As housing and living costs surge, Australians are redefining the Great Australian Dream, and it isn’t buying a home anymore, with the dream now shifting towards lifestyle.
The 2024 Muval Index shows a growing trend: lifestyle is now the leading factor for those relocating, with 41 per cent of respondents moving for a higher quality of life, surpassing financial and career-related reasons.
The demand for a lifestyle-focused move is also driving Australians to travel more, with 56 per cent planning an overseas holiday in the next year—a priority above other major life decisions. Australians are prioritising experiences and work-life balance over traditional home ownership.
Muval CEO James Morrell said, “Australians are no longer fixated on owning a home or being a slave to a mortgage they can’t service. Their new dream is to live”.
As economic conditions shift and potential interest rate cuts loom, experts predict a relocation rebound in the next few years, potentially benefiting regions positioned to offer lifestyle-driven amenities. Initiatives like “Move to More” aim to attract urbanites to regional areas, promoting affordable living, community, and quality of life.
The new Australian Dream has become less about property and more about living well. With this shift, the travel industry can anticipate a growing demand for lifestyle-oriented destinations, both locally and internationally, as Australians redefine what it means to “live the dream.”
The full report is available at muval.com.au
