3 Best Affordable Places To Retire in Australia
Retiring in Australia is a dream come true for many retirees. It offers a high standard of living, top-notch healthcare facilities and amenities for retirees to enjoy. It’s also got some stunning landscapes — from its many beaches to the rural outback. Plus, it has a fairly diverse climate, though even the coldest regions are still temperate at worst.
Many parts of Australia are also affordable, especially when compared with the cost of living in the United States. According to Unbiased, the average retiree spends between $60,000 and $70,000 a year there. Apartment rentals go for an average of $1,550 in major cities — cheaper than the U.S. average of $1,713 — and home prices are fairly on par.
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Given all of this, it’s not hard to see why so many people would want to spend their golden years on the Gold Coast. If you’re one of them, here are the top places to retire in Australia, according to experts.
Sunshine Coast, Queensland
One-bedroom apartment rental price: AU$1,274 monthly
Typical house purchase price: US$605,000
Total estimated monthly costs for one (excluding rent): US$1,090
Cost of living vs. New York City: 47.2% lower (including rent)
Cost of living comparison with the rest of Australia: 22.1% cheaper
“Queensland is usually the go-to suggestion for people looking to retire in Australia, with the Sunshine Coast often the destination of choice. Considering the state offers around 300 sunny days annually, alongside top-quality healthcare facilities and transport links, making the move as you get older could be a wise decision,” said Sarah Donaldson, senior travel claims analyst at Fast Cover Travel Insurance.
Some parts of Sunshine Coast are pricier than others, so retirees have options depending on their budget.
“Communities like Noosa and Maroochydore offer an incredible coastal lifestyle, but it’s important to consider the costs,” Donaldson said. “Property is expensive, like most of Australia, with the average house on the Sunshine Coast costing over AU$900,000 (US$605,000). Fortunately, purchasing property in suburbs like Nambour and Palmview costs substantially less.”
Costs also depend on your individual needs and lifestyle goals. If you’re happy with a slightly smaller house beyond the city limits, you could save money. You’ll still need to factor in transportation and other costs, of course.
Mac Steer, owner and director of Simify, a travel SIM company, also recommended the Sunshine Coast in Queensland for its high quality of life and overall affordability.
“Cost of living is estimated to be 5% to 10% lower than Brisbane of the Gold Coast … with grocery prices, utilities and healthcare all costing less,” he said.
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St. Helens, Tasmania
One-bedroom apartment rental price: AU$1,600 monthly
Typical house purchase price: US$335,000
Cost of living vs. New York City: 80% lower (including rent)
“While many retirees head to the northern reaches of Australia for its warm weather, you shouldn’t overlook the south. Although it’s bound to be colder and wetter, charming towns like St. Helens in Tasmania offer peaceful serenity amid some of the world’s most striking scenery, such as the Bay of Fires,” Donaldson said.
St. Helens is a very small town with only about 2,200 residents living there. Because of that, the cost of living data is currently limited. According to Donaldson, however, costs are still fairly reasonable in St. Helens compared with other parts of the continent.
“Alongside a small population aged mostly over 50, St. Helens features excellent amenities for retirees, including a hospital, delicious restaurants and tranquil outdoor activities,” Donaldson said. “With the median house costing around AU$500,000 (US$335,000), it’s also a more affordable option for retirement compared to much of the country.”
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Mornington Peninsula, Victoria
One-bedroom apartment rental price: AU$2,224 monthly
Typical house purchase price: AU$1 million-plus
Total estimated monthly costs for one (excluding rent): US$1,060
Cost of living vs. New York City: 47.1% lower (including rent)
The Mornington Peninsula is about an hour’s drive from Melbourne, which is perfect for retirees who want access to larger cities but don’t want to be inundated with the hustle and bustle of city life. According to Donaldson, the area has stunning beaches, excellent dining options, extensive cultural activities and everything else retirees need to live a comfortable lifestyle.
“For those with high budgets, blue-chip suburbs like Portsea, Blairgowrie and Sorrento feature everything needed for retirement,” she said. “However, those exploring more affordable areas should consider neighborhoods like Mornington, Safety Beach and Dromana.”
What To Know About Retiring in Australia
Now, before getting your heart set on retiring in Australia, there are a few things you should know.
On the plus side, Unbiased found that a couple of retirees can live a modest but comfortable lifestyle in Australia for about US$47,375 a year — excluding rent. Housing prices can be on the higher side with an average of US$710 per square foot of apartment space. Groceries can also be expensive.
There’s also taxes to think about. In Australia, your pension and investment earnings can be taxed. As a foreigner, you may also be subject to other taxation, so consult with a legal professional about this to make sure the move fits into your budget.
Last but certainly not least is the fact that Australia has discontinued its retirement visa and investment retirement visa. If you already had an Australian retirement visa before May 8, 2018, you could be eligible for permanent residency. Otherwise, you may have to seek an alternative route.
Unless stated otherwise, all other data come from Numbeo, My Life Elsewhere, Move to More and Realestate.com.au.
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