How retiring in regional areas can improve your lifestyle and finances

It was after the death of his beloved wife in 2016, just short of their 53rd wedding anniversary, when Ray Holliday began to long for a fresh start.

The Sydneysider had regularly headed north to his home town of Bundaberg in Queensland to visit his nearly 100-year old mother who lived in the Fairways Retirement Village – a Bolton Clarke property located next to the Bundaberg Golf Club.

“I got to like the place,” Ray recalls. “I got to the stage where I wanted a new atmosphere, a new climate and a new start.”

Ray scouted around and did his research, before deciding to make the big move up north to make Fairways his own home. “I sold up, picked up and moved up here,” he says. “I haven’t looked back, I couldn’t be happier.”

Many Aussie retirees like Ray are seeking a sea- or tree-change in quieter regional areas. As well as being less hectic and stressful than capital cities, regional areas typically offer lower property prices and living costs, which can free up substantial capital to fund a more comfortable retirement lifestyle.

According to property data company CoreLogic, the median Sydney house price in April was $875,816, compared to just $364,706 in a combined measure of regional city prices.

Unsurprisingly, Ray says he got a quick sale in Sydney’s hot property market, while the difference in property prices means he’s a little bit “freer money-wise”. “I’m also better off bill-wise,” he adds.

Having been in the retirement village for about nine months, Ray says he’s keeping busy. He enjoys the sense of community and the fact that there are organised trips and functions available to him.

In fact, he’s having such a good time that he’s convinced his sister to move into the Fairways village, while his two brothers plan to move into another Bolton Clarke retirement village in Hervey Bay soon. 

June and Bill Borchok are another pair of city-dwellers who sought a sea-change, moving from Sydney to settle in the northern New South Wales seaside town of Port Macquarie.

The Borchoks looked at retirement villages in the state’s capital but had friends living in Port Macquarie and liked the area so decided to make a bigger move.

The pair had downsized from their family home to an apartment 18 years ago, but have had to buy more furniture to fill their roomy standalone villa at the Broadwater Gardens Retirement Village.

“We got a lot more for our money than we did in Sydney,” June says of the property. “When I looked in Sydney, the retirement villages were all units. I didn’t like the corridors with doors off them. Here, we’ve got a separate villa, and a little back yard.”

She says they’re extremely happy with their new home, and love that they can walk around the nearby canals and along the Hastings River. Their property is also conveniently close to a major regional shopping centre.

As with any significant life decision, though, June had a few concerns before making the move.

 “I thought that because I was getting older, I needed to be close to good hospitals but my friend told me there is a good teaching hospital here,” she says of her worries about being too far from health care.

With property prices in Australia’s capital cities continuing to rise, it’s likely that regional areas will become even more sought-after retirement locations for the generation of Baby Boomers who must plan for a retirement of some 25 to 30 years.

Freeing up cash from a city home that’s had a big increase in value to retire in a less costly location can help stretch out superannuation savings over that lengthy retirement period, fund bucket list holidays or other much-awaited retirement projects.

Meanwhile, a regional property purchase looks like an increasingly good investment for buyers and their families, with CoreLogic data showing that regional areas are currently outpacing capital cities on property price growth.

Ray says he’s glad he made the move while he still has time to enjoy his new home and lifestyle.

“People leave it all too late,” he says. “They wait until someone has an accident or is in a wheelchair, and try to change their life, and move into a life they haven’t prepared for.

“Don’t leave it too late. Start planning, even in your 50s and 60s. Start doing your homework and planning early so that when you move you can settle in and appreciate it.”