Many property owners now see a lot of opportunity in the new laws, which allow them to be rented out without formal subdivision.

Many owners are already looking at building granny flats on their properties to rent them , and many are taking advantage of granny flats already on their properties, that may have been previously only allowed to be rented to family members.

Western Australian property owners who have land, and want to maximise their investment but who do not want the hassles of subdivision, can now install a granny flat of up to 70 sq. metres (3 bedroom) which they can rent out for a stream of income.

The new regulations now mean that granny flats can be built in all residential zones as long as there is no more than one main home and one granny flat on the same block of land. For the baby boomers who have 600 sq. metre block this is a bonus!

Anyone can qualify, and with rents being out of the reach of many young people this provides an attractive option for parents who can accommodate their children in a separate dwelling until they are ready, and then they are able to rent it out.

From an investment point of view, this as an opportunity for those home owners who are planning on living on their property for the long term and earning an income from it.

The number of elderly Australians who have been in retirement homes is dropping, as installing a Granny Flat on their property, means they can stay in their home, or live in the granny flat and rent out the main house. A valuable income stream, and a great degree of flexibility and safety.