The Great Australian Dream hasn't looked so great for a while now. The idea of owning a quarter-acre block with a three-bedroom home and big backyard has transformed into more of a fairytale, thanks to soaring prices. But if Aussies aren’t chasing a mortgage, what are they chasing instead?
With housing affordability plummeting in recent years, largely driven by the cost of living crisis, thousands of Aussies have abandoned the hustle and bustle of big cities in search of a less financially stressful life. Removalist specialists Muval surveyed more than 1,000 Australians to find out what exactly’s changed. From the research, a clear trend has emerged – they’re dubbing it the new Great Australian Dream.
No longer wanting to be slaves to a mortgage, Aussies are now prioritising a balanced lifestyle over homeownership. The research found that the top reason Australians plan to move in the next year is to improve their quality of life (41 per cent) – and who can blame us? We’re striving for that #worklifebalance, with data indicating that more than half of Aussies plan to take an overseas holiday in the next 12 months, compared to the 24 per cent looking to start a new job, and the 18 per cent considering moving house.
While homeownership wasn’t high on the great Aussie wish list, almost twice as many people moved to upgrade their home in 2024 than in 2023 (30 per cent, compared to 16 per cent). Economic pressures are also still weighing heavily on our minds, with 29 per cent of Aussies planning a move to reduce their living costs, and 20 per cent relocating to find more affordable housing.
So, where exactly are Australians heading to and from? Australia’s most expensive capital, Sydney, where an average home costs around $1.5 million (eek!), experienced the highest outbound traffic in 2024. Around a third of all major metro outbound moves in 2024 were from the Harbour City, as residents sought more affordable lifestyles in suburban and regional areas. This was closely followed by Melbourne, which on the flip side, emerged as the top capital city for inbound moves.
Brisbane is hot on Melbourne's heels though, and is set to overtake the Victorian capital with inbound interstate migration in Brisbane reaching its highest level on record in 2024. For the first time in three years, the Queensland capital also overtook Perth, with the highest net migration rate in Australia (calculated by subtracting the number of move-outs from the number of move-ins).
Personally, we reckon our happiness would take a nosedive without the benefits of city life, like having world-class art, sprawling central parks, epic nightlife and every cuisine under the sun right on our doorstep. But we get why people are moving out of the city, with the cost of living crisis spiralling out of our control.
You can find out more about the new Great Australian Dream here.
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