April 13, 2023

Top Advantages of Owning a Rural Property in Western Australia

Western Australia’s property market is thriving. According to REIWA’s 2023 outlook, Perth house prices are expected to continue to show moderate growth, estimated to be between 2 and 5 per cent over the next 12 months. 

Rural Western Australia has recently emerged as the latest hotspot for property investment, boasting a range of benefits that make it an attractive option. Below are some compelling reasons to consider investing in a rural property in Western Australia:

Economic Prosperity

Western Australia’s economy has experienced strong growth, with a 5.6% increase in 2022. The robust performance is backed by a solid infrastructure pipeline and its renowned position as a global leader in mining commodities including iron ore, crude oil and liquefied natural gas. The value of Western Australia’s exports increased 9% to $261.4 billion in 2022.

Popular Holiday Destination

We’re seeing a growing trend among homebuyers who are taking advantage of their rural property by using them as holiday homes before retiring, offsetting costs by renting them out for the rest of the year. According to the latest official visitor figures, the total domestic spend in WA for both interstate and intrastate visitors was $802 million, up $84 million or 12% compared to pre-COVID.

Potential For Capital Growth

Despite eight interest rate rises that caused a decline in east-coast markets, Perth’s median house price rose 2.86% to $540,000 in 2022 (from $525,000 in 2021). Experts predict a continued rise of 30% in Perth property prices from 2023 to 2027, making this an optimal time for investors to consider investing in the region’s rural real estate market.

Wellness Lifestyle Real Estate

The Wellness Lifestyle Real Estate industry is a rapidly growing market, currently worth over $275 billion, and projected to reach $863.9 billion by 2028. Australia ranked 3rd amongst the top countries with the largest market size for Wellness Lifestyle Real Estate at $16.54 Billion from $9.5 billion in 2017. According to the Global Wellness Institute, Wellness Lifestyle Real Estate are “homes that are proactively designed and built to support the holistic health of their residents.” Western Australia is a prime location for the development of rural estate, with its natural beauty and enviable climate.