Cashed up Baby Boomers could be set to turn Australia’s retiree havens into property price boom hotspots – and there’s one thing almost all of our targeted locations have in common.
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, overwhelmingly, downsizers are honing in on the nation’s coastal hotspots.
The research determined its findings by assigning each hotspot a “Downsizers Index”, 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.
It found Queensland to be the nation’s hottest retirement destination, and topping the list was Main Beach. 37.1 per cent of all residents here are aged over 65, with 21 per cent of these living at another address 12 months ago. It earned a Downsizers Index of 8 per cent – the highest in the nation.
Main Beach on the Gold Coast is the most popular suburb among retirees, according to Finder research.
Bribie Island, Southern Moreton Bay Islands, Caloundra – Kings Beach, Hope Island, Noosa Heads, Caloola and Noosaville all scored an index of 7 per cent, with Surfers Paradise – North and Magnetic Island scoring 6 per cent.
Finder’s head of consumer research Graham Cooke said Queensland’s lifestyle was attracting Australians in droves.
“The dominance of Queensland is quite definite, it’s a bit like Florida in the US in that it’s a state people often retire to because it has great weather and relatively affordable house prices compared with New South Wales and Victoria.
“Queensland has the highest Downsizers Index compared to the rest of the country.
“While a lot of people downsize within South Australia, for example, not a lot of people downsize to South Australia, here a lot of people are moving to Queensland.”
Mr Cooke said Australia’s coastlines had huge appeal for retirees.
“With the exception of a few downsizing hotspots in each state, they’re all seaside towns,” he said.
“It will be interesting to do this analysis when the next census data comes through as to whether there are any changes to the trend, but I imagine Australian families will be wanting to retire to the sea for the forseeable future.
Finder’s head of consumer research Graham Cooke. Pic: Supplied
“It will also 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.”
In New South Wales, retirees are targeting Tuncurry (7 per cent Downsizers Index), Tea Gardens – Hawks Nest, Bowral, Forster and Wollongong – East (all 6 per cent) while Port Macquarie – West, South West Rocks, Sussex Inlet – Berrara and Double Bay – Darling Point round out the top 10 all with 5 per cent.
In South Australia retirees 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.
Goolwa’s popular beach, which is increasingly popular with retirees. Picture: NCA NewsWire / Kelly Barnes
Moonta, Wallaroo, Glenelg, Norwood, Yankalilla, Adelaide and Kingston – Robe rounded out the top 10.
The research shows downsizers have their sights set on Portarlington, Point Lonsdale, Paynesville, Mornington, and Lorne along the state’s coastline, with more than a third of each suburb’s population aged 65-plus. And in Melbourne, some of the city’s most prestigious suburbs are also home to larger proportions of retirement-aged residents including Toorak, 27.3 per cent, East Melbourne, 21.4 per cent, and South Yarra, 21.2 per cent.
The most targeted suburbs in WA are Mandurah, Claremont, Albany, Falcon – Wannanup, Rockingham, Mandurah – South, Gingin – Dandaragan, Mandurah – East, Busselton – East and South Bunbury – Bunbury.
In the ACT, Greenway was the most targeted, ahead of Forrest, Yarralumla, Barton, Page, Kingston, Deakin, Lyneham, Griffith and Red Hill.
Daniel Gannon – Executive Director of the Retirement Living Council
Retirement Living Council executive director Daniel Gannon said how retirees want to spend their twilight years is shifting.
“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, South Australia 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.
“As we contemplate our hopefully extended golden years, our lives, in terms of interaction, stimulation, maybe delusional youthfulness, feel qualitatively better.”
Stewart and Loine Sweeney are enjoying living at U City in the CBD. Picture: RoyVPhotography
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, while23 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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