Many people looked towards regional communities for retirement, Ellis added, because they offered better value for money and a slower pace of life.
“There is a romantic notion about slowing down in retirement … but many people, especially those who live in capital cities where their largest asset is their family home, want to access that equity and downsize without giving up their lifestyle.”
Compared to capital cities, regional areas offer significant value, allowing retirees to unlock equity by downsizing from metro homes.
Orange, NSW, has taken the No.1 spot when it comes to destinations perfect for retirees.
Hugh Britton, from Peter Fisher Real Estate, said Orange had always been a place where people considered moving to. “It has affordable housing and the cost of living is much cheaper than in some big metro areas,” he said. The median dwelling price there is $665,000, on Cotality data.
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Britton, who grew up in Orange, said while the town has become busier over the last 10 years, the pace of life was still slow, and amenities aplenty. “It’s the same distance apart from Sydney or Canberra, and you can have a nice place with more space without the same price tag,” he added.
Ellis said it was important to first check out the areas before committing to moving there full-time.
“Some of the biggest mistakes people make is sell their property, move to a regional area which was their dream but because they didn’t do their homework, they didn’t realise it has no social community, networks or infrastructure,” he said.
“So if you want to live in Rosebud, go on holiday there four times a year, try before you buy, make some friends, join the golf club first.”
Rosebud on Victoria’s Mornington Peninsula ranked second and has a median dwelling price of $769,000.
Sylvia Williams (centre), president of the Rosebud Over 50s club, with the club’s newest members, Judith and Kevin West.
Sylvia Williams, president of the Rosebud Over 50s club, has lived in the suburb all her life. Born in the Rosebud Hospital, the 62-year-old retiree has an active social life and can’t imagine living anywhere else.
“It’s a fun-loving community – I will never leave here,” she said. A couple of years ago, Williams joined the club as a member, and has since been voted president twice. With 280 members, the club offers myriad activities, from ballroom dancing to yoga, snooker and even special guest events.
“It also provides an environment for our seniors to come and feel safe; we have coffee and chat mornings, Seniors Month, all sorts of things,” she said. “There’s a hospital and the transport is good – the shire has minibuses for the elderly as well.”
For local real estate agent Craig Leo, director at Barry Plant Rosebud, the place couldn’t be better suited to a quieter lifestyle. “There’s a coastal vibe, it’s not busy, and it’s away from the hustle and bustle of the city,” he said.
Rosebud offers affordable homes and a seaside lifestyle.Credit: YPA Dromana
New developments, including townhouses, mean people can downsize to smaller allotments, and the area provides value for money.
“There’s a good bowls clubs in the area, good community organisations throughout, and the RSL is a really big drawcard, being one of the biggest in Victoria,” Leo said. “It’s been renovated and extended to be a really active part of society.”
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