Does Byron rate when it comes to building retirement equity?
BYRON Bay is seen as among the top places in Australia to retire and build equity.
That is if you can afford to buy property in the Northern Rivers tourism hotspot with the median house price sitting at more than $1.5million.
If you can afford to buy here there is the very real possibility of seeing your investment grow with RiskWise Property data, indicating that there has been an 83.1% capital groeth over the last five years.
The company was formed in 2016 and provides property risk advice and research on property purchasing and this data applies to houses only.
RiskWise CEO Doron Peleg said there were three essential factors retirees should take into account when choosing property: lifestyle, relative affordability and building equity.
The company has identified the Top 7 suburbs in Australia which offer a combination of all three factors with Byron sitting at number five.
"Lifestyle varies from person to person. Some are looking for a seachange, others a treechange and there are many who want to be within easy distance of family," Mr Peleg said.
"When it comes to 'relative affordability', that too can depend on the individual purchaser with Bryon Bay relatively affordable for a well-off downsizer from Sydney and Melbourne, but not necessarily for those moving from other areas.
"There has certainly been an increase in the number of residents leaving Sydney for other destinations, with the latest ABS figures showing 27,300 people left the Greater Sydney area through 2017-18.
He said despite the recent downturn in the property market, these areas had either shown resilience or had already experienced good recovery and that strong long-term projections were "very clear."
"And, of course, building wealth or equity over time is just as important as the two other factors, and RiskWise has identified areas which have clearly demonstrated where this is possible. In other words, they offer good lifestyle options, value for money and solid long-term capital growth projections.
Top places to retire for lifestyle, relative affordability and capital gains:
1) Sunshine Coast, QLD
Both Peregian and Coolum beaches are based in this popular retiree area, drawn by its year-round idyllic climate, beautiful sandy beaches and lush hinterland subtropical forests. The region is only 100km from Brisbane, meaning they can enjoy the quiet life while still being only an hour's drive from the hustle and bustle of a big city and all it has to offer. The Sunshine Coast offers a variety of housing styles and price ranges from the multimillion-dollar mansions to two-bedroom cottages depending on budget.
2) Gold Coast, QLD
Miami on the Gold Coast has a median price of $722,570 which makes it relatively affordable for those migrating from higher priced areas such as Sydney or Melbourne. The Gold Coast is popular with retirees thanks to its beautiful beachside and waterside suburbs, unrivalled lifestyle and good infrastructure. An hour's drive from the state capital Brisbane, Australia's sixth largest city is appealing to active mature-aged people, who can enjoy walking on the beach or in the bush, fishing, boating and cultural pursuits with an appealing climate year-round.
3) Central Coast, NSW
North Avoca, Terrigal and Wamberal on the Central Coast all offer superb lifestyle properties significantly more affordable than the beachside suburbs of Sydney and which still offer reasonable access to NSW's capital. The area is popular with retirees and is characterised by rugged coastlines, sandy beaches, national parks, bays, inlets, waterfalls and lakes.
4) Mornington Peninsula, VIC
The suburb, Mornington, is one of the most popular on the Mornington Peninsula and is about 80km southeast of Melbourne. It is a popular tourist and retiree destination thanks to its numerous attractions which include beaches, wineries, national parks, heritage sites and a plethora of golf courses.
5) Byron Bay, NSW
This popular suburb is part of the northern region of NSW which is often referred to as 'the Grey Coast'. Of all the suburbs on the Top 10 list, Byron Bay received the highest capital gains over the past five years of 83.1 per cent. While its median house price was also the highest at $1.5 million, compared to Sydney and Melbourne prices, this is relatively affordable for those moving from these capital cities.
6) Hobart, TAS
Thanks to its greater affordability when compared to Melbourne, Hobart has increasingly become a popular destination for retirees despite its colder climate. Originally a penal colony founded in 1804, the city is steeped in history and heritage. It is also a major drawcard for boaties, given its harbour is the second-deepest natural port in the world. The city is known for its arts and culture, its majestic scenery such as Mt Wellington, picturesque waterways including the Derwent River and rich café and restaurant scene.
7) Hunter Valley, NSW
Louth Park in the Hunter Valley is about 120km north of Sydney. The region is one of Australia's major wine growing areas and is an attractive destination for retirees who enjoy its relative proximity to NSW's capital city. As a popular tourist area, regular events and festivals are held throughout the Hunter Valley each year while World Heritage-listed parks provide tranquil areas to take in nature.