New Great Australian Dream: Lifestyle over life stress

The ongoing cost-of-living crisis has sparked a shift in priorities for many Australians, leading to a new Great Australian Dream: the pursuit of a fulfilling life.

According to the 2024 Muval Index, the primary reason Australians plan to move in the next year is for a better lifestyle, with 41% citing this motivation, surpassing work, housing, and financial factors.

The desire for holidays surges

Reflecting this lifestyle shift, holidays top Australians’ wish lists, with more than half (56%) considering an overseas trip within the next year. This is significantly higher than the 24% planning to start a new job, 18% intending to move, and just 7% looking to have a baby.

“The data tells us that Australians have had enough of financial pressures and while cost of living is still impacting our lives, we are no longer fixated on being a slave to a mortgage we can’t service,” said Muval CEO James Morrell (pictured above).

“After a record run of interest rate rises and inflation, it seems Australians have reached a tipping point.”

Key findings from the 2024 Muval index

• Top moving motivation: 41% of Australians plan to move for a better life, compared to 29% for cost of living and 11% for work.
• Past year trends: In the previous year, 36% moved primarily due to cost-of-living concerns.
• Home upgrades on the rise: There’s been a notable increase in those moving to upgrade their homes, rising to 30% in 2024 from 16% in 2023.
• Decline in work-related moves: Only 11% moved for work this year, down from 26% in 2023.
• Intention to move: Nearly one in five Australians (18%) plans to relocate within the next year, yet the majority prioritize holidays (56%).

Migration trends and insights

The 2024 Muval Index involved a survey of Australians regarding their moving intentions and an analysis of current migration data.

Despite a general downturn in the removalist industry, interstate migration is flourishing, with Melbourne and Brisbane emerging as the top destinations. Notably, Brisbane has surpassed Perth as the city with the highest net migration rate, accounting for 26% of major metro moving inquiries in September.

The report also includes MuveRank data, highlighting regions gaining and losing residents. The Australian Capital Territory stands out as the biggest winner for positive net migration in 2024, while Brisbane Inner City faces the largest resident loss.

For more details, the full report is available at muval.com.au.

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