Dual Occupancy Investment Properties have become a very popular investment option for investors and have been in high demand in the South East Queensland region and the NSW Central Coast and Gosford areas.
To simplify things, I’ll start by defining a few of the different dual occupancy property types available.
Different Dual Occupancy Investment Property Types:
Dual Occupancy/Auxiliary:
A dual occupancy investment is a property that has two separate dwellings on a single title. Generally it’ll be attached by a common wall, but can also be detached. Both residences will have separate internal entrances and can be leased out to different parties (depending on the local Council rules).
Duplex:
Duplex properties are similar to dual occupancy properties, however each side of the property is individually strata-titled meaning that each side can be sold off separately.Duplex properties have a different set of town-planning rules for approval, and these vary across different Council areas.
Dual Key:
A dual key property is where there are two separate self contained residences which are located on the one title. These will generally have a single entrance and have separate lockable doors once inside. Both residences can generally be leased out separately (depending on the local Council rules). Dual Keys are generally seen in apartments rather than house and land.
Now that we have defined the three different types of dual dwellings that are generally seen in the market place, Ill further complicate things by explaining that different Council areas use different terminology for the types of dual dwellings outlined above. So for Dual Occupancy properties well also add the term Auxiliary dwelling, as this should cover the majority of council areas.
The key difference between the dual occupancy / auxiliary from a Duplex, is that duplexes have each side individually strata-titled and can be sold off separately, where as a dual occupancy / auxiliary being on the one title can only be sold as one.
We’ll discuss some of the advantages associated with both:
- Dual Occupancy investments and,
- Duplex
properties in a future blog.
For further information on dual occupancy investment properties or other investment opportunities, please contact us.
