The notion of the “Great Australian Dream” is undergoing a transformation. Once dominated by the ambition to own a home, today’s ideal centres on leading a life free from unrelenting financial pressure, embracing a focus on well-being, lifestyle, and flexibility.
The 2024 Muval Index highlights this shift, revealing that for 41% of Australians planning to move in the next year, lifestyle is now the primary motivation—surpassing financial, housing, and work-related concerns.
James Morrell, CEO of Muval, describes this transition as a “tipping point” for Australians who’ve tired of the ongoing cost-of-living crunch.
“Australians have had enough of financial pressures. While the cost of living remains an issue, the focus has shifted to achieving a better quality of life. This year, a third of Australians moved for lifestyle reasons, and that figure is expected to rise to 41% next year. The new Great Australian Dream is to live well, with lifestyle taking priority over financial strain,” he said
For many, this means reconsidering the traditional approach to homeownership, seeking properties that accommodate the way they wish to live right now. Buyers’ agents Claire Corby and Cate Bakos have observed how this shift plays out in the property market, with a noticeable emphasis on flexible living spaces, sustainability, and even location preferences.
Key Findings Point to Lifestyle as Top Priority
The 2024 Muval Index reveals key insights into Australians’ priorities for the coming year. While financial stress is still significant, the focus on lifestyle is unmistakable:
- Lifestyle Tops Reasons for Moving: Forty-one percent of Australians cite lifestyle as the main reason for moving within the next 12 months, more than those moving to reduce cost of living (29%) or for work (11%).
- Past 12 Months Driven by Financial Stress: Over the past year, cost of living was the top driver for moves, with 36% relocating for affordability.
- Upsizing and Lifestyle Choices: In 2024, twice as many Australians moved to upgrade their homes (30%) compared to 2023, while a slight increase was seen in those seeking a better lifestyle (27% in 2024 vs. 24% in 2023).
- Reduced Work-Driven Moves: The percentage of moves motivated by work halved this year to 11%, down from 26% in 2023.
What does the lifestyle-focused buyer want?
Claire Corby, a buyer’s agent with Capital Buyers Agency in ACT, says her clients increasingly prioritise properties that cater to a balanced, flexible lifestyle.
“Living in a post-pandemic world, buyers are seeking a lifestyle from their homes that they didn’t before. Dedicated work-from-home spaces have become essential, particularly those with sound insulation for productivity in busy households.”
She adds that multipurpose spaces, like backyard studios, are highly valued for their adaptability: “An MPS can serve as a home office, a space for visiting family, or even as a retreat area by the pool. With high stamp duty and transaction costs, making a home adaptable means people can stay longer without the need to move.”
Cate Bakos, a Melbourne-based buyer’s agent, agrees and sees similar trends among her clients.
“I hear requests for proximity to local amenities like cafes, parks, and public transport regularly. Walkable areas with easy access to green spaces are in high demand, especially for those with pets,” she says.
The Muval Index underscores these sentiments, with many Australians prioritising a holiday over housing upgrades, a move, or starting a new job.
Sustainability and simplicity in housing choices
Cost-of-living pressures have also led to a preference for sustainable, energy-efficient homes that save money over time.
Sustainability is about living more simply and practically, rather than just opting for larger homes. Many buyers now value energy-saving features like solar panels, double-glazed windows, and good insulation. These elements provide long-term savings, and buyers are willing to pay a premium for them,” says Claire.
Cate has noticed the same shift, with many of her clients veering towards smaller dwellings that align with this sustainable mindset.
Some buyers are choosing units or townhouses over bigger properties. For those with space requirements, a ‘tree-change’ or ‘sea-change’ often provides the space they need at a more affordable price, away from high-cost urban centres.”
Brisbane’s increasing appeal as a relocation destination
Brisbane’s rising popularity for interstate movers, overtaking Perth, is a key finding of the Muval Index. Affordability, the city’s warm climate, and its convenient time zone relative to other eastern states are driving this surge.
According to Cate, Brisbane’s proximity to other eastern cities makes it attractive for professionals working in eastern time zones, and the presence of family or friends in the area often influences relocations.
Claire, too, has noticed the impact on Brisbane’s property market, with demand pushing up property prices.
“Brisbane’s good value for money and appealing lifestyle are strong factors, but the influx of new residents is also tightening the market in sought-after areas, particularly those near the coast or with easy access to the city centre,” she says.
As lifestyle-focused relocations continue, the competition for property in these popular areas is set to remain high.
Migration patterns fuel housing demand
The Muval Index also points out that Melbourne and Brisbane have experienced the highest net migration rates. The influx has had notable effects on local markets, particularly in Melbourne, where apartment prices have increased rapidly, and the rental market has tightened.
For buyer’s agents like Claire and Cate, these migration trends have made it more challenging for clients to find homes that balance budget, location, and lifestyle preferences.
Claire stresses that early planning and flexibility are crucial for buyers in high-demand cities: “When clients are realistic about what they can find in their budget and flexible in their search criteria, they’re more likely to find a home that fits their lifestyle aspirations.”
Future trends
With interest rates holding steady, Claire expects a continued emphasis on value for money, especially as wealth transfers from baby boomers to younger generations and she anticipates strong demand for homes that offer sustainable and lifestyle-focused features.
“Energy-efficient, adaptable spaces are here to stay. Buyers want homes that fit their daily lives, from proximity to dining and shopping to at-home amenities like pools, low-maintenance gardens, and flexible living areas,” she says.
As Australia’s population ages, Claire also expects increased interest in high-quality townhouses in central suburbs that offer a sense of security and walkability.
Cate also foresees lasting demand for urban communities that blend convenience with green spaces and access to essential amenities. She predicts that coastal and regional lifestyles will stay popular, particularly as families and retirees seek alternatives to city living.
Clients who are open to exploring different neighbourhoods often find homes that tick their boxes within their budgets,” Cate says.
She emphasises the value of adaptable spaces for families planning long-term, suggesting that homes with versatile rooms reduce the need for future moves.
