Fancy cultivating whale watching as a hobby, or waking up to a view of stunning woodland? Perhaps you’d rather live near an international art gallery or some of the country’s finest restaurants.
When planning your retirement, location should be top of your list of things to consider – and after in-depth analysis by financial experts Citro, we’ve come up with the definitive low-down on the ten best places.
An estimated 5.5 million Baby Boomers have already reached retirement age in Australia, and over the next two decades, 3.1 million older Gen X-ers will join them.
While the latest figures show an exodus of over-55s from urban to regional areas, where a house with a backyard can be snapped up for less than half the cost of a family home in the city, it’s not just about price. Quality of life is paramount too – and that’s where location comes in.
Yes, some are saving that excess bank balance for medical bills, or passing it onto Millennial children. But others are spending at least a portion of it on fine dining (check out foodie paradise Armidale, in New South Wales), art and culture (see Belconnen in the Canberra suburbs) or antiques and collectables (try Maryborough in Victoria’s Goldfields region).
Now AMP-backed financial technology company Citro has published a 138 report exploring the options for both downsizers and renters. When compiling our top ten, we used Citro’s data looking at leisure facilities, sense of community, accessibility to healthcare centres and property prices too.
Country towns are often typecast as being suspicious of outsiders, but Citro managing director Ash Frenken, 35, says the retirement hotspots aren’t like that at all.
‘Whether it’s a sea-change or a tree-change [a move inland to a country town], these locations actively build communities and everyone is welcome,’ he says.
The coastal haven of Mandurah, south of Perth, is known as ‘Little Venice’ thanks to its location next to a series of stunning waterways
‘A huge number of Australians are retiring in the next five years – nearly a million,’ he tells me. Sydneysiders are some of the luckiest – ‘their property values are some of the highest in the nation, which gives them a little bit more flexibility where they might want to retire’ – but anyone with a home in a major city is likely to make money upon moving out. Frenken’s own boomer parents recently moved from Melbourne to Yarrawonga on the Murray River.
Of course, not all retirees are debt-free when they finish their working lives, making good-value regional areas an essential choice too.
‘It removes financial stresses,’ says Frenken. ‘It can give you that opportunity to either enjoy life and maximise your retirement lifestyle to the fullest, or free up cash to give to your family.’
Moving to an affordable regional area means more scope to help millennial children buy a home, provided they look to relocate beyond ultra-expensive hotspots like Byron Bay, Noosa or Kiama.
The top retirement locations are all close to an airport, too, which makes it easy to visit old friends in the big city.
The recommended regional areas are also forecast to have population growth, so there should be a young workforce to support a relaxed retirement lifestyle.
‘Increasing population drives services and newer amenities over time, particularly if retirees are looking to stay in one of these places for 20, 30 years or longer,’ he adds.
Mr Frenken was inspired to carry out the Citro research by the experience of his parents’ Boomer friends who ‘went through this very challenging journey of not having a great retirement role model,’ he says.
Here, then, are the top ten places the Citro report recommends…
Armidale has an affordable median house and unit price of $450,000, that is a third the price of Sydney’s median house price of $1.5million and half Melbourne’s $930,000 level
Armidale is famous for its autumnal beauty where deciduous liquidambar and plane trees on the main streets turn auburn in the weeks before winter
Armidale, NSW
- Located: Halfway between Sydney and Brisbane
- Best known as: a foodie and wine lovers haven.
- Go for: the stunning tree change in autumn
Armidale – in the New England region of northern New South Wales, and Australia’s highest city at 1,000 metres above sea level – topped the list of retirement hotspots.
It’s a place renowned for its autumnal beauty where the deciduous liquidambar and plane trees on the main streets turn auburn in the weeks before winter.
The regional centre, on the western side of the Great Dividing Range, is also a short drive from Dorrigo National Park, along the scenic Waterfall Way that connects to the Pacific Highway and Coffs Harbour.
‘About halfway between Sydney and Brisbane, Armidale is a bustling administrative centre with easy access to national parks, gorges, cool-climate vineyards, waterfalls and wildlife habitats,’ the Citro report states.
‘All at a fraction of the cost of living in either of the big cities.’
Mr Frenken says Armidale is a great ‘tree change’ location that is much more affordable than popular retiree hotspots by the coast.
‘There was definitely a skew to a tree change location over a coastal location [in the report]. The elements that really contributed to that was largely affordability,’ he says.
The regional city, with a population of 29,500, has public and private hospitals and the University of New England, giving the town a relatively young median age of 36.
Armidale has an affordable median house and unit price of $450,000 – which is a third the price of Sydney’s median house price of $1.5million and half of Melbourne’s $930,000 level.
The mid-point weekly rent of $444 a week is almost half what tenants pay in Sydney.
Armidale Hospital has 24-hour emergency care.
Ingham, an hour’s drive north of Townsville, is known as the ‘Little Italy’ of north Queensland, following the 1920s migration of southern Europeans to work on the sugarcane fields
Wallaman Falls, Australia’s longest single-drop waterfall, is near Ingham
Ingham, Queensland
- Located: Far North Queensland
- Best known as: ‘Little Italy’, over half the town identify as Italian or of Italian descent
- Go for: the Italian restaurants and delicatessens
Ingham, an hour’s drive north of Townsville, is known as the ‘Little Italy’ of north Queensland, following the 1920s migration of southern Europeans to work on the sugarcane fields.
This has made it a great hub for Italian culture, with Citro praising ‘the exceptional range of Italian restaurants and delicatessens’.
‘Combining a tropical wonderland with a rich history and culture, including an incredible foodie scene, Ingham is a unique north Queensland gem,’ it states.
The area is also home to banana plantations and is warm all year round with an average temperature of 23°C.
Wallaman Falls, Australia’s longest single-drop waterfall is on the doorstep in Girringun National Park and the stunning, uninhabited Hinchinbrook Island is also only a short drive and ferry ride away.
The town of 4,500 people also has an ultra-affordable median home price of just $235,000. The average rent is $392 a week.
The Ingham Health Service has 28 beds and an emergency department, along with oncology services and cardiac rehabilitation.
Maryborough, two hours’ drive from Melbourne, between Bendigo and Ballarat, is known as a friendly town in Victoria’s Goldfields region
Maryborough, Victoria
- Located: In the heart of the Victorian Goldfields region, between Bendigo and Ballarat, two hours’ drive from Melbourne
- Best known as: an antique collector’s paradise
- Go for: vintage stores and shops full of retro collectables
Maryborough, located between Bendigo and Ballarat, is known as a friendly town in Victoria’s Goldfields region.
‘Eternal optimists might come here hoping to find gold, but the genuine warmth of country living is the real reward in Maryborough,’ the Citro report states.
‘Delight in the historic architecture and lush gardens.’
The town has become a hotspot for antique hunters with delightful antique shops in the surrounding hamlets.
The town of 8,000 residents is only a two-hour drive from Melbourne, meaning retirees are never too far from the Victorian capital if they want to visit for AFL games or soak up its famous laneways and café culture.
The town is also affordable, having a median house price of $352,000 and a weekly asking rent of $381.
Maryborough District Health Service has a 24-hour urgent care centre for emergencies staffed by a general practitioner and visiting medical officers.
Hervey Bay, in the Wide Bay area north of Brisbane, is best known as being the place where humpback whales migrate in winter to raise their calves, staying until the end of spring
Hervey Bay, in the Wide Bay area north of Brisbane, is best known as being the place where humpback whales migrate in winter to raise their calves, staying until the end of spring
Hervey Bay, Queensland
- Located: On the southern Queensland coast
- Best known as: the place humpback whales raise young
- Go for: the whale-watching
Hervey Bay, in the Wide Bay area north of Brisbane, is best known as being the place where humpback whales migrate in winter to raise their calves, staying until the end of spring.
The whale-watching town on the Fraser Coast is also sheltered by K’gari, previously known as Fraser Island, the world’s biggest sand island.
The town of 57,000 has the delights of a regional city at an affordable price.
‘Hervey Bay offers an affordable coastal lifestyle without sacrificing amenities or access to the city,’ the Citro report says.
‘It’s a truly spectacular part of the world yet somehow Hervey Bay is still affordable.’
Hervey Bay has a median home price of $637,000, but the median asking rent is expensive by regional standards at $578.
Hervey Bay Hospital is also the biggest medical care for the Wide Bay area, and handles emergency and specialist needs.
Belconnen, in Canberra’s north, is a surprisingly affordable suburb in an an expensive city
Belconnen, ACT
- Located: in Canberra’s suburbs
- Best known as: a shopping and cultural centre
- Go for: its proximity to the National Gallery of Australia
Belconnen, in Canberra’s north, is a surprisingly affordable suburb in an an expensive city.
The suburb of 106,000 residents on Lake Ginninderra is recommended for retirees who want the attractions of a major city without the traffic congestion.
‘If you love suburban living with all its everyday conveniences but still want to be connected to the hustle and bustle of a big city, Belconnen in Canberra’s north-west could be for you,’ Citro says.
For a retiree, there’s also easy access to cultural attractions such as the National Gallery of Australia, where international touring art exhibitions are held.
‘Canberra has a high standard of living at a generally lower cost than other major Australian cities,’ the report states.
‘Which means you can enjoy being close to the action in Belconnen without the major expense of a similar property in an inner suburb of Sydney or Melbourne.’
The median dwelling price of $522,000 is significantly cheaper than Canberra’s $845,875 level.
Belconnen is only 3km from North Canberra Hospital in Bruce, which provides emergency care and specialist help for the elderly.
Rosebud, on the Mornington Peninsula, is the most upmarket place on the list being only an hour’s drive away from Melbourne
Rosebud, Victoria
- Located: on the coast, an hour’s drive from Melbourne
- Best known as: a chichi holiday destination for families
- Go for: Mornington Peninsula’s 19 golf courses
Rosebud, a coastal gem of 14,500 people on the Mornington Peninsula and located an hour’s drive from Melbourne, is the most upmarket destination on the list.
‘While the housing cost is comparable to many Melbourne suburbs, you get a lot more bang for your buck out here and the beachside location is unmatched,’ the report says.
The median home price of $777,000 is similar to greater Melbourne’s $783,205 level, and Rosebud’s mid-point weekly rent of $567 is similar to what it costs to rent an apartment in the city.
The town is on the Port Phillip Bay side of the peninsula and is a short drive to Portsea, where the likes of billionaire transport magnate Lindsay Fox owns beachfront real estate.
Despite the wealthy neighbours and top golf courses along Mornington Peninsula, Rosebud still has its charm.
‘The population swells in the summertime as families flock to the coast,’ Citro says.
‘It’s testament to the town’s friendliness that despite the jump in population, everything just keeps joyfully flowing.’
The suburb is also home to Rosebud Hospital, one of two on the Mornington Peninsula.
Mandurah, an hour’s drive south of Perth, is Western Australia’s second biggest city
Mandurah, Western Australia
- Located: An hour south of Perth
- Best known as: ‘Little Venice’ for its canals
- Go for: dolphin watching between September and May
Mandurah, an hour’s drive south of Perth, is Western Australia’s second biggest city.
The coastal haven of 99,000 residents is known as ‘Little Venice’ thanks to its location next to a series of waterways, including the Peel-Harvey Estuary that attracts migratory waterbirds.
‘The lifestyle is more laid-back in Mandurah than it is in Perth and the foreshore is a wonderful spot to swim, stroll and watch the pelicans and dolphins play. More than 100 dolphins call Mandurah home,’ it says.
Being a popular destination for tourists means there is plenty to do.
‘Tourism is big here so there are plenty of restaurants, cafés, shops and options for exploring the region.’
The city is also relatively affordable, having a median home price of $657,000 and a weekly rent of $596.
Mandurah is also home to the Peel Health Campus hospital, which has a 24-hour emergency department.
Wallaroo, a two-hour drive north-west of Adelaide, is South Australia’s most popular seaside resort town
Wallaroo, South Australia
- Located: 160km north of Adelaide
- Best known as: a former mining and shipping town built during the 1860s
- Go for: spectacular coastline with secluded beaches
Wallaroo, a port town of 4,400 people on the western side of the Yorke Peninsula, is South Australia’s most popular seaside resort.
The former mining and shipping town, a two-hour drive north-west of Adelaide, was built during the copper mining boom of the late 1860s.
Today its stunning coastline, dotted with beautful beaches, is known as the Copper Coast, remembering the place that was once the Southern Hemisphere’s largest smelting complex.
The median property price – $449,000 – makes it one of Australia’s most affordable coastal locations. The rent is relatively affordable, too, at $410 a week.
The town is also home to the Wallaroo Hospital and Health Service which has 21 beds and 24-hour emergency care.
Launceston, in northern Tasmania, is Australia’s fourth oldest city and is known for its beauty, being right next to the Cataract Gorge
Tasmania’s second biggest city is also affordable, having a median home price of $524,000 and a mid-point weekly rent of $487
Launceston, Tasmania
- Located: in northern Tasmania
- Best known as: a UNESCO City of Gastronomy
- Go for: the Tamar Valley Wine Trail, home to Chardonnays, Sauvignon Blancs and Pinot Noirs.
Launceston, in northern Tasmania, is Australia’s fourth oldest city and is known for its beauty, being right next to the ancient Cataract Gorge.
The city near the Tamar Valley is also the administrative hub for wine growers and the seafood industry.
The quality local produce means plenty of top restaurants, which are so good that Launceston is now recognised by UNESCO as a City of Gastronomy.
The city of 70,000 people is described as having ‘all the urban comforts you want plus a tight-knit community, where neighbours become friends and newcomers are embraced with open arms’.
Tasmania’s second biggest city (Hobart is the largest) is also affordable, having a median home price of $524,000 and a mid-point weekly rent of $487.
The price also buys historic houses and apartments with character right next the city centre.
Launceston General Hospital is the largest in northern Tasmania and is the largest employer in the region with 2,000 staff.
Echuca, on the Victorian side of the Murray River border, rounds out the top-ten list
Echuca, Victoria
- Located: on the Victorian side of the state border with NSW
- Best known for: its paddle steamers on Murray River
- Go for: the year-round Mediterranean climate
Picturesque Echuca, on the Victorian side of the Murray River border, rounds out the top 10 list.
The town of 15,000 people is a three-hour drive north-west of Melbourne, and is famous for its paddle steamers and riverside camping spots.
It’s on the junction of the Campaspe and Murray rivers, and is across the state border from Moama in New South Wales.
Nature lovers also have access to the nearby Barmah and Murray Valley national parks, which form the world’s largest river red gum forest.
Like any great town, it caters for those who like to dine out and enjoy a good local drop. It also has an enviably warm climate all year round.
‘There is an emerging foodie scene in Echuca with new restaurants and cafés springing up regularly and a range of craft breweries, wineries and a gin distillery to keep you busy,’ the Citro report says.
Homes are relatively affordable with a median price of $586,000, but a more expensive weekly rent of $639.
Echuca Regional Health has a 24-hour emergency department.
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