Australians yet to wake from ‘Great Australian Dream’

Muval chief executive officer James Morrell explained that “relocating is one way [Australians] are fighting back against the rising cost of living”.

His statement is supported by the data, which found that 65 per cent of respondents’ desire to move would increase should the cost of living do so. An additional 40 per cent indicated a $50 rent rise would send them packing, while an interest rate rise of more than 2 per cent (the amount they’ve risen this year) would be enough to see 27 per cent of respondents move. 

The research also found that the driving force behind many respondents’ migration decisions was a desire to live in a better location or home (30 per cent), while lifestyle improvement was cited as a motivating factor for 11 per cent of Australians.

Mr Morell added that many were “unwilling to sacrifice the lifestyle they have become accustomed to”, adding that in search of their home ownership dream, many Australians opted to move to more affordable regions. 

The research found many Australians chose regional locations to improve their home (26 per cent), achieve a better lifestyle (18 per cent), downsize (18 per cent), or reduce the cost of living (11 per cent), highlighting regional Australia’s wide-reaching appeal. 

Further, given regional Australians experience less mortgage stress than their metropolitan counterparts — 51 per cent claim they could comfortably handle a doubling of their mortgage over the next 12 months — it has become an ideal hotbed for individuals seeking home ownership, with 27 per cent of regional movers having shifted from a rental property into a purchased home.

Regional Australia’s allure is unlikely to die anytime soon, with Muval’s research indicating that the last two years have seen an 80 per cent increase in the number of regional moving inquiries — with the peak period occurring in the June quarter of 2022.

Speaking on the regional migration trend, which he described as “one the domain of retirees or niche groups”, Mr Morell said Muval’s data indicates that “tree and sea changes are becoming a common move for all kinds of Australians in search of a cheaper and better lifestyle”. 

He concluded that: “This once-in-a-lifetime regional shift is set to change the fabric of Australian society as waves of new residents become part of the community, boost the local economy, and breathe life into regional towns.”