I was wondering if any of you live or considering living across two different cities within Australia. I live in Melbourne and it would not be possible to move to anther city while the kids are young and we are working. Post retirement, we still want to remain in Melbourne most of the year (7 to 8 months) to be close to kids, family and friends. However, we would like to spend at least 4 to 5 months living in another city within Australia, essentially to escape the Melbourne winter. Obviously it would be an expensive exercise to live in two cities and I would need specific tax advice on the implications for PPOR etc. Just seeking some thoughts and comments from everyone to see if it is at all feasible and what are the issues I should consider if I go down this path.
Renting would provide the most flexibility and no additional capital would be required from my part. However, it might be hard to get furnished rental for let's say 4 months each and every year. I was thinking one option would be to buy something in North QLD or WA close to the water and use for short-term rental for the rest of the year. Obviously the rental would be unavailable during the peak periods.
Yes Brisbane or Perth would be good options to consider. Bali sounds very tempting but I think we would like to stay in Australia to be close to the kids, especially after the Covid experience!
We on the other hand want to move from Brisbane to Melbourne down the track. Why? Something different.
One successful person owns their main home in Melbourne. They bought an apartment in northern NSW and live there mid-May to mid September. It is holiday rented for the other 8 months.
Yes, that is probably what we have to do and accept that this would be a lifestyle choice and not an investment decision. But buying something that would be suitable for holiday rental would reduce the cost of the lifestyle somewhat.
We are from Perth and We are moving to Melbourne early next year. my oldest daughter is in Melb, we would like to spend time with her and her partner and also to travel during this time. She has been living in Melb for 5 years We are considering a few options, move over for 12 months and rent, but if we love it move permanently, as my youngest daughter is also moving over to Melb So the plan is to rent our house in Perth to a relative. Rents are cheaper in Melb than Perth, and much more supply so this is great for us Logistically and psychologically I can not do 6 months in Melb and 6 months in Perth. I have tried this before but overseas. Its terrible because you become disconnected from friends and family and community and feel like you dont belong anywhere, this is just how I feel. We will be storing stuff in Perth and bringing some stuff to Melb. It wont be a cheap exercise and dont know what to do with the boat, wish partner would just sell it, but he wont
Thank you for sharing your plans and thoughts - really appreciated. I have a feeling we would also find living in two cities challenging and unsettling. As in your case, pull of close family and friends would be powerful. We might have to try this arrangement out in the first couple of years by renting for a few months each year before fully committing i.e. buying something.
It was a lifestyle decision. But their timing (to escape the Melbourne winter), means that they holiday rent it over the peak Christmas, Easter and September school holidays. The rental income more than covers all holding expenses. They have owned it for at least 10 years so has also been a decent investment for them.
