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Country towns are pulling in ba...

Country towns are pulling in baby boomers

Property hotspots in Australia's biggest cities could soon be outshone by 40 regional towns up and down the country. 

This is according to the findings of a new report from Propertyology, which specified that baby boomers are behind the trend. 

With this demographic on the verge of retirement, they are thought to be seeking affordable homes in regional areas, Domain reports. This could be set to characterise the property market for the next 15 years.

Boomers - individuals born in the wake of World War II between 1946 and 1964 - account for more than 20 per cent of Australia's population. 

Simon Pressley, managing director of Propertyology, said that tens, or possibly even hundreds of thousands of these people are forecast to be looking to leave the capitals. 

Downsizing is a practical option for those who are looking to get the most out of their retirement income, particularly with property prices on the rise in the major cities. 

Wagga Wagga and Bathurst are the most popular destinations in New South Wales, with Cairns and Townsville occupying the top two places in Queensland. 

Geelong and Shepparton, Albany and Bunbury and Devonport and Launceston are listed as the biggest two draws in Victoria, Western Australia and Tasmania respectively. 

The Northern Territory and South Australia are represented by just two locations each - Alice Springs and Katherine for the former, while Port Lincoln and Mount Gambier account for the latter. 

Good healthcare, lifestyle drivers, freestanding houses priced under $400,000 and a "pseudo-capital city" feel are the reasons these towns are attractive, according to Mr Pressley, as they all boast the essential infrastructure of a major city.

Evocities spokesperson Rod Kendall said people want a lower cost of living and an area that offers the best of both cosmopolitan and rural lifestyles. 

"Metropolitan residents are starting to realise that it doesn’t have to be either the city or the country," he remarked. 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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