The latest monthly figures from view.com.au continue to show that there are a number of key areas across Australia’s eastern seaboard that tick all the boxes for retirees: lifestyle, affordability, and capital growth. With an ageing population and a sustained price squeeze within the inner rings of the major markets (despite a recent softening of the market), we should expect to see an increasing number of downsizers looking for a home that offers access to healthcare, entertainment, quiet and safe neighbourhoods and pleasant surrounds while also being affordable (allowing retirees greater wiggle room with their cashflow) and enjoying sustained capital growth.
Based on view.com.au’s market figures, here are some key areas to consider when looking for the perfect retirement location. Note: figures are for house prices only, not units.
One of the most popular areas for those looking to retire is along the Mornington Peninsula, which still offers affordable homes that have close access to the beach, a growing healthcare sector and all the amenities you would expect in the city, but with more breathing space.
The bayside suburb of Rosebud is one area to keep an eye on, with the median sale price of houses increasing 24 per cent in one year and 45.6 per cent in three years to reach a median of $582,500 or $480,000 for two-bedroom homes. Rosebud is a central hub along the front beach of the Peninsula’s southern tip, providing pristine calm waters in summer as well as access to the peninsula’s world-renowned wineries.
The nearby suburb of Dromana is also a destination point for retirees, with the median sale price of houses increasing 22 per cent in one year and 45.3 per cent over three years to $723,000 or $511,000 for a two-bedroom home.
Demand continues to grow in the area, however, and prices are already reaching high levels in many areas on the Mornington Peninsula. The median sale price of houses in Mornington is at $1,302,100, while on the other side in Flinders, the relatively small supply of properties mixed with the area’s incredible coastline and lifestyle has led to a median sale price increase of 64.4 per cent over three years to $1,525,000.
Up in the lush and green hills northeast of Melbourne, retirees who prefer to be in the treetops are opting for homes in Healesville, where the median sale price of houses has increased by 27 per cent in one year and 42.2 per cent over three years (indicating significant growth in the past year), reaching a median sale price (and affordable price point) of $610,000 or $465,250 for two-bedroom homes.
The nearby suburb of Yarra Glen has also seen high demand, with prices increasing 16 per cent in the past year and 39.4 per cent over three years to reach a median sale price of $655,000 and $500,000 for two-bedroom homes.
New South Wales
The Ballina Shire continues to attract retirees, who wish to enjoy the coastal lifestyle without suffering from the higher prices in Byron Bay or Noosa. Suffolk Park, just outside Byron Bay, has seen a median sale price increase of 18 per cent in one year and 59.4 per cent in three years to reach $1,087,425. Ballina itself has seen an increase of 17 per cent in one year and 36.3 per cent in three years to reach $545,000 and $510,000 for 2-bedroom homes.
The Central Coast in NSW is also not just a destination point for retirees but due to the price squeeze in Sydney, the area continues to see families move to the area for a lifestyle change and affordable entry point into the market. Homes in Gosford continue to attract demand, with the median sale price of houses in the area increasing 17 per cent in the past year and 21 per cent over three years to reach an affordable median price of $490,000 or $412,500 for two-bedroom homes.
On the coast, the median sale price of houses in Terrigal has increased 13 per cent in a year and 35.1 per cent in three years to $905,000, but a median sale price of $547,000 for two-bedroom homes, providing many opportunities for retirees.
Two areas attract the lion’s share of interest for those looking to downsize in Queensland, and for good reason.
Along the Sunshine Coast, the median sale price for houses in Caloundra has increased by 22 per cent in one year and 32.1 per cent over three years to reach $535,000 and $435,000 for two-bedroom homes.
A little further north, the Noosa Heads area has long been a destination point for retirees seeking a coastal and relaxed lifestyle. Just outside Noosa, the median sale price of Coolum Beach houses increased 15 per cent in one year and 33.7 per cent over three years to $662,000 ($573,750 for two-bedroom homes).
Noosa Heads itself has seen dramatic increases in the median sale data, rising by 23 per cent in one year and 42.4 per cent in three years (indicating a recent surge over 2017) to reach a median of $980,000.
The second area of interest for retirees is the Gold Coast.
Springbrook is an inland suburb with many picturesque streets that are surrounded by lush green surrounds. The treetop lifestyle that is only an hour away from the Gold Coast continues to drive demand, with a significant median sale increase of 29 per cent in a year to $455,000 and $403,350 for two-bedroom homes.
Chinderah, by the coast, saw a median sale price increase of 31 per cent in a year and 41.9 per cent in three years (indicating significant recent growth) to a median of $585,255.
The whole of Hobart is arguably a fantastic destination point for retirees, with house values across the city increasing on whole by 12.9 per cent over 2017. The city is prized as a food hub in Australia, while its economy continues to lean harder on its successful tourism industry, due to Tasmania’s incredible beaches and forests.
The historic suburb of Sandy Bay in the center of Hobart saw a median sale increase of 12 per cent in one year and 37.6 per cent in three years to reach a median of $880,666 or $691,000 for two-bedroom homes.
On the other side of the Derwent River, Bellerive commands some of the best views of the city available, as well as a quiet lifestyle for older demographics. The suburb experienced a median sale price increase of 23 per cent in one year and 38.9 per cent in three years to reach $562,680 or $358,000 for two-bedroom homes.
In the north of Tasmania, Launceston houses saw a median sale increase of 11 per cent in one year and 21.4 per cent in three years to a median of $448,000 or $311,000 for two-bedroom homes.