The fundamentals of the Western Australia property market are extremely strong at the moment.
According to the 2022 Well Money Green Shoots report, Burekup leads WA and the national list with a nearly 60 per cent decline in inventory over the past three months as well as a 3.2% increase in the median asking price.
With regional WA rural property values seeing an annual increase of up to 24.5%, there’s really no wonder why it has become the wealthy’s latest hot spot for property investment.
Before taking the plunge, here are some key things to consider:
What Type of Rural Property Do You Want?
Ask yourself what must absolutely be in the rural property, and what would be some nice additions. With a clear goal in mind, you’ll be well on your way to finding the right rural property.
Non-negotiables:
- Is the property in good condition?
- What is the ideal location of the property?
- What size of property do I need?
- What type of land should the property have? Can it be used for agricultural purposes?
Nice-to-haves:
- Are there any specific features like a barn or a pond?
- Does the property have an overlooking view? A large garden? Lake access?
- Are there any restrictions on what I can do with the property?
- What other features do I want in the property?
Get to Know the Area
Research the local community, the amenities, and the surrounding environment. Find out what types of services are available, and look into the zoning laws and regulations.
If you have the chance, it’s useful to speak to people who already live in the area – they may be able to provide you with helpful information about the area’s culture and history.
Review Utilities and Amenities
Utilities in rural real estate areas are generally not tied to commercial systems as they are in urban and suburban areas, so it is important to understand what is available and what might need to be paid for separately.
Any additional amenities such as internet and cable, should also be researched before making a rural property purchase.
Consider the Maintenance Required
Depending on the rural property and its size, you may be looking at regular mowing, fertilising, and weed control. Soil quality and topography can also affect the types of maintenance needed.
Other aspects to consider would be the potential for flooding, the presence of pests, and the need for fencing or other improvements.
If you would like to learn more about our current investment opportunities in Western Australia’s rural locations, enquire now.