Several suburbs with strong Greek ties have been named among the best places to retire in Australia, according to a new report by Citro, supported by AMP.

In the national ranking of 300 communities with populations over 10,000, Rosebud on Victoria’s Mornington Peninsula placed 2nd overall, while Oakleigh, widely regarded as Melbourne’s Greek hub, was ranked 19th. In the separate list of premium but less affordable “gold-plated” locations, Brighton secured 2nd place.

For tens of thousands of Greek Australians, retirement in their adopted homeland follows decades of sacrifice and labour away from their birthplace, family and friends.

While ageing brings its own challenges, from health issues to rising living costs, many have managed to build financial security, often owning homes, holiday properties or investment real estate in both Australia and Greece.

Some divide their “permanent holidays” between the two countries, though regular trips to Greece become harder with age. Within Australia, seasonal migration is common: winters spent in warmer Queensland and summers by Victoria’s bayside suburbs such as Dromana, Rye and Rosebud.

Rosebud: seaside lifestyle with city access

Rosebud’s strong ranking reflects its balance of coastal charm and convenience. Located 75km from central Melbourne, it offers seaside trails, a hospital, and a tight-knit community of 14,000. With a median house price of $769,805, it is more affordable than many capital city suburbs while still just an hour’s drive from Melbourne.

The Citro report praised Rosebud as offering “the best of both worlds: a charming coastal town with the vibrancy of a welcoming community, yet close enough to the city for every amenity.”

Oakleigh: the Greek heart of Melbourne

Oakleigh stood out as the only inner-suburban location to make the top 20. Its appeal lies not in beaches but in community life and cultural vibrancy, particularly for retirees.

The report highlighted Oakleigh as “Greek Heaven”, a lively precinct filled with Mediterranean dining, social clubs, Eaton Mall’s bustling cafes, and the annual Oakleigh Glendi festival. With a median house price of $989,182, proximity to Monash Medical Centre, and excellent transport connections, Oakleigh combines accessibility with a strong sense of belonging.

The report notes: “There is no better medicine for loneliness than a morning coffee with friends.”

Australia’s top 20 retirement locations (2025)

  • Orange (NSW)
  • Rosebud (VIC)
  • Wagga Wagga (NSW)

…

  • Oakleigh (VIC)
  • Fannie Bay (NT)

Brighton and the ‘gold-plated’ suburbs

For the first time, Citro also introduced a category of “gold-plated” locations — suburbs that are not affordable for all, but offer exceptional lifestyle quality. Brighton, with its iconic beach, high-end dining and boutique shopping, was ranked 2nd, boasting a median house price of $2.07 million and weekly rents averaging $1,112.

Other “gold” picks included Ballina, Coolangatta, Fremantle and Portsea.

The bigger picture: affordability and health access

Citro CEO Toby Ellis stressed that housing affordability and availability were key drivers in the rankings, noting that “three in five Australians over 40 worry about whether they will be able to afford retirement.”

With life expectancy and health needs increasing, AMP chief economist Shane Oliver added: “Access to healthcare becomes more important with age. Lifestyle may take priority at first, but lack of medical infrastructure can become a real issue later.”

The research analysed survey data from 280,000 Australians over 50, weighing housing costs, transport, healthcare, lifestyle and community connection.

Retirement age and flexibility

The report comes as Australia’s retirement age has officially risen from 65 to 67. While manageable for some, experts warn that physically demanding jobs make later retirement unrealistic. Professor Gary Martin of the Australian Institute of Management said flexibility is needed: “Scaled retirement ages, special provisions for certain occupations, or partial pensions could support those unable to work into their late 60s.”