This is a residential building that has two homes, sharing a common central wall. Both homes will either exist on one land title and be owned and sold together, or exist on separate titles and be individually owned and sold.
A duplex differs from a house which only has one dwelling under a single roof.
In a duplex, the two homes are entirely separate entities with their own entrances and amenities.
Owners must agree to a building insurance policy that covers both sides of a duplex.
A body corporate is not needed, but may become necessary depending on the age of the duplex and its jurisdiction.
Remember to contact the relevant authority in your state or territory for more information.
Benefits of a duplex
For investors, buying a duplex means:
- Two rental incomes from one asset
- Able to earn almost as much rental income as you would from two detached houses
- Save thousands on land costs, as a duplex requires much less land than two detached houses.
For home buyers:
- The price tag, which can be half of what you’d pay for an entire house in the same location, especially for those with a moderate budget
- Low-maintenance lifestyle in a premium location
- Great way to get your foot in the door as a property investor, especially into a better location for cheaper than buying a house in the same area
- You can buy a home on your own strata land, which is great for longer-term capital gain, instead of buying an apartment with no land in a similar area
- Less garden maintenance, as the blocks are smaller than a typical house.
- Only one adjoining owner, rather than multiple neighbours found in apartment blocks
- Easier to make changes to your own home, there's only one duplex neighbour to consult
- Security benefits of having a close neighbour
- Your own land for your pets
- No body-corporate fees.