The latest data from the Regional Australia Institute revealed the most affordable sea-change towns for Australians seeking a lifestyle change, Domain reported.
The institute’s Good Life Guide compared the median home prices and incomes across regional and capital city areas, factoring in proximity to the coast, national parks, and economic diversity.
In New South Wales, the Richmond Valley tops the list of most affordable sea-change destinations. The median home price in the region is $530,000, approximately 10.3 times the local median income of $51,000.
This is a stark contrast to Mosman in Sydney, where beachfront living comes at 33.6 times the median income, the highest ratio in the city.
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On Victoria’s coast, Glenelg Shire in the state’s west presents the best value for potential home buyers.
With a median home price of $350,000 and local incomes averaging $55,000, the price-to-income ratio stands at 6.4, making it an attractive option compared to Melbourne’s priciest areas like Boroondara or Bayside, where home prices far exceed incomes.
For those less focused on coastal living and more interested in affordable property, the Central Darling Shire in western NSW has the lowest price-to-income ratio in the state at just 1.6 times.
Similarly, in Victoria, Yarriambiack Shire offers affordable housing at four times the local median income, providing inland alternatives for buyers.
Regional Australia Institute CEO Liz Ritchie (pictured above) explained that rising living costs are prompting many city dwellers to consider relocating to regional areas for a more affordable and spacious lifestyle.
“If you can reduce your cost of living, you can reduce your debt burden,” Ritchie said, adding that this shift could enhance wellbeing. The trend of moving to regional areas, which surged during the pandemic, remains strong even as city centers reopen.
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