Baby Boomers moving to regional towns
MORE baby boomers are set to move to and likely to buy property in regional towns and cities over the next 20 years, a new report says.
Market research firm Propertyology has identified 40 regional locations likely to be targeted by baby boomers as they age and look to secure more affordable housing.
Towns identified include Coffs Harbour, Port Macquarie and Armidale in New South Wales and Cairns, Townsville, Hervey Bay and Toowoomba in Queensland.
Market analyst Simon Pressley said many baby boomers had not received employer contributions to their superannuation until "the back end of their working years".
"Don't be surprised if tens, and possibly hundreds, of thousands end up organising a removal truck and relocating to one of the many beautiful parts of regional Australia in search of a seachange or treechange," he said.
While many of the regions listed in the report are already home to many older people, those facing increasingly unaffordable capital city property markets and seeking a different lifestyle will look further afield.
"When Australia's baby boomer population equates to 4.45 million people, even if only a small portion did relocate, it will create significant extra demand for housing in the regions," Mr Pressley said.
"Whether coastal or rural, we believe that the regional cities that will be in highest demand by baby boomer relocators will offer a combination of quality lifestyle, good health care and availability of free-standing houses for less than $400,000," Mr Pressley said.