Relocating for retirement: Australia’s top retirement destinations
Citro, an Australian fintech company backed by AMP, has today released its inaugural research report on the top retirement destinations for Australians.
Citro’s Australia’s top 30 retirement locations guide examines the key factors to help Australians aged 50 and over decide where they want to retire, including affordability, access to quality health care and a range of lifestyle options.
The retirement-friendly locations were identified based on a combination of price, location, health-care infrastructure, and community-focus and leisure opportunities for older Australians, appealing to both renters and owners, downsizers and upsizers.
Regional lifestyle property markets lead the way
Regional locations Armidale (pictured above), Ingham and Maryborough top the rankings as potential retirement destinations. This reflects expectations that Australia’s regional lifestyle property markets will flourish as more Australians than ever hit retirement age and downsize from capital cities.
Citro’s Managing Director, Ash Frenken commented that the regional areas that did well in the analysis offer more than just coastal, hinterland or a rural environment.
“While these characteristics are clearly important for retirees, it’s essential the areas also offer a minimum level of social and retail amenity, as well as health care.”
The standouts: Australia’s top 10 retirement destinations:
1. Armidale, NSW: median dwelling price $450K; median weekly rent $444
2. Ingham, QLD: median dwelling price $235K; median weekly rent $392
3. Maryborough, VIC: median dwelling price $352K; median weekly rent $381
4. Hervey Bay, QLD: median dwelling price $637K; median weekly rent $578
5. Belconnen, ACT: median dwelling price $522K; median weekly rent $553
6. Rosebud, VIC: median dwelling price $777K; median weekly rent $567
7. Mandurah, WA: median dwelling price $657K; median weekly rent $596
8. Wallaroo, SA: median dwelling price $449K; median weekly rent $410
9. Launceston, TAS: median dwelling price $524K; median weekly rent $487
10. Echuca, VIC: median dwelling price $586K; median weekly rent $639
Source: Citro, AMP & Core Logic. Ranked by comparative value for money and ease of access to general lifestyle opportunities.
Australia’s top 30 retirement locations looked at Australia’s most affordable, mid-priced and upper-end retirement locations to inspire Australians with the many great places across the country where they can live out their freedom years with joy and comfort.
Ash Frenken continued:
“Our purpose is to help older Australians make their best years better and where they live is key to that. Choosing where to retire is no easy feat, but we’re seeing people put community, comfort and convenience at the top of the list – and this guide is proof you don’t need to stay in the bigger cities to take advantage of all three.
“We’ve identified the kind of places that make it easy for more Australians to enjoy retirement to the fullest. We chose our top 30 destinations on the basis that they offer a good mix of affordable spots to rent or buy near decent amenities like a good hospital, an inclusive, active community, and plenty of dining and leisure options.
“We also 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. Whether it’s a sea-change or tree-change, these locations actively build community and everyone is welcome.”
AMP Chief Economist, Shane 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.”
“More Australians moving into retirement as the population ages will be the key driver (or 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.”
Download Australia’s top 30 retirement locations
About the research
Citro analysed Core Logic data from May 2024 which took the average price of ‘all dwellings’, both houses and apartments, and compared it to dwelling prices in the nearest capital city. Locations that are well-serviced by hospitals and quality infrastructure and amenities were selected, as well as destinations that provided access to leisure activities while making it relatively easy to survive on a fixed retirement income.
About Citro
Citro believes that life gets better with age. We are a membership-based cashback rewards card and community that helps Australians over 50 make their best years even better. Backed by AMP, we offer advice, inspiration, education and rewards to our rapidly-growing membership of over 150,000 Australians aged 50+.