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Lower House Prices In Australia's Retiree Regions

CoreLogic has uncovered the regions with the highest populations of older Australians.

Elderly Couple Goals

Analysing Australian Bureau of Statistics (ABS) data, the property research company found the area with the highest proportion of older Australians was Queenscliffe in Victoria with 40.3% of residents over age 65.

South Australian suburbs Victor Harbor (37.7%) and Barunga West (32.9%) placed second and third.

Proving itself to be a home to many retirees, 13 suburbs from the top 50 list were in South Australia.

CoreLogic also looked at the house value growth of these top retirement regions.

Quairading in Western Australia experienced the biggest increase, with a 21.5% rise in house prices over the last 12 months.

This was followed by Shoalhaven in New South Wales, with a 15.3% increase.

Mount Remarkable in South Australia had the greatest fall in house value (-7.1%), with Flinders in Tasmania following close behind (-5.2%).

Cameron Kusher, Data Analyst at CoreLogic, said the most popular retiree neighbourhoods tend to have significantly lower median house values than their respective capital city housing markets.

“This may be due to retirees moving to areas where housing is more affordable in order to free-up capital for them to enjoy their retirement,” he said.

“It could also be out of necessity due to the high cost of housing within most capital cities.

“The locations are also likely to be linked to lifestyle preferences, with a large number of the top areas located in regional coastal areas.”

Retirement Suburbs House Price Growth, July 2017

Region State Total Residents % Over 65 Median House Value Growth Over 12 Months
Queenscliffe Vic 2,904 40.3% $768,529 2.5%
Victor Harbor SA 15,075 37.7% $371,204 4.2%
Barunga West SA 2,594 32.9% $284,881 1.3%
Yorke Peninsula SA 11,278 31.3% $254,347 -2.6%
Eurobodalla NSW 37,968 29.4% $455,656 10.8%
Mid-Coast NSW 91,958 29.0% $482,066 11.9%
Tasman Tas 2,396 28.8% $252,200 3.7%
Quairading WA 1,036 28.2% $210,196 21.5%
Yankalilla SA 5,251 27.9% $372,094 1.5%
Tumby Bay SA 2,676 27.8% $290,942 -2.0%
Buloke Vic 6,230 27.2% $144,117 0.0%
Peterborough SA 1,705 26.7% $113,535 2.2%
Port Macquarie-Hastings NSW 79,905 26.6% $535,874 9.8%
Kingston SA 2,429 26.6% $271,676 2.0%
Hinchinbrook Qld 10,990 26.4% $243,270 -4.2%
Beverly WA 1,748 26.0% $259,340 8.1%
Franklin Harbour SA 1,329 26.0% $261,921 5.2%
Mount Remarkable SA 2,911 25.6% $182,953 -7.1%
Warrumbungle Shire NSW 9,541 25.5% $195,423 -4.7%
Shoalhaven NSW 101,777 25.4% $529,762 15.3%
Fraser Coast Qld 102,953 25.4% $314,133 2.4%
Flinders Tas 926 25.3% $262,830 -5.2%
Towong Vic 5,973 25.2% $221,856 0.6%

Source: CoreLogic via Australian Bureau of Statistics. 

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