In the Media

  • New Dual-Key Announced

    Published in: Press Release
    Published on: 25 Jul 2011

    Two homes in one - a smart move to reduce mortgage stress as Future Housing Taskforce announces new housing concept in Central Queensland.

    The Future Housing Taskforce announced today the approval of an innovative new home designed to offer struggling families and homes buyers’ a chance to reduce mortgage stress.
    Taskforce Founder and CEO of L J Hooker Land Marketing, Kevin Doodney said the final approvals couldn’t have come at a better time. 'With Queensland recently reported by Fitch Ratings as the worst state for mortgage defaults in the country, councils need to consider new housing models to alleviate this pressure," he said.
    The dual-key concept consists of two individual residences complete with separate kitchens, living rooms, entries and car parks all accommodated in one traditional housing design. The two homes comprising two and three bedrooms are separated by a certified fire wall allowing owners to legally rent one of the homes to tenants greatly reducing mortgage stress.  The first house is due to commence construction at Highland Reserve in the regional mining town of Biloela as a joint research project led by Excel Development Group.
    Director of Excel Development Group, Peter Sherrie is impressed with the outcome.  "We understand housing affordability is a serious issue so we are working hard to deliver solutions to reduce mortgage stress," he said.  "There are so many applications for this new home.  It’s perfect for larger families requiring five bedrooms as well as families living with aging parents or older children.  First home buyers can choose to live in the smaller, two bedroom home while renting out the larger residence to save money and can simply swap to the three bedroom home once they start a family and require more space. This is the kind of flexibility modern home buyers need."  
    Kevin Doodney said the project has taken two years of research and development.  "We designed and built the first dual-key home at Gracemere Heights in Rockhampton but the original approvals did not allow owners to legally rent the second residence to tenants.  We opened the house to the public for ninety days and found a majority of families were keen to have the option of renting."
    Project Manager, Julie Colwell said the home attracted over 150 inspections at Gracemere Heights. "Everyone could see the benefits of this new home," she said.  "I met so many families that desperately wanted to own a larger home but simply couldn’t afford it.  I spoke to parents with older children, families with aging grandparents and first home buyers looking for a place to live as well as a smart investment for the future. If we can offer them the option of renting to help pay for a larger home then everyone benefits."
    Director of Queensland Lifestyle Development Group and building co-ordinator, Ken Mitchell said the process to receive the approvals was long but worth it. "There are a lot of people in Queensland who prefer living in a home rather than an apartment or townhouse.  These homes fit seamlessly on a traditional street with backyards and plenty of room to move," he said. "Giving new home owners flexibility without sacrificing quality is the key to restoring genuine housing affordability in Australia."
    Other groups set to benefit are mining companies keen to accommodate workers in neighbouring communities as opposed to compounds on the outskirts of towns.  "I think regional communities would prefer to see miners and their families comfortably relocated into the towns instead of the 'fly in, fly out' models currently in place," Mr Sherrie said.   "But these families need real homes in traditional neighbourhoods that are affordable.  We hope councils across Central Queensland will expedite approval processes in the future so we can deliver these housing solutions which will ultimately benefit the whole community."
    The Future Housing Taskforce was founded in October last year to tackle the housing affordability crisis in Australia.  Key industry leaders have joined forces to design and develop new housing models for the next generation of home buyers currently locked out of the property market.