How much would you pay for a rural home in the Queanbeyan-Palerang area?

It’s often said that those living across Canberra’s borders have the best of both worlds. Residents in the Queanbeyan-Palerang region enjoy a country lifestyle with city benefits – so much so that buyers are willing to pay more than $2 million for a lifestyle change.

On Saturday, a four-bedroom home on close to five hectares at 19 Farrier Road in Royalla sold under the hammer for $2.1 million.

Selling agent Marc Donohue of Rapport Property said the price achieved at auction was “quite reasonable, considering what was on offer”.

The latest Domain House Price Report showed the median house price in the Queanbeyan-Palerang region rose by 28 per cent in the 12 months to March 2021 to $896,000.

The architect-designed home in Royalla boasts plenty of uninterrupted rural views, mature gardens and a home that spreads across 300 square metres. 

The house has been fully renovated and includes an open-plan living and dining area with easy access to the wraparound deck.

“We had a lot of interested parties who were looking to secure a rural property that isn’t in the middle of nowhere,” Mr Donohue said.

“We received more than 160 email inquiries during the course of the auction campaign and on the day of the auction we had four bidders, both interstate and Canberrans, looking to secure it.”

The allure of living outside of the hustle and bustle of the city with the flexibility of working from home has only driven demand for rural property higher. 

“Not every home here is going to suit every buyer but moving outside of the city is definitely an attractive lifestyle change for some buyers,” Mr Donohue said.

“Royalla is a fairly tightly-held suburb and the average stay there is about 15 to 20 years. It’s a generational thing, so the buyers who purchase here are in it for the long term.

“There’ll always be interest across Canberra borders because of that affordability factor as well and as Canberra grows, naturally, buyers will also look across the border.”

Elsewhere, a house at 38 Beaumont Crescent at The Ridgeway on 1.34 hectares sold for $2.3 million prior to the auction, Ryan Broadhurst of Belle Property Queanbeyan said.

“It was set to go to auction but it sold before the first open home to an existing house hunter in our database,” he said.

“This is a big home and I think it was priced accordingly. I mean, this was an acreage of land that has been in high demand since COVID began … people want that extra space and room and sometimes crossing the border will offer buyers that.”

The sprawling property has six bedrooms including a spacious main bedroom, multiple sheds and a train carriage with a built-in deck, which could be used as an office, retreat or Airbnb.

“In many ways, it has the best of both worlds – being so close to Canberra while enjoying what’s on offer in Queanbeyan,” Mr Broadhurst said.

“It’s a small community where everyone knows each other. It’s a tight-knit community and that’s what draws people together.”