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Australians Flee Big Cities for Affordable Living
As living costs skyrocket, a significant trend is emerging in Australia: thousands are leaving the high-priced urban centres in search of more affordable locales. Research from Finder reveals that one in eight Australians has relocated from a capital city in the past three years, with this exodus expected to continue, predicting an additional 1.5 million individuals will migrate to cheaper areas by 2028.
Rebecca Pike, a financial expert at Finder, highlighted the potential for substantial savings. She stated, “If you can continue earning what you were in a capital city, you will be hundreds of dollars better off every month.” The savings come as many Australians are tired of struggling financially amidst rising interest rates, soaring rents, and increasing grocery bills.
Driving Factors for Relocation
The primary motivation for leaving capital cities revolves around financial relief. According to the study, 33% of respondents cited saving on living costs as their reason for relocating. Other notable factors include saving for a home (25%) and reducing mortgage or rent expenses (14%).
The allure of regional towns or more affordable suburbs has increased in popularity, with Pike suggesting that households may have to broaden their search to find budget-friendly options without sacrificing too much on quality of life. However, she cautions that not all relocations to cheaper areas will lead to improved living standards, noting the importance of weighing factors such as increased travel costs to maintain connections with friends and family still in the city.
Personal Accounts of Cost Savings
Zoe Carney, who moved from Melbourne to a small town near Mildura to work as a rural teacher, serves as a compelling case study. She reported a savings of $150 a week, primarily due to reduced rental costs. “In Melbourne, I was spending about $400 a week for a one-bedroom unit. Now, I have a two-bedroom apartment with a courtyard for just $320 a week,” she shared.
Courtney McCrone, another teacher, returned to her hometown of Temora after living in Canberra and Wollongong. She expressed relief over the reduced costs of living, stating, “It’s definitely a lot cheaper, with rent and general living expenses far lower than in larger cities.”
Financial Influencers Shed Light on Regional Benefits
Finance influencer Tash Estchmann recently pointed out that people moving just two hours from Sydney to places like Newcastle have experienced “massive savings.” For instance, one couple’s grocery expenses decreased to $400 per month—about a third of the average spending for a single person in Sydney, according to Finder’s statistics.
Their costs for rent and travel also plummeted, highlighting the financial benefits of living away from urban centres. Underpinning this economic shift, Commonwealth Bank reported that the Sunshine Coast has emerged as the most popular regional destination for nine consecutive quarters, followed closely by other locales in Queensland, New South Wales, Victoria, and Western Australia.
The New Frontier for Regional Living
The Regional Australia Institute (RAI) CEO Liz Ritchie described these changes as a “new frontier,” wherein many seek cheaper housing and a quieter lifestyle. “People are enthusiastic about the career opportunities and lifestyle benefits it offers,” she noted, adding the need for communities to have adequate infrastructure and support to absorb the influx of new residents.
Interestingly, while a significant number of Sydneysiders have opted for regional living, there has been a slight decrease in their migration rates—from 65% in late 2023 to 59%—whereas Melbourne’s outbound migration has risen to 40%.
In conclusion, as more Australians discover the financial liberation of moving away from high-cost capitals, the appeal of regional living is poised to grow. With a mix of improved housing options and career prospects, this trend seems likely to reshape where many choose to call home in the coming years.
