Average Australian Mortgage Size in 2023
29 Nov 2023
Moving to the country life where there is fresher air, less traffic and a more relaxed lifestyle sounds really appealing to many city-dwellers.
While acreage living seems like the ideal place to evade the busy and stressful life of the city, there are many challenges involved such as maintaining the property, especially if you have dreams of developing it into a hobby farm.
Keep in mind that being an acreage owner has more responsibilities than being a homeowner in the city. So before you make a life-changing decision, consider first the pros and cons of buying an acreage.
An acreage is a property of at least one acre in size but often much larger. An acre is 4,047 square metres.Usually, an acreage is used for agricultural purposes, and it can be as big as 20,000 square metres, compared to the typical block size in Australia of 400-800 square metres.
For home buyers looking to purchase an acreage property, here are the pros when you decide to leave your city life, and move to a rural or outer-suburban area:
Buying an acreage also has its cons, make sure you know them before you buy an acreage:
Similar to buying a property in the city, you need to ask yourself certain questions first before buying a property to help you assess if the acreage meets your needs.
Here are some questions to ask yourself so you know what to look for when buying an acreage:
The list of questions can go on indefinitely. But the primary question you should ask yourself is why would you want to live in an acreage and what are your main objectives?
Knowing the answer to these questions will help you with your decision-making process.
Looking to make a tree change? We offer a range of home loans to suit your needs including competitive construction and builder home loans.
loans.com.au's construction loan is perfect if you plan to buy land and construct a home or if you're completing extensive renovations to your existing property.
To find out more about our loan options, eligibility requirements, and application process, get in touch with one of our home loan specialists.
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