-bedroom guest house lends itself to multi-generational living. The property is being sold through an auction campaign and is set to go under the hammer in June.
Gain expert advice on the local market – reach out to a Kollosche agent today.