Baby Boomers to spark rises in regional cities
The managing director of a minor national research company, Mr Simon Pressley, is suggesting that we may see some significant growth in interest from baby boomers wanting to sell up in the city and move to one of Australia’s many regional cities.
Mr Pressley has specifically identified 40 country towns that could outshine growth in our capital cities over the next few years.
Baby boomers were responsible for the huge increases in coastal property prices in the very late 1990’s and early 2000’s as the older boomers started to scale down or take early retirement. It was around this time that Bernard Salt, the well-known demographer, introduced us to the terms ‘sea-changers’ and” tree-changers”.
Move to the country and live a very comfortable retirement!
While baby boomers have been officially retiring at age 65 since 2011, Mr Pressley is identifying the group again, particularly those on the edge of retirement, to become part of a surge in buyers seeking affordable homes in regional areas over the next 15 years.
He suggests that “maybe hundreds” of thousands, could leave the capitals as superannuation fails to sustain them into retirement.
The huge increases in property prices in our cities and the fact that many do not have sufficient retirement savings will leave downsizing as a practical and in some cases the only option available to many who wish to maintain their current standard of living.
The most popular places Boomers are likely to move to, are most likely those with good lifestyle drivers as well as excellent health care facilities. In other words, places with a “pseudo-capital city” feel to them. A good spacious home in such a place may cost as little as $400,000 leaving the average home-seller in Sydney with a profit of more than $500,000 on which they can live!
Some of the top places in each state are identified as Wagga Wagga (NSW), Geelong (Vic), Albany (WA), Devonport (Tas), Alice Springs (NT), Port Lincoln (SA) and Cairns or Townsville in Queensland. Full list and story can be found here: http://goo.gl/r9FgHB
