Escape to the country cools off as cost of living bites

Capital city residents tend to move to regions close to the cities, such as the Sunshine Coast. (Dan Peled/AAP PHOTOS)

High interest rates and house prices mean Australians are staying put for the first time since the height of the COVID-19 pandemic, when record numbers of people left the cities for the country.

Movement across the nation fell by 11 per cent in final three months of 2023, while the number of people moving from the cities to the country dropped by nine per cent, internal migration data shows.