Home buyers are becoming more active in the outer suburbs where the cost of living is cheaper, according to Raine & Horne.
Port Macquarie on NSW’s north coast is enjoying a significant uptick in buyer demand.
Raine & Horne Port Macquarie principal Diane Deland said moderate climate and cost of living were proving major attractions for retirees and downsizers who were looking for a sea change.
According to Raine and Horne, Sydney’s electricity costs rose 60 per cent between June 2005 and June 2010. Over the same period, Canberra costs jumped 46 per cent.
“With gas and electricity prices increasing considerably, it’s cheaper to live in towns like Port Macquarie,” Ms Deland said.
“The combination of an excellent climate and Port Macquarie’s housing affordability is also a big attraction," she said.
According to Ms Deland, retirees can sell a city home or rural property and purchase a near new, four bedroom, ensuite house for between $400,000 and $500,000 in the Innes Lake area “about 10 minutes from the CBD”.
“This leaves enough money to fund a decent retirement,” she said.