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.
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.”
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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