Cashed up Baby Boomers could be set to turn a handful of SA retiree havens into property price boom hotspots.
With the entire Boomer generation able to access their super from next year, retirement moves have been tipped for an increase in 2025.
New research from Finder shows downsizers are already homing in on Goolwa – Port Elliot, North Adelaide and Victor Harbor, with 44.2 per cent in Goolwa – Port Elliot and 43.3 per cent in Victor Harbor aged over 65, and 22.2 per cent of residents in North Adelaide.
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These were the most popular options for retirees, with Finder giving them a Downsizers Index of six.
This score is calculated by multiplying the suburb population with the percentage of those aged 65 or older and the percentage of those who lived at another address a year ago and then ranked out of 100.
Moonta, Wallaroo, Glenelg, Norwood, Yankalilla, Adelaide and Kingston – Robe rounded out the top 10.
Queensland was the nation’s most in-demand state, with its top location recording a score of eight and another seven scoring seven.
Finder’s head of consumer research Graham Cooke. Supplied
Finder’s head of consumer research Graham Cooke said Adelaide’s data echoed a trend seen around the country.
“With the exception of a few in each state, they’re all seaside towns, and that’s certainly true for South Australia,” he said.
“People aren’t retiring to the Riverland in SA, they’re almost all seaside towns.
“It will be interesting watching the property prices in these areas, because obviously when people are retiring they’re downsizing from a house they’ve most of the time paid off the mortgage for, so they’re moving with cash and they have a lot more flexibility in terms of adapting to price demands.
“Which should means there should be robust price stability and increases in these suburbs versus more inland suburbs because of this downsizing population.”
Retirement Living Council executive director Daniel Gannon said how retirees want to spend their twilight years is shifting – which could explain Adelaide, North Adelaide and Norwood’s inclusion on the list.
Daniel Gannon – Executive Director of the Retirement Living Council
“Vertical villages are starting to reshape skylines in capital cities and inner-suburban areas around Australia,” he said.
“The people living in these communities might have retired, but that doesn’t mean they don’t have an eye for age-friendly design, amenity, connection and location.”
Echoing this desire for lifestyle, Baby Boomers Stewart and Loine Sweeney swapped their North Adelaide address for a retirement apartment in the CBD’s U City complex a few years ago.
“I walked through the door and saw the grand foyer with all its activity, Louigi’s Italian restaurant, all the public art and the general liveliness of it and all the hustle and bustle of the city and we just fell in love with it,” Mr Sweeney said.
“We weren’t looking for retirement living but it all added up and it’s been our happily ever after.
Stewart and Loine Sweeney are enjoying living at U City in the CBD. Picture: RoyVPhotography
“As we contemplate our hopefully extended golden years, our lives, in terms of interaction, stimulation, maybe delusional youthfulness, feel qualitatively better.”
Mr Gannon said excessive red tape was delaying the rollout of much-needed downsizer accommodation and called on federal and state governments to address this issue.
“We know that 67 per cent of retirement village development applications take more than 365 days to complete assessment, while 23 per cent take more than 730 days,” Mr Gannon said.
“This is alarming and unacceptable, with governments crying out for more housing supply on one hand, while seemingly holding it back at the same time.”
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