Investment property in Belconnen's real estate market could be set to see further improvements in the near future, with changes to the planning law allowing secondary residences – otherwise known as granny flats – to be built larger than originally outlined last year.
These properties are a great way to help increase the value of the real estate, especially for investors who own a wide range of different real estate types across the country.
Last year's introduction of Variation 306, which introduced a number of changes to how these property types could be used, included the provisions relating to who could occupy the space. This widened the scope, with residents now no longer needing to be related to the home occupants, opening up more accommodation options in the region.
These most recent changes have broadened the scope of what can be considered a granny flat, increasing the size up to 90 square metres from 75 square metres.
Minister for the Environment and Sustainable Development Simon Corbell said the additional sizing was great news for those interested in having multiple occupants living in the same home, which can often be the case with investment properties.
"By allowing greater floor area in secondary residences, Canberra families can help their parents or students to live independently in a residence that is large enough to be comfortable yet small enough to be manageable," said Mr Corbell in a February 10 statement.