whereas having a lifestyle farm from which you earn a small income on the proceeds of a particular crop (i.e. If you wish to have livestock on your farm, this instantly locks you into being present to feed animals etc. While it is not impossible to live off your own farm, especially if you do not enter with heavy debt, it gives new meaning to the phrase “living off the smell of an oily rag”.Īs is the case for a larger farm, investing in a hobby farm should still follow the same process of deciding what you want to farm. This last point is key to a subsistence/hobby farm, you almost always need to derive an income from elsewhere as most hobby farms do not sit on enough land to provide the yield necessary to break even. Hobby farming is an increasingly popular option as an ageing population looks to downsize their homes and split their time between city and country living, or as younger generations are pushed out of city markets and look to live in regional areas and enjoy a more active lifestyle while still deriving an income from elsewhere. Ironically, niche farming can see a steadier income but usually a smaller income than farming for more common crops. If you do want to run a farm on which you can derive an income, consider entering a niche industry. can go into the millions.Ĭhoosing to farm dairy, or livestock, as well as cropping means you are entering a saturated and well-established industry.įarming in this area does provide support, in terms of access to a consolidated market, but this also means you are susceptible to the major dictators of price, while also competing with other farmers. ![]() Knowing what crops or livestock you will farm also gives your agent or broker a greater chance of honing in on the best rural properties for your needs.Įntering the sort of farming from which you derive an income involves a significant outlay of money at the start.ĭeposits are often the largest hurdle for those entering the market, entering the hundreds of thousands, while outlay for machinery, crops, pumps for irrigation etc. The same things dictate how you buy a farm, regardless of its type: what do you want to farm (crops, livestock etc.), and where do you want your farm to be?ĭeciding on the type of farm you want to start/buy will dictate where you look, what size property you restrict yourself to, the conditions of the soil you require, access to water, aspect, and location (access to major roads etc.). There are many things that a hobby farm and an income-driven farm have in common, the most of which is how you start one. Your financial situation, experience, stage in life etc. ![]() recommends that if you are entertaining the idea of buying a farm in Australia, you first need to make the obvious (and easy) decision of whether you run an income-driven farm (a farm on which you rely on an income) or a lifestyle/hobby farm. With population growth showing little sign of abating in the major capital cities, and an ageing population added to this mix, there is little reason to doubt the future popularity of regional investment, especially in farms. In fact, the Victorian Department of Primary Industries reports that there are over 60,000 small lifestyle farms across Australia, which accounts for approximately 20 per cent of agricultural land. WHETHER subsistence farming or hobby farming, Australians are not shy of getting their hands dirty.
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