This hard-working demographic wants to ease into the next stage of life with sunshine, space and a sound investment.
As the youngest of the Baby Boomers nudge 60 years old, they are seeking the perfect place to enjoy the next phase of their lives.
“The Baby Boomers are one of the largest generations and the 2020s are the decade where we’re going to see lots of them heading into retirement,” says Anne Flaherty, economist, realestate.com.au.
Born between 1946 and 1964, the Boomers have worked hard, raised their kids and invested in property. Many have gained significant wealth as their property values have rapidly increased. Now, Flaherty says lifestyle destinations are at the top of their retirement wish list, with Queensland out in front.
“Obviously, heading to a warmer climate is a big part of the appeal. Queensland has beautiful beaches and a great lifestyle. There are many reasons that are going to attract people there for retirement,” she says.
Queuing up for Queensland
During the COVID-19 pandemic, one of the biggest trends was how quickly buyers shifted their sights to lifestyle destinations such as Queensland.
“Over the past year, Queensland has seen significantly more interstate migration than any other place in Australia. I believe that over the past two years, it has been the fastest growing state,” says Flaherty.
Flaherty says search results on realestate.com.au show that interstate buyers (of all demographics) looking to Queensland are predominantly from New South Wales, Victoria and Tasmania. Furthermore, of all the searches to buy real estate in Queensland, 34% are from interstate buyers.
“That’s higher than any other state by a long shot,” she says.
Boomers were front and centre of this trend, with the pandemic lockdowns coupled with new work-from-home possibilities encouraging many to make a move.
“A significant part of that migration would’ve been people who did retire earlier than they previously expected,” says Flaherty.
The perfect patch
Boomers hunting in Queensland are looking for the perfect place to bring their retirement vision to reality, explains Annette Mengel, sales manager, Pacific Harbour.
She says many are looking to ease into retirement by working from home for a few years before fully kicking back, so they need a home and location that offers the perfect balance.
“They can work from home for 5-10 years and still be active and mentally stimulated,” she says. “They can walk on the beach, play golf and do all the things that they can’t do when building their career.”
Boomers are happy to downsize for easy maintenance, but they still want the right block of land that will allow them to store boats and campervans, Mengel adds.
“They also want good access to Brisbane airport, in case they need to get to Melbourne or Sydney for a few days in the office, or want to travel for leisure,” she says.
With Boomers bound for Queensland, Flaherty says there has been a lot of developer activity when it comes to retirement living residences. However, Mengel points out that for the younger, active Boomers, freehold land to build the home of their choice can be preferable.
“Some people don’t want to go into an over-fifties residence, as it can be too constrained and you don’t own the land,” Mengel says.
For those wanting control, a limited number of new freehold land opportunities have become available at well-established Pacific Harbour on Bribie Island in Southeast Queensland. Developed by QM Properties, blocks start from $535,000 and go up to around $1.7 million.
“The big thing is the Boomers want their freedom; they want their space. At Pacific Harbour, they’re still able to buy blocks from 450-square-metres to over 1,000 square metres with site access for boats and vans,” she says.
Bribie Island is located between Brisbane and the Sunshine Coast and is renowned for its 30 kilometres of white sandy beaches and for being home to 80% protected natural habitat.
It has safe canals for boating and a great local village feel. The amenities include shops, cafes and the popular Sandstone Point Hotel.
There is also a government funded Bribie Island Satellite Hospital that has already commenced construction and the approved privately funded Emergency Health Clinic, both of which allow residents’ to get the medical care they need conveniently and easily.
The blissful location offers people a stunning canvas on which to create their perfect retirement after years of work and commitments, Mengel adds.
“It’s a small community and people are friendly. The Boomers can work from home, they can live in a beautiful place like Bribie Island. But it’s only 50 minutes to the Brisbane airport so when friends and relatives come and visit, it’s easy and convenient,” she says.
Article source: www.realestate.com.au