Have you wondered about building a house with Carnegie builders? You might be considering building a dual occupancy in Carnegie. You could be considering this for several reasons, which we’ll explain below.
You’ll learn why Carnegie might be the right place for a property development, including the appeal of the suburb, the surrounding areas, and more.
By the end of this blog, you’ll walk away armed with all the facts needed to make a firm decision. So, without further introduction, let’s get into the meat of it.
Carnegie Property Development
Before we explore why you might want to undertake a project with Carnegie builders, we’ll share some of the benefits of designing a dual occupancy property development.
A duplex-type development is common in most cases – where the two properties share a wall.
You might want to undertake this type of development for several reasons.
Maximise the Value of Your Land
The main reason regular homeowners undertake a dual occupancy property development project is to maximise the value of their land.
This is because you will see more profit by selling two titled properties instead of one.
Let’s break this down a touch.
The median house value in Carnegie is $1.7 million. Let’s say your house is worth around that figure. The average three-bedroom townhouse value is just shy of a million.
If you build two townhouses and sell them both, once you deduct costs, you could look at a surplus that’s more than if you sold your house.
If your block is big enough for three townhouses or four – well, you get the picture now, don’t you?
On a different note – here is a breakdown of the estimated costs to build 3 townhouses in Melbourne.
To Invest or Live In
Others who undertake a dual occupancy done by Carnegie builders have different motivations.
Some people, such as empty nesters, want to downsize, so they retain one townhouse to live in and rent out the other property to create a steady stream of passive income.
Others may keep both properties as rental investments. In contrast, others may move in elderly parents to the other dwelling to keep a close eye on them.
You can see why you might want to build a duplex in Carnegie.
A Young, Trendy and Affluent Demographic
Carnegie is home to a young, trendy, dynamic demographic as the suburb has gentrified over the years.
There are lots of young, upwardly mobile professionals who are currently living in Carnegie. Some of them are renting too. This is part of the target market for townhouses.
As townhouses offer a cheaper entry into the real estate market, more young people buy them for their first homes. As Carnegie has such a population, it’s a safe bet there will be demand for a newly built townhouse in this suburb. Especially the renters who are saving up their money for a home deposit.
Furthermore, this same demographic that rents instead of buying also wants to live in townhouses.
If you were to retain one or more of your subdivided dwellings as rental properties, you would likely find some young tenants. The average rental yield for a three-bedroom townhouse is around $565 a week.
That’s a passive rental income stream of $29 380 a year. And you can claim depreciation on your rental property to reduce your taxable income.
Vibrant Town Centre
Carnegie features a vibrant, bustling and thriving town centre. It is home to many retailers and has pretty much everything you could need in a shopping centre.
This busy strip includes Woolworths, Aldi, Spotlight and Harris Scarfe. An IGA is located nearby, and there are many other stores. You’ll find greengrocers, jewellery stores, handmade gifts, upmarket fashion and more.
There are also plenty of healthcare businesses in the centre, such as GPs, dentists, a veterinary practice, optometrists, physiotherapy and even two gyms to choose from.
Furthermore, there are beauty salons, nail parlours, hairdressers, a wide variety of restaurants and cafes, and the large Rosstown Hotel if you fancy a beer.
Proximity to such a large number of shops is a significant drawcard for home buyers and renters. You can see why you’d approach Carnegie builders to do a dual occupancy in this happening suburb.
New Train Station
As part of the Victorian government’s major infrastructure level crossing removal project, the Carnegie level crossing at Koornang Road was removed, and a Skyrail was installed instead.
Part of this project was building a new, elevated Carnegie train station. It also significantly reduced traffic congestion around the area due to the level crossing removal.
A brand-new train station within a walk or short drive is another significant drawcard for home buyers and renters. Particularly if they have to commute into the city to work.
Here we can see yet another reason why building a dual occupancy in Carnegie makes sense.
Great Public Library
Carnegie benefits from a modern, renovated, and well-stocked public library. This is particularly beneficial to young families who buy townhouses in Melbourne, as the stay-at-home parent can stroll down to the library for baby rhyme time or borrow books to keep the toddlers entertained at home.
It can also offer a quiet space if you need to catch up on reading or studying. It is another reason why a property development in Carnegie is a great idea.
Three Large Parks in the Suburb
Three large parks in Carnegie offer open green space for public use. Again, this is a significant benefit to living in the suburb, as outer suburbs often lack large green areas, so home buyers and renters prefer suburbs with amenities like parks.
A park nearby is a significant reason someone may move into a particular property. They can take the kids on the weekend, walk the dog at night, do outdoor personal training or go for a run.
The Southern Pocket is Located Inside a High School Zone
Some families buy or rent a house within the zone when their kid is still in primary school to ensure they get a spot in their desired high school.
You might look at developing property within this zone, as it greatly appeals to families who want their children to attend McKinnon.
Proximity to Major Arterial Roads
Another benefit to using Carnegie builders to develop a property in this suburb is that it is located close to the Princess Highway and the extended Melbourne Road network.
Not everyone can commute via public transit, so having significant roads nearby benefits those home buyers and renters who drive.
The Citylink and Eastlink toll roads are also located nearby, so if you need to cut across the city to get to the airport or the eastern suburbs or even down the Mornington Peninsula, you’re located close to these toll roads.
Again, this is another excellent reason why property development in Carnegie is a great idea.
Close to the Beach
Carnegie is a short drive from St Kilda and Brighton beaches. This is appealing, especially for young families and retirees and established adults. There’s nothing like a sunny day at the beach, with a few dips in the ocean, fish and chips for dinner and delicious ice cream or gelato for dessert.
Proximity to the beaches is another main reason why Carnegie is a sought-after suburb.
Carnegie Builders – Conclusion
In this helpful article, we’ve shared about Carnegie builders and why building a dual occupancy in this suburb makes sense. It’s not just Carnegie, it could also be Highett builders or even Bentleigh East builders make sense.
We explored a few benefits of undertaking a dual occupancy development project. Then we explored some significant reasons why Carnegie is a highly desired suburb.
Because of its own amenities and proximity to others, you can see why Carnegie is a hot market right now.
You can take advantage of this by doing a dual occupancy without the stress of not knowing if it is the right choice – because it is definitely the right choice.
Lastly, check out these 11 questions you need to ask your builder before signing a contract.