DUPLEX IN DEMAND
The urbanisation of many cities and towns in New South Wales has seen the demand for duplexes increase – making duplexes a profitable investment option with strong returns and plenty of market appeal.
What is a duplex?
A duplex is basically two properties, which have been built on one block of land. They typically share at least one common wall and fence, but they have no shared entrances or rooms etc. They are the happy medium between having a large sprawling block that requires maintenance and the confined space of an apartment – that is you have adequate outdoor space for entertaining and to enjoy your own piece of private sunshine, without having to spend weekends mowing! Which is a bonus not only for those living in the property, but also for investors who choose to retain control of property maintenance. Most modern duplexes have three bedrooms or greater, include open plan living and entertaining areas, two bathrooms and a garage. So there is really no compromise when it comes to space and liveability.
Flexibility for investors
Because of the flexibility available with a duplex they often have broad market appeal. The choice to become owner-occupiers has proven to be a popular option for investors, wherein they live in one half of the duplex and then either sell or rent the other half. Alternatively, depending on their investment plan, both properties can be rented to potentially double the rental income for what is essentially a single investment property. Or some investors choose to sell both halves of the duplex, individually or as a package, to make a reasonable return quickly to then move onto their next investment project. Plus, the great news is that duplexes tend to hold their value quite well depending on the location and quality of the build.
Many markets are drawn to duplex living
There are many reasons for the increase in popularity for duplexes in New South Wales. Land shortages have created a situation where people have started to re-evaluate their property choices. The trend to live away from city centres on a large block has now been superseded by people wanting a shorter commute to work, good proximity to facilities, all with lower maintenance living. A marked improvement in design innovation has also meant duplexes now have greater curb-side appeal, floor plans have adopted modern, space maximising techniques, and they boast the latest inclusions and energy efficiencies. Empty nesters, first-homebuyers and even families with teenagers are all drawn to living in duplexes.