By Rich Harvey, CEO & Founder, propertybuyer.com.au
We dream of the day we can stow away the work shoes, put up our feet and enjoy the first moments of retirement.
For most Australians, it’s the ultimate goal after years of hard work. However, where you live in retirement may differ from where you reside now, particularly if you have the resources to buy a prestige property in one of the country’s most beautiful locations.
So, what are the main considerations for those looking to enjoy a luxurious home in retirement? How do you determine what will be the best fit, and could moving to somewhere like Queensland’s Gold Coast be on the cards?
To help find the answers, I had a chat with Propertybuyer’s Gold Coast advocate Angela Murray. Angela has given us the rundown of what prestige retirees seek in her part of Australia.
Retiree considerations
There are several considerations for retirees looking to move home.
First up is your financial position and budget. It’s important to determine how much you want to invest in a home. You need to balance this buying budget against your need for cashflow over the ensuing years too. It’s no good living in a beautiful coast-front penthouse if you can’t afford to go out for lunch or pay your golf membership.
Secondly, lifestyle is important. You have things you’ll want to enjoy in retirement. Perhaps you’re a keen surfer. Maybe you like hiking through rainforests. Possibly you’re a homebody who wants to go “off grid”.
Think carefully about what you desire in retirement and ensure the property you seek meets those needs.
Also consider accessibility to family, friends, and places you want to travel to. For example, are the grandkids within an easy drive? If not, do you have access to cross-country trains, or an airport?
Then there’s security. Many retirees seek a home with lock-and-leave potential. This could mean a unit in a secure complex or a home in a gated estate.
Armed with your list of requirements, you’re ready to start the hunt – and according to Angela, there are plenty of options on the Gold Coast.
Prestige locations and property types
Prestige property on the Gold Coast encompasses several different types of home that would suit the retiree set.
The surf and still water
A key drawcard for retirees to the Gold Coast is the beach lifestyle. While most beachside suburbs all along the coast deliver extraordinary homes of exceptional quality, Angela made special mention of Runaway Bay, Bundall, Bilinga, Broadbeach, Currumbin, Tugun, Palm Beach, Mermaid Beach and Burleigh.
She mentioned the sale of 159 Hedges Avenue, Mermaid Beach for $21 million in April last year as an example of high-end prestige on the Gold Coast. This property is located on a street which locals refer to as ‘Millionaire’s Row’ with uninterrupted ocean views and beachfront access. Robust retirees with deep pockets are seeking these fabulous homes, although the more budget conscious can acquire something a few streets back that’s still within walking distance of the surf.
There’s also been an uptick in young retirees buying these trophy properties. Angela was struck by the number of high-net-wealth buyers aged under 40 years in the market. These buyers have built their fortunes and are looking to relocate and enjoy the spoils of the coast.
Prestige Acreage
Having lots of land with plenty of privacy is a dream for many after the hustle and bustle of their work years. Angela said there are several Gold Coast locations where prime acreage is available to buyers, such as Bonogin, Mudgeeraba and Tallebudgera. These areas have easy access to parklands and bushwalks, and an appealing village atmosphere in their local hubs.
Depending on the size of the acreage, prices for high-quality homes can sit between $1.5 and $2.5 million. Of course, there are other properties worth many millions more as well.
A word of advice – retirees who choose this option do need to be in good health with the ability to carry out maintenance to their property. They must also be mobile as driving to and from facilities will be a must.
Secure estates
Retirees may prefer the security which gated communities offer on the Gold Coast.
One of the most renowned estates is Sanctuary Cove in Hope Island. This haven for boat owners includes canal front housing with deep-water access. There’s also the Sanctuary Cove Country Club and Gold Course to enjoy as well. The estate’s exclusive gate access is monitored 24 hours a day, ensuring residents enjoy complete privacy and security. Waterfront housing here ranges from around $4 million to $10 million.
Another prime development is Sovereign Island in Paradise Point which has a security guard at its main entrance, as well as regular island patrols. Canal-front properties here are impressive, and it is possible to find a renovator on the island in the $2 million plus price point, however, most properties on the island start upwards of $3 million.
Apartment living
When most people think Gold Coast, they imagine high rises dotting the shoreline. While there are some palatial apartments within these high towers, there are a range of boutique buildings attracting big money too.
Apartment living has multiple positives for retirees with residents-only buildings providing security access and peace of mind for owners. These have lock-and-leave potential for those wishing to travel too. Apartment complex’s, often come with bonus common area facilities too, such as pools, lounge areas and gymnasiums to enjoy.
While high rises with penthouses and sub-penthouses have always been an attraction for prestige retirees, we are also seeing an impressive range of new developments comprising smaller towers delivering one-unit-per-floor layouts. Look to areas such as Currumbin, Burleigh Heads and Palm Beach for these projects.
As a retiree there’s nothing quite like enjoying the spoils of your labour in a beautiful beachside location. Just ensure you draw on local know how when it comes time to make the big move.
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