In this instalment of In the Know, our conveyancing solicitor Emily Thorn sits down with Lucas Sheppard from McGrath Mudgee Region to discuss the rural property market
Like residential properties in the Mudgee region, rural properties are also reaching record prices. This is mainly due to a shortage of properties available for sale but also largely due to the influx of buyers looking for a lifestyle change both from within and outside the region.
"If you’re looking to list your rural property for sale, Lucas says it’s important to follow a similar process like you would selling a property in town, including contacting an agent for an appraisal and discussing possible things you can do to maximise your sale price."
However, he acknowledges that it is currently a vendor’s market with purchasers keen to find the right property and a willingness to make certain compromises to secure their dream home at a good price.
But it’s not always smooth sailing for sellers. Vendors can run into difficulties with buyers if it turns out that structures on their properties have been built without council approval.
"It is very common that a building like a shed has been erected on a property and it doesn’t have council approval. This is a really important point to discuss with your conveyancing solicitor when purchasing or selling."
A few things buyers need to consider when buying out of town are availability of key services. Think school bus stop location, rubbish collection, water, electricity and NBN.
Lastly, purchasing a large rural property means a large maintenance responsibility, so it is important to understand what you are buying into.
So, is now the right time to buy a rural property in the Mudgee region? ,
"My view is that the market won’t decrease but will instead plateau, and current pricing is the new precedent meaning if it’s a short-term investment you are after, it might not be the best time. But if it’s to move your family and live there long-term then it could be a good investment in the long run."
You can check out McGrath’s current listings here:
Emily Thorn is a Property Lawyer at Sally Callander Law. She prides herself on delivering trusted advice and building long-term relationships that help her community continue to grow and thrive. Contact Emily today on (02) 6395 9780 to book an appointment.