Colin Fragar, our founder and CEO, shares valuable resources and advice for those developing in Sydney.
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Or for those that prefer to read, here is a transcript of the video…
If you’re looking to achieve a dual occupancy in Sydney, here’s what you need to know. My name is Colin Fragar from the Council Approval Group.
We love and do dual occupancies every single day of the week. And what I hope to do today is to share with you a few snippets of wisdom as you start to look around the Sydney market for your dual occupancy.
Resources for a Dual Occupancy Sydney PropertyYou may already have a site. Now if you already have a site and you’re looking to see whether you can get a dual occupancy in that area, my hat goes off to you because dual occupancies are really much better than a granny flat. The reason I say that is, actually, I go through in five steps in this magazine called Your Ultimate Guide to Achieving Council Approval. Make sure you download your copy today and that will give you some more of the reasons why I think dual occupancy is so much better than a granny flat and even some things you may not have heard of before.
It’s also a topic that I go through in the book Secrets of Property Millionaires Exposed, where I go through it in depth. But in terms of you watching this video, you’re likely looking for purchasing a property where you can have a dual occupancy.
A dual occupancy is great because it does add extra cash flow, obviously.A dual occupancy is better than a granny flat because it allows you to have extra rental income. You’re not restricted to 60 square meters, for example. Although you know, with a granny flat you can have slightly more than 60 square meters, but generally most of them are 60 square meters. And that’s another discussion for another day with our town planners.
Why Now is the Time to Get StartedBut if you are looking to do some sort of a project in Sydney, now is an awesome time to be able to do that. The Sydney property market just continues to outperform other sectors with the number of people that we need to fit into Sydney. The numbers that they’re talking about in terms of immigration over the next 20 or 30 years are just astronomical.
Australia’s largest infrastructure project with the Western Sydney Airport is going in. It is going to be Australia’s largest and most busiest airport. It is going to be in Western Sydney. Just the sheer volume of money that the government’s putting into Sydney makes, in my belief, Sydney a great place to invest. But that is not to say it isn’t without difficulties and dangers, particularly for people who are trying to achieve council approval or people who are just trying to purchase dual occupancy.
For those people who may fall into the category of just wanting to buy a completed one, I would recommend to you that you consider building one yourself and that you help us to achieve the council approval. The reason I say that is many people fall into the trap of buying retail instead of wholesale. They just purchase that completed product to get the double income and they end up with a small return of five to 10%. Whereas if you are your own investor, your own developer, then the rental income is the same but the return on your rental income is much higher, because your cost of production is a lot less.