Would you move to a new city to buy a home?

A young happy couple. One of them holds a set of house keys in her hand and looks overjoyed, making their partner smile excitedly.
How far would you go to own your own home?

With home values on the rise, Australians priced out of the markets where they currently live may have to consider a change of scenery if they want to buy. 

Home prices are rising to record levels 

The latest CoreLogic Home Value Index (HVI) reveals that Australian dwelling values have hit a record high, just narrowly cracking April 2022’s peak by 0.03% on 22 November 2023.

It’s been described as a ‘V-shaped recovery’ by CoreLogic’s executive research director, Tim Lawless, who said it took about 9 months from April 2022 for the index to bottom out in January 2023, and a further 10 months for the new record high to come about last week. 

"The 'V' shaped recovery may seem counterintuitive, given high interest rates, deeply pessimistic levels of consumer sentiment and high cost of living pressures, however, the recovery can be explained by an imbalance between supply and demand," Lawless said.

CoreLogic's graph showing the home value recovery across Australia, shaped a little bit like a 'V'.

If the shape of the line looks less like a ‘V’ and more like someone forcing themselves to smile, you might be a prospective homeowner who’s watching house prices and interest rates rise with rapidly deflating enthusiasm. 

However, this whirlwind recovery is, for the most part, isolated to only five capital cities and four of the states’ regional areas – it’s in the others where there could be an opportunity for those who wouldn’t mind a change of scenery. 

The cities and regions where prices are stable or dropping

Capital cities: 

  • Hobart  (-1.5%) 
  • Darwin (-0.8%)
  • ACT/Canberra (+0.5%). 

According to CoreLogic, year-on-year (YOY) home values in Hobart (-1.5%) and Darwin (-0.8%) have gone down, with the ACT (Canberra) only experiencing a +0.5% increase in dwelling values, according to CoreLogic.  

These three cities are all trending down compared to their record highs, with Hobart posting a -11.8% decrease since its most recent high in March 2022. 

Darwin is also down -3.3% since its record high in September 2022 and the ACT (Canberra), despite its slight increase in YOY values, has slipped -6.4% since May 2022.

It’s a similar story in the nation’s regions, although with less pronounced YOY declines. 

Regional areas:

  • Regional Victoria (-2%) 
  • Regional Tasmania (-0.3%)
  • Regional Northern Territory (-0.4%). 

Regional Victoria, Tasmania, and the Northern Territory all experienced small decreases in dwelling values, the largest of which was regional Victoria, with a -2% decline. 

Regional Tasmania and the Northern Territory stayed reasonably flat at -0.3% and -0.4% respectively. 

These regional areas have all experienced a significant drop in value since their record highs, with regional Victoria showing a drop of -7% since May 2022. 

Home values in regional Tasmania have dropped -5.4% since May 2022, while regional Northern Territory values decreased -3.4% since April 2023. 

Top tips for those moving home to another city

A young boy looks excitedly down the driveway of his family's new home while mum and dad unpack the moving van
A new start in a new city for this family.

Resident Mozo finance expert, Peter Marshall, recently made the decision to leave Sydney for more affordable interstate shores and shared some practical tips for those considering the move.  

As a renter in Sydney for over three decades, Marshall says that buying in Australia’s most expensive housing market was “never on the table as an option.”  

“The home price thing was an enormous part of why I left Sydney,” he said. “It’s possible I would’ve stayed, I don’t know. But given the choice between renting in Sydney and buying somewhere else, it becomes much easier.” 

Marshall did his due diligence before putting the wheels of his move into motion, helping to make sure there weren’t any surprises on the cost front. 

His biggest tip?   

“Budget more than you think you need for everything.” 

Marshall recommends budgeting for a small amount above every quote that you get, whether it’s for conveyancing fees, or building and pest inspections. 

“That means when you get around to having to pay for things, you find that some things end up costing a little bit more, you’ve got room in your budget to deal with that – and it’s not going to be the end of the world.” 

Aside from giving yourself some budgetary wriggle room, Marshall also recommends sorting out your conveyancer and inspectors before you lock into making an offer on a home, as once the ball starts rolling, things can move quite quickly. 

“You spend months and months looking for a place to buy and, all of a sudden, you need to have all these things at your fingertips. So have those things at your fingertips before you need them because when you do, you won’t be wanting to do that research,” he said.  

The same ethos applies to your home loan financing. You’ll want to have a lender on hand, ready to go well before signing the deed, so you know exactly how much money you can borrow to buy your new home. 

That also means you’ll need to compare home loan interest rates to see which lenders currently offer competitive rates and the home loan features you want. Get started with some of the featured products below.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 22 July 2024 Important disclosures and comparison rate warning*
  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Redraw facility available. Split your home loan into multiple loan accounts.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.