I was recently interviewed by Money Management magazine about the opportunities for advisers beyond the capital cities. If you’re really keen, you can see the article here.

This got me thinking about the ‘Sea Change’ or ‘Tree Change’ which many people choose for their retirement.

As a resident of the Central Coast, NSW, I see first-hand how people sell their homes in the city and move to a place where housing is more affordable. They usually have plenty of cash left over which enables them to fund their retirement lifestyle.

As it happens, I also lived in Townsville, QLD, for about 9 years, so I have a couple of reference points at either end of the ‘regional scale’ to speak on the topic of moving to, and living in regional areas.

Simply put, it’s easy to see why regional Australia is becoming an increasingly popular choice for retirees - from affordability to a more relaxed lifestyle, regional areas offer a host of benefits.

So, let’s further explore this topic and why regional Australia might just be the perfect place for your golden years.

Affordability

One of the most compelling reasons to retire in regional Australia is the lower cost of living. Compared to major cities like Sydney and Melbourne, housing prices in regional areas are significantly more affordable. This means you can sell your city home and downsize to a beautiful property in the regions, often with money left over to boost your retirement savings.

Beyond housing, everyday expenses like groceries, utilities, and services tend to be on par with more populated areas, however this does depend on how regional we’re talking. For example, if you move to the middle of nowhere, then you can expect to pay more for fuel and groceries since the logistics to deliver these goods to your town is obviously going to be a lot greater.

Lifestyle Appeal

Retiring in regional Australia offers a lifestyle that many dream of.

Imagine waking up to the sound of birds, or the waves crashing on the shoreline, or taking a leisurely stroll along a quiet beach or through lush bushland. Is it any wonder why so many retirees choose the regions? This tranquil environment is perfect for a life stage that puts relaxation and a stress-free lifestyle first.

Smaller towns also tend to foster a strong sense of community. Neighbours usually know each other and local events bring people together. There’s a general atmosphere of friendliness. For retirees, this sense of belonging can be incredibly fulfilling and provide a sense of belonging – I see how this aspect is incredibly important for many of my clients.

However, there are some things you need to consider before making the leap.

Challenges to Consider

While regional Australia has plenty of advantages, it’s essential to consider some of the challenges that come with living in a smaller community.

First on my list is access to appropriate healthcare.

Regional areas often have fewer healthcare facilities compared to major cities, and while most towns have general practitioners and smaller hospitals, you may need to travel to larger cities for specialised treatments or advanced medical care. Therefore, it’s crucial to research the healthcare options in any area you’re considering.

I have seen people get caught up in the romance of moving to a regional area, only to move back a few years later purely due to their inability to access the healthcare services required. For the retirement life stage, you really do need to consider this aspect carefully – I cannot stress this enough!

Second on my list is Isolation.

While most regional towns around Australia have an awesome sense of community, some retirees may feel isolated, particularly if they’re moving away from close family and friends. It’s important to plan ways to stay connected, whether through regular visits, video calls, or becoming involved in local community groups and building new friendship groups quickly.

Third on my list is that regional areas may lack some amenities.

While regional towns often have all the essentials, they may lack some of the cultural, entertainment, and dining options which more populated areas boast. This can be an adjustment for those who are used to an urban lifestyle. So, if you’re someone who values these types of facilities, then you’re probably best not to move to a very small town miles from anywhere.

Hotspots for Retirees

Certain regional areas in Australia are particularly popular among retirees due to their amenities and lifestyle. Here are a few standout options:

• New South Wales: Byron Bay, Port Macquarie, and Orange are known for their charm, beauty, and thriving communities. Mind you, places like Byron Bay have become very popular in recent times, resulting in huge housing price increases.
• Victoria: The Mornington Peninsula, Ballarat, and Bendigo offer a mix of historic charm and modern conveniences.
• Queensland: The Sunshine Coast, Hervey Bay, and Toowoomba provide warm climates and a laid-back lifestyle.
• Western Australia: Margaret River and Albany combine natural beauty with vibrant local cultures.
• South Australia: Barossa Valley and Victor Harbor are ideal for wine lovers and those seeking a peaceful retreat.
• Tasmania: The outskirts of Hobart and Launceston are perfect for those who enjoy cooler climates and stunning scenery. However, what I have noted is that prices of properties have increased markedly in Tasmania in recent years.

Obviously, this is a non-exhaustive list, so it is best to do your own research and then visit a few to see which one feels like home. I would encourage you to take an extended holiday in the area of your choosing and rent a house so that you can properly immerse yourself in the community before making a decision to buy.

Conclusion

Regional Australia offers a unique combination of affordability, lifestyle benefits, and natural beauty that make it an attractive option for retirees.

However, it’s essential to weigh the benefits against the challenges and plan carefully to ensure the move aligns with your needs and goals, both from a lifestyle and financial perspective.

With the right preparation, retiring in regional Australia could be the key to a fulfilling and stress-free retirement.

Until next time, all the best.

Wayne