Lifestyle
5 critical questions to help you choose your perfect retirement spot
Citro’s finance educator Nicole Pedersen-McKinnon wants you to ask these 5 things before you pack up your life for a big move.
By Nicole Pedersen-McKinnon
Liberated from their desks, Aussies en masse over the past 5 years have shifted to those ‘idyllic’ destinations where they would usually only holiday.
But it hasn’t worked out for all.
Interstate migration figures show that some people are returning home.
There's an ongoing trend of NSW people moving to Queensland, but Victoria has shifted from a net loss during the pandemic to a net gain from interstate migration, say Australian Bureau of Statistics figures.
Meanwhile, Tasmania and South Australia have seen their pandemic-driven gains reversed into losses.
On top of that, we are witnessing a return to cities. Including overseas migration, growth in our capitals has been higher than in regional areas: the combined 8 capital cities added 427,000 people compared to regional Australia's 113,000 in the 2023-24 financial year.
Broken down, that means 79% of all population growth is now in Australia's Greater Capital City Areas, reversing the COVID exodus of 2020-22.
What’s driving the move home
Yes, some businesses are recalling their staff to the office… maybe not companies that are going to be top of your list to accept employment with?
And note the Victorian government is looking at enshrining work-from-home rights.
However, some of the reasons for new residents reversing their moves are problems with areas – and maybe personal incompatibilities – they didn’t discover until after they shifted.
It all highlights the vital requirement to get your choice right in the first place.
These are my 5 tests for a town or region that is going to stand the test of time for you. They are partly the same criteria Citro used when awarding Australia’s Top 50 Retirement Locations for 2025, with my own personal twist.
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1. Can you afford to live where and how you want to live?
The unfortunate byproduct of the popularity of some of Australia’s holiday hotspots for a permanent relocation, is increased prices.
Some are almost a victim of their own success and on an affordability metric they’ve become out of reach for most relocators.
So step one for a successful lifestyle shift is doing your online property research or checking out real estate agencies when you are on your next holiday. Can you get what you want for what you have?
Many Aussies have done what’s called arbitraged house prices by selling in more expensive markets and buying in cheaper ones. However, where you think is cheaper may no longer be particularly cheap.
And that’s related to the next necessary metric for a perfect permanent move…
2. What is the housing stock like and how much is available?
In popular places, this is a real sticking point. Precisely what on offer is still affordable? Units or houses, or both?
Again, do your research on property and listings websites and seek out the help of local estate agents. Ask how many properties have been on the market, how many sold and average days on market before selling.
This last factor is a crucial one when it comes to your negotiating power, or lack thereof.
The third variable to test out – and an important one – is…
3. How are the health and lifestyle services?
A pre-retirement relocation is a beautiful thing… and it seems to be the growing trend not to wait until you retire to change your location.
After all, when you’re fit and well is when you can take full advantage of a lovely location, maybe further embracing outdoor health and fitness.
However, if you are also keen to grow old there, you need to know that there are appropriate services to support you to do so.
How are the hospitals? The health facilities? Is there decent access to health professionals?
Then there are considerations that are more lifestyle-oriented.
How many clubs are there? Associations? Gyms? Whatever is relevant to you.
And related but not often considered is: how does a place feel? Are the residents friendly and do you get the sense that they embrace new people?
These last ones might seem a strange criteria, but when you don’t have school-aged children it gets harder to make new connections somewhere new.
Of course, that ‘connections’ word has another meaning…
4. How easy can you get in, out and around?
You will likely want to stay connected to the loved ones you already have.
And that requires, ideally, an easy way for you and them to travel back and forward.
Is there an airport in close proximity? How are the highways? Train links? Local public transport or taxi service? That all determines how often someone is likely to visit you and you to visit them.
Because, when you think about it, that access and ongoing closeness may become really important to you.
Which brings us to the final factor for selecting a fabulous pre-retirement relocation…
5. How’s the serenity?
Can you see yourself in this community, in that environment, on a day-in, day-out basis?
Does it offer you the past-times and lifestyle opportunities that you want to become your reality?
Because it is possible to get a relocation destination wrong. But get a tick in all of the above boxes and your future there could be fabulous.
Feature image: iStock/NewSaetiew
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