Why more seniors are set to shift to regions, and where they’ll go

A new report ranks the nation’s top retirement destinations and why they make the list. See where our seniors are most likely to live.

Armidale has been rated as Australia’s top retirement destination. Picture: Supplied

Sea changes and tree changes are not the only factors prompting retirees to downsize their city homes and head into the regions.

A new study by AMP-backed fintech company Citro has come up with Australia’s top 30 retirement destinations, and says over-50s are also looking at price, healthcare infrastructure, a social focus and leisure activities.

It ranks Armidale in New South Wales as the nation’s number one retirement destination. With a median dwelling price of $450,000 and median weekly rent of $444, retirees can spend less than half they do on housing in Sydney.

Queensland’s Ingham and Victoria’s Maryborough took out spots two and tree on the list, with both having median prices below $360,000 and median rents below $400.

Citro expects the nation’s regional lifestyle property markets to flourish in the coming years as more Australians reach retirement age and downsize.

Its analysis found while coastal, hinterland and rural environments were important, people also wanted “a minimum level of social and retail amenity, as well as health care”.

Managing director Ash Frenken said a good destination could make it easy for people to enjoy their retirement.

“Choosing where to retire is no easy feat, but we’re seeing people put community, comfort and convenience at the top of the list,” he said.

Citro’s analysis showed that people did not need to stay in the big cities to take advantage of retirement lifestyle benefits.

“We ensured that a ‘day in the life’ of each location offered something for everyone – whether you’re into nature, sports, crafting, the foodie scene, socialising, volunteering or quieter pursuits,” Mr Frenken said.

AMP chief economist Shane Oliver said more people moving to retirement as the population aged would be a key driver of price growth.

“But so too will be a longer-term trend towards more flexible working made possible by new technology, an increasing focus on the quality of life and a quest for more affordable housing,” Dr Oliver said.

“It’s clear from the research that sea change and tree-change locations are likely to continue to perform well over the next 10 to 20 years,” he said.

Among Citro’s top 30 retirement destinations, New South Wales and Queensland led the list, each with seven spots.

Citro managing director Ash Frenken.

After Armidale, NSW’s top retirement destinations were Ballina, Berrigan, Katoomba, Orange, Tuncurry and Yass.

Queensland’s seven members were Bundaberg, Caloundra, Coolangatta, Hervey Bay, Ingham, Scarborough and Stanthorpe.

Third was Victoria with five destinations: Bundoora, Echuca, Gisborne, Maryborough, Paynesville and Rosebud.

Among the other states:

• Tasmania had four destinations – Clarence, Huonville, Launceston and St Marys.

• South Australia had three – Mount Barker, Victor Harbor and Wallaroo.

• Western Australia had two – Bridgetown and Mandurah – while the ACT had Belconnen.

Citro’s 138-page guide says more people are likely to trade their “valuable city homes to boost their superannuation”.

It says as demand in the most popular destinations produces affordability issues, more people will flow into areas such as NSW’s New England region, mid north and south coasts, around Hervey Bay in Queensland and parts of Tasmania.

Originally published as Why more seniors are set to shift to regions, and where they’ll go