The Moreton Group has crunched the numbers on some of Australia’s most popular destinations to find some of the top most affordable places to enjoy a long retirement.
Victor Harbor, South Australia
The cost of living in regional SA is the lowest in Australia, with 2020 data showing the average retiree spending 10.51% less than the national average. Victor Harbor is also among the more affordable places to purchase property in retirement, with the median value of its house market at $541,100 as of April 2022.
Those looking to make the move to Victor Harbor can also expect to make plenty of like-minded friends, with 42% of the population over the age of 60.
Launceston, Tasmania
Due to the recent property boom, Launceston is among the more expensive property markets for retirees to enter, with the median value of the housing market sitting at $741,000.
However, Tasmanian retiree spending on groceries, transport and other essentials are 8.45% lower than the national average.
Echuca, Victoria
Echuca provides idyllic riverside views at a relatively affordable price, with the current median value of its house market at $583,000. The cost of living in Echuca is also quite affordable, with retiree spending in regional Victoria being 8.13% below the national average.
With more than a quarter of the population over 60, newcomers can join Echuca’s various clubs and associations to find friends fast.
Esperance, Western Australia
A tourist hotspot, Esperance is a favourite for retirees, with 28% of the population aged 60 or over. Retirement dollars are set to stretch in Esperance, with retiree spending in regional WA to be 7.63% below the national average. Esperance is also the most affordable housing market for retirees to enter, with the current median property value $344,000.
Nowra, New South Wales
A house in Nowra will set newcomers back around $686,000 according to recent property market data and is the perfect home base for active retirees looking to day trip to Kangaroo Valley and Jervis Bay. Retiree spending also averages 6.36% below the national average in regional NSW, allowing room in the budget for exploring Nowra’s thriving food and beverage scene.