As the new year begins and the daily grind resumes, many Australians are dreaming of swapping city life for the charm of the coast. What was once primarily about lifestyle is now a practical choice for many.

But before packing your bags for the coast, here are key factors to consider:

1. Is coastal living truly affordable?

The days of ultra-low mortgage rates are behind us, and tighter credit conditions have buyers exploring more affordable options. Coastal property markets have become more appealing as buyers look beyond cities for value. However, rising demand in some areas has reshaped the affordability landscape.

“There was a frenzy of demand during COVID when interest rates were at rock bottom, and a lot of them overshot their prices,” says Eliza Owen, Head of Australian Research at CoreLogic. Recent data shows that in some coastal towns, house prices have dropped 20 per cent, making them more accessible again. But not all regions follow this trend, so it is important to do your research.

If you’re considering a move to the coast, think beyond property prices. Evaluate the overall cost of living, including groceries, petrol, and utilities, as well as access to essential services like healthcare, childcare, quality schools, or reliable public transport. Exploring potential neighbourhoods thoroughly will help ensure the area aligns with your financial and lifestyle needs.

2. Is it the right move for your career?

Remote working has opened the door for many to embrace a sea change, but recent workplace trends suggest caution. Some companies are gradually introducing return-to-office requirements, with a few expecting employees to be in person multiple days a week. Planning for these possibilities can help ensure your coastal move remains a positive and practical decision.

Before making the leap, think about:

• Your employer’s current flexibility and the possibility for future changes to remote work arrangements.
• How practical it would be to attend in-office meetings from your coastal home.
• Whether your new home has a reliable internet connection and a comfortable workspace.

With thoughtful planning, you can enjoy the benefits of coastal living while staying adaptable to potential changes in your work environment.

3. Are climate and environmental factors on your radar?

Coastal living offers stunning views and fresh sea breezes, but it’s important to think about the environmental risks that come with it. Coastal areas may face challenges like rising sea levels, erosion, or storm surges, which could impact both your property’s safety and its long-term value. Regional areas, on the other hand, could face bushfire risks during the hotter months.

Before committing, research the climate resilience of the property and the local area, and check whether additional insurance or protective measures might be needed.

4. What’s your long-term plan?

A sea change isn’t just a lifestyle choice; it’s a financial commitment. Baby boomers, for instance, may see this as an opportunity to use their superannuation to downsize or invest in a lifestyle upgrade. Younger buyers might view coastal properties as a smart long-term investment or a stepping stone toward future financial goals.

Whatever your motivation, it’s important to consider whether this move supports your long-term plans or could create challenges later.

Ready to start your sea change journey?

A sea change can be life-changing, but it’s a decision that deserves careful thought. As your mortgage broker, I’m here to guide you through the financial aspects of your journey, from understanding your borrowing capacity to securing a loan that meets your needs.

Contact me today, and let’s start planning your next chapter by the sea.