Dual Key Property or Dual Living relates to a type of property built with 2 complete dual living areas, each with their own separate entrance, car parking, kitchen, bathroom, and living areas. It is a way of effectively increasing the income of a property. Each living area has its own lease agreement.
A Dual Key property can significantly increase the income however some councils do not allow more than one lease agreement per lot.
Dual Key or Dual Living Properties fall under 3 categories
- Dual Occupancy
- Dual Key
Duplexes are strata-titled and as such require specific zoning and other guidelines to provide two individual titles. This results in an increase in council charges. Duplex generally have a higher cost than an equivalent Dual Occupancy and Dual Key properties, which are on only one title.
Duplexes may bring in slightly higher rents; however, the yields are still usually less than Dual Occupancy / Dual Key returns, which can be higher than 7%.