Building a duplex on a vacant block is also a cost-effective approach for homeowners looking to get into their dream home without significantly adding to their mortgage. Of course, a duplex will cost more than a freestanding home, but the extra value from having two properties on one block can be significant.
Whether restructuring an existing property or building from scratch, you will want to know how much does it cost to build a duplex in Melbourne?
Development and building costs for a duplex in Melbourne
The development costs for any dual occupancy project will vary between $80k – 120K*. Building costs will depend on the type of duplex construction. Average figures on top of the development are:
- 2 x 4 bedroom with high-end finishes around $1m
- 2 x 4 bedroom with good quality finishes around 950K
- 2 x 3 bedroom with high-end finishes around 850k
- 2 x 3 bedroom with good quality finish $750k
How long does it take to build a duplex in Melbourne?
A duplex is an attractive option for homebuyers who plan on building two properties, selling one, and then using the proceeds to reduce their mortgage significantly.
A development application will mean that a duplex will often take longer than the average freehold property and can take anywhere from 12 weeks to 16 months, depending on its size and complexity.
There are a few more considerations to keep in mind when building a duplex. Homeowners should understand that the property may require an easement.
When designing the duplex for investment, homeowners will need to ensure the design costs remain in line with the expected returns.
Duplex construction is more involved than standard homes, so it’s essential homeowners seek builders with a lot of experience in their development and construction.
How a construction cost estimator can help
Construction cost estimators like Newin are a professional service with extensive experience in the building industry and associated trades. If you are looking to reduce your costs and streamline your project, bringing a building cost estimator onto your team is an excellent strategy that will help keep your project on track and under budget.
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