Homeowner Jane Sullivan decided to go in on a house with her parents nearly ten years ago, when she realised they would need a multigenerational lifestyle to keep them comfortable in their retirement.
“It was a really deliberate purchase,” she said. “Both had considerable health issues that were only going to get worse over time.
“They were living in a two storey townhouse, and were starting to have small falls up and down the stairs … it wasn’t going to be a long-term solution for them to be able to stay.”
Jane Sullivan bought a multigenerational house for her family nearly a decade before spiking prices made it an attractive lifestyle option for Brisbane. Picture: Lyndon Mechielsen/Courier Mail
Ms Sullivan wanted to find a lowset home with a granny flat she and her parents could live in together, with the ability to rent the granny flat when she moved out.
But even in 2017, dual-living homes were a tight market, and the family felt they had struck gold when they found a property in Carina Heights.
“Living in the right home that provides them with independence without them going into a care facility was absolutely critical,” she said. “This was the only one I’d ever actually seen.”
The home at 74 Gallipoli Road, Carina Heights, was perfect for Ms Sullivan’s parents, offering them a single-level home with a resident nearby to make sure they were safe.
The home is now up for sale, and is one of only a select few homes that fit the lifestyle many families are looking for.
With her parents having passed away, the property at 74 Gallipoli Rd is now one of a small few multigenerational homes up for sale, at a time where the style of living is growing in popularity.
A house at 97 Bundah St, Camp Hill, was estimated to be worth around $1.5m before undergoing a renovation to make it a dual-living home. When it had finally sold, the value had increased by more than $1m to go for $2.66m.
The house at 97 Bundah St, Camp Hill, gained an estimated value of around $1m when it sold, thanks to a renovation to suit multigenerational living.
Founder of specialist broker Switchboard Finance, Nick Lim, said this had become a financial strategy in a city with a growing supply shortage.
“Five years ago, a family pooling households was usually a lifestyle decision,” he said. “Now it’s increasingly a mortgage serviceability decision. One income can’t carry a Brisbane home at current prices, but two or three can. And lenders are starting to assess those structures properly where they used to penalise them.
“More non-bank lenders are already building products around co-borrower structures and family guarantor arrangements, because the mainstream banks are still treating these as edge cases when they’re becoming the mainstream for a lot of self-employed families.”
”One income can’t carry a Brisbane home at current prices, but two or three can.”
Ms Sullivan said she was concerned Brisbane’s infrastructure did not have enough homes in place for proper elderly living at the rate of the city’s population growth.
“The importance of different housing options for the ageing population to live independently as long as possible is really important for their mental health,” she said.
“Getting into the market, it’s becoming harder and harder for families to do on their own … properties like this do exist, but it was as rare as hen’s teeth.”
Ms Sullivan said was worried how prepared Brisbane was for providing homes for the city’s growing population of elders. Picture: Lyndon Mechielsen/Courier Mail
Place Bulimba agent Mikaela Crone, in charge of selling Ms Sullivan’s property, said she was seeing many homeowners redo their own homes to accommodate more family members.
“The cost of living kids are staying home for longer,” she said, “but in my real estate career there’s always been an appetite for parents trying to accommodate their elderly parents or extended family.
“There’s an appetite for it. If homes accommodate enough space to convert into a dual-living home, people are going ahead and doing that.”
English (US) · 