TRANSCRIPT
Want to start a good debate in Australia these days?
Here's an idea: mention housing prices.
It seems everyone's got a theory about them - and a solution for them.
It's generally accepted that housing prices are going up because they're not enough dwellings to go around.
Forecasts are now showing a shortfall of more than 100,000 dwellings over the next five years, led by shortages in Melbourne, Sydney, and Brisbane.
New research shows one way of combating this new problem of housing supply, is an old solution: the granny flat.
CoreLogic is a prominent property data company.
It has identified more than 655,000 sites suitable for a granny flat across Melbourne, Sydney, and Brisbane.
The phrase granny flat is a classic piece of Aussie slang.
It refers to a kind of self-contained accommodation, a second dwelling that typically accommodates one or two people, usually sharing a property with a main house.
It's often used to accommodate ageing parents - hence the name.
Zoran Taleski is Sales Manager for Granny Flat Solutions, who builds such things for a living.
He says the nature of those who get these things built has changed over time.
"When we originally started, it was more and more investors. These days, it's multi-generational living. So, as the property prices tend to increase over time, the affordability starts to drop away. So, this is the next-best option."
Multi-generational living comes naturally to many migrant communities.
Wendy Hoang is one person to whom this applies.
She says a granny flat is more suitable than assisted living - like a nursing home - for her parents.
"Yeah, yeah, I mean, now that we're here in Australia, we've all got our own lives, and definitely, my parents love their independence. And, yeah, just to have the separation but close enough to take them shopping or to the doctors...it's very handy."
CoreLogic says there are high concentrations of granny flat-suitable sites in places like Sydney's northern beaches, and Casey and Monash in Melbourne.
There are also opportunities just outside the major capitals in places like New South Wales' Central Coast, the Mornington Peninsula in Victoria, and Logan and Moreton Bay in Queensland.
They say many can be completed in less than six months, and are generally cheaper than a new-build house.
Prices generally start at around $135,000.
CoreLogic's Tim Lawless says they're at least a basic solution to a huge problem.
"Obviously, not all of them, or even a large portion of them, will go ahead. But, at the very least, this is an opportunity to deliver fairly fast supply to the marketplace at a time when we know there's a fairly immediate need for more housing supply."
But others who deal in real estate for a living are sounding a note of caution, saying granny flats are not always a good investment, particularly when it's time to sell the property.
Matthew Smythe, of Belle Property of Mosman on Sydney's north shore, says having a granny flat can sometimes be more harmful than helpful.
"It's more a case of: if it suits someone, great, they'll keep it, and that will work for them. But, typically, I think it's going to be more of an impingement on their privacy and their quality of lifestyle in their own home if they've got somebody renting or staying literally ten metres from their back garden."
In some areas, planning rules designed to boost affordable housing stock mean homeowners can avoid the hassle of submitting a development application to build a granny flat if they comply with certain guidelines.
But, also in some cases, homeowners may not recoup their outlay when selling, particularly if the granny flat takes up a significant portion of the backyard.
