Grow your own vegetables, raise a few livestock and get back to basics on a small piece of rural land.
Most Australian homeowners will say they can add outdoor space, such as a larger garden or courtyard. Some people have big dreams of owning a large piece of land where they can grow vegetables, make wine, or go horseback riding as a hobby.
Grow your own vegetables on your hobby farm.Source: Getty Images
In 2020, when the pandemic was in full swing, ‘lifestyle property’ or ‘hobby farm’ sales of these types of reforestation on realestate.com.au increased by 40% compared to 2019 . Australian hobby farm.
A hobby farm is a small farm, generally less than 50 acres (20 ha), that can be maintained without being the main source of income for the owner. It’s a lifestyle choice. And buyers realized they didn’t have to travel far from the big cities to get this lifestyle.
Queensland saw the fastest growth in lifestyle property sales in 2020, with a staggering 105% growth. And it will increase by 79% by 2021. The areas with the most increases are Darling Downs-Maranoa and the Gold Coast, just outside Brisbane.
Lifestyle properties tend to be more expensive than other properties in the same area due to the amount of land and additional structures such as barns and stables.
The median home price in Southern Highlands and Shoalhaven, New South Wales, was $985,000 over the last 12 months. However, the median asking price for 27 lifestyle or hobby farm properties sold in the area was $2.3 million.
Hobby farms in New South Wales are among the most expensive in the country, and Pokolbin in the Hunter Valley tops the list for the highest median value for a lifestyle property. However, the median value of eight lifestyle properties sold in the last 12 months exceeded his $3 million.
Raise your own chickens and have fresh eggs every morning. Source: realestate.com.au
The Hunter Valley frequently appears on lists of the most expensive properties. This is probably because many properties have their own vineyards and are prominent wine regions.
Victoria’s Mornington Peninsula and Geelong areas also had higher average asking prices for these types of properties over the last 12 months, at $1.82 million and $1.43 million respectively.
Mount Eliza on the Mornington Peninsula took the title when it came to most expensive lifestyle property sales in the last 12 months.
|110 Cobb Road, Mount Eliza, VIC 3930||Mount Eliza||Big||$7,950,000|
|4 Beirnfels Lane, Gerroa, NSW 2534||Gerroa||New South Wales||$6,900,000|
|“Corunna Farm” Mystery Bay Road, Corunna, NSW 2546||Coruña||New South Wales||price hidden|
|450b Coolangatta Road, Bury, NSW 2535||berry||New South Wales||price hidden|
|119 Marrowbone Road, Pokolbin, NSW 2320||Pokolbin||New South Wales||$5,500,000|
|990 Lancaster-mooroopna Rd, Mooroopna North, VIC 3629||Moorupuna North||Big||price hidden|
|48 Leeds Road, Millers Forest, NSW 2324||Miller’s Forest||New South Wales||$4,760,000|
|109 Ringwood Lane, Exeter, NSW 2579||Exeter||New South Wales||$4,630,000|
|117 Exeter Road, Exeter, NSW 2579||Exeter||New South Wales||$4,520,000|
|105 Horans Lane, Grose Vale, NSW 2753||growth veil||New South Wales||$4,120,000|
13 hectares of land Cobb Road, Mount Elizasold for $7.95 million in October 2021 and includes five paddocks, stables and its own creek.
Affordable lifestyle properties can be found relatively close to the capital if you look in the right neighborhood.
This hobby farm on Mount Eliza sold for $7.95 million in October 2021. Source: realestate.com.au
Instead of looking for Geelong, where the average 12-month asking price for a lifestyle property exceeds $1.4 million, exploring Ballarat offers a more affordable option. In Ballarat, the median asking price of the 25% most expensive lifestyle properties is just $977,000.
The areas with the most property views over the last 12 months were the Capital Region in New South Wales and Latrobe (both Gippsland and Hume in Victoria).
It is clear that people looking for a property are looking for an area where prices are still affordable, allowing them to escape the daily routine and live out their dreams of living in a lifestyle property.