Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic
Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

Queenscliff in Victoria is the most popular retirement hotspot in Australia, according to CoreLogic's latest report.

The property data firm says that 40% of the population in Queenscliff are retirees aged over 65.

With only 2,904 residents, the small council area of Queenscliff on the Bellarine Peninsula in southern Victoria, recorded the highest proportion of retirees aged over 65 years (40.3%) according to the Australian Bureau of Statistics (ABS) population data.

The small council area of Quairading in Western Australia’s Wheat Belt region enjoyed the greatest house value growth over the year (+21.5%), followed by Shoalhaven in New South Wales (+15.3%).

Of the council areas that have recorded house value falls over the past year, the greatest falls have been recorded in Mount Remarkable in South Australia (-7.1%) and Flinders in Tasmania (-5.2%).

A review by CoreLogic of the ABS retiree population analysis highlights 50 council areas nationally are showing the highest proportion of residents aged at least 65 years of age.

Immediately noticeable by research analyst Cameron Kusher, is that not one of the 50 council areas listed is located within a capital city.

He said, “In fact, if we list all councils nationally by their proportion of residents aged at least 65, the first capital city area listed is Holdfast Bay in Adelaide with 23.1% of its residents at least 65 years old.

“Council areas within New South Wales and South Australia also dominate the list with each of these states having 13 entries on the list.”

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Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

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Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

Click to enlarge

Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

A further feature of Top 50 retiree area analysis is that these particular retiree-centric council areas tend to have significantly lower median house values than the individual state capital city housing markets.

Mr Kusher said, “This could be due to retirees moving to areas where housing is more affordable in order to free-up capital for them to enjoy their retirement, 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 council areas located in regional coastal areas.”

Looking at the value growth performance for houses across these top 50 regions, the data shows that generally the rate of growth has been lower than that of the larger capital cities. 31 of the 50 council areas listed have seen house values rise over the past year.

A two bedroom house at 43 Hesse Street, Queenscliff (above) has been listed for between $1.1 million to $1.2 million.

The property last sold in 2013 for $800,000.

A three bedroom house at 4 Beach Street, Queenscliff (below) has been listed for between $850,000 to $920,000.

It last sold for $732,000 in 2015.

Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

A two bedroom unit at 16/30-32 Hesse Street, Queenscliff (below) has been listed for between $350,000 to $385,000.

Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

Another two bedroom unit at 1/42 Gellibrand Street, Queenscliff (below) has been listed for sale.

It last sold in 2009 for $1.65 million.

Queenscliff ranks atop the 50 most popular retirement regions in Australia: CoreLogic

Cameron Kusher is research analyst for CoreLogic. You can contact him here.

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Cameron Kusher Retirement Living

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