Buying a house by the sea in a little known coastal town is no longer reserved for retirees. New research shows that those flocking to coastal towns are now predominately young families.
Most of us have dreamt of the days when we’ll one day be able to afford a house nestled down by the sea in our very own Summer Bay (minus the drama!).
However, joint university research shows that young families are turning their backs on the inner-city rat race in droves and pursuing a more affordable lifestyle by the sea.
Really? Show me the data!
The research shows that the sea change phenomenon, once largely the domain of retirees, now mainly involves Millennials, including young families.
Using ABS 2016 Census data, researchers have found the people most likely to move to Tasmania were 25 to 29 years (14.0% of all movers), followed by those aged 20 to 24 (11.8%) and then 30 to 34 (10.3%).
Similarly, relocating to the Sunbelt Coast (the region around Byron Bay in northern New South Wales) was most popular among 25 to 29 year olds (12.9%), 20 to 24 (10.5%) and 30 to 34 (10.2%).
Most people are moving to these areas from Melbourne, regional Queensland, Sydney and regional New South Wales.
So why are people moving?
There actually isn’t a single clear driver.
Better housing affordability, a smaller mortgage debt to pay off, and the desire to avoid stress and being overworked are some of the main reasons.
Other important factors include a perceived risk of living in the city, the desire to bring up children in a simpler environment, shorter commute time and, of course, the obvious reason – living in a beautiful location.
Workforce trends – towards more freelance, remote and consultant roles – may also be playing a part.
In fact, research shows that up to 4.1 million Australians, or 32% of the workforce, freelanced between 2014-15. This means many Aussies can set up shop and work from anywhere they wish – including idyllic little coastal towns.
Keen to make the move?
If so, you might not want to leave it too long.
Real estate experts are already predicting Tasmania’s recent housing boom will shift outside of Hobart and spread to areas such as the north-west coast.
So if you and your family are looking to quit the rat race and find your own little corner of Aussie paradise, get in touch.
We’d love to help you source a great home loan and make your sea change dream become a reality.