With the launch of the Regional Development Australia (RDA) Affordable Housing Promotion there may never be a better time to build a secondary dwelling.
This promotion is a six month agreement with participating financial institutions to reduce the rates and fees associated with building a granny flat on the Mid North Coast, from Taree to Coffs Harbour.
Bellingen Council has been aware for a number of years that the supply of affordable rental housing in the Shire is becoming increasingly limited, and has introduced a range of policy measures to attract investment in new housing stock. Home owners can now build a small second dwelling on land in certain rural areas and it no longer has to be attached to the main house.
“Despite these efforts the supply of affordable rental housing continues to be a significant issue” said Bellingen Shire Mayor, Cr Mark Troy. “It is therefore encouraging to see the launch of this program which may encourage “homeowners to investigate this option”, added the Mayor.
Reporting data indicates that Bellingen Shire, comparatively, is a very affordable area for investors looking at building a one bedroom secondary dwelling (under 60 sqm) with council charges currently the most affordable in the region.
Council planning officers recently met with members of a community based group called the Bellingen Affordable Housing Group to discuss a range of innovative approaches to housing supply in the Shire. It is hoped that the new Affordable Housing Promotion will trigger a new wave of investment in this type of housing that will be required in our communities over the coming decades.
Visit the website at www.housingpromotion.com.au for specific information for the Bellingen Shire including comparative loan details with local lenders, possible rental yields, Council charges and restrictions as well as a checklist and Frequently Asked Questions.
For further information contact Council’s Land Use Services Team on 6655 7300.