An Australian family is preparing to leave the Gold Coast for Italy, believing the move could free them from a mortgage and ease the pressure of Australia’s rising cost of living.
Krysti-Glory Gallo, a stylist and designer, and her husband, Ricardo Parata, who works in education, started looking at Italian property late last year as they searched for a more affordable and enjoyable way of life.
The couple found a three-bedroom terrace in the historic Tuscan city of Lucca priced at €205,000, or approximately $330,500. They intend to move there with their two children, aged seven and 11, in February 2027.
Ms Gallo told Daily Mail that relocating felt like an obvious choice, particularly as the family faced paying off the remaining $600,000 mortgage on their Gold Coast property.
“We realised moving overseas was a better option than staying in Australia when my wage no longer covered our mortgage,” Ms Gallo said.
The family bought their current home for $525,000 in 2023 and expects to sell it for roughly $1 million towards the end of 2026.
Ms Gallo calculated that paying the loan across its full 30-year term would have brought the total cost of the mortgage to about $1.295 million.
After clearing the outstanding debt, the couple expects to retain approximately $450,000 in equity from the sale.
Krysti-Glory Gallo, a stylist and designer, and her husband Ricardo Parata, an education worker, began exploring homes in Italy late last year as Australia’s rising living costs placed increasing strain on their finances
“We knew that, regardless of how much equity was tied up in our home, we could not access it while the cost of living kept climbing,” Ms Gallo said.
She said the expected $450,000 profit would give the family enough capital to replace their Gold Coast home with a similarly sized property in Italy.
“We can take that equity to Italy, own our home outright and begin with 100 per cent equity from the very first day.”
Ms Gallo believes the move will also give the family greater financial breathing room and reduce the daily stress caused by their current expenses.
“Ricardo is working two jobs—one full time, while the other involves nights, weekends and travel—and we still have to check our bank balances before buying basic necessities.
“We could either keep complaining about our circumstances or look for an answer. The answer had been right in front of us all along.”
Together, the couple has three sources of income and earns between $150,000 and $160,000 annually. Even so, they estimate their household spending is at least $120,000 a year.
By owning a home in Italy, they believe they could support their family on an annual budget of around €45,000, equivalent to approximately $72,500.
Ms Gallo believes moving to Italy will give the family more financial security and allow them to enjoy a less pressured lifestyle
In a series of TikTok videos detailing their relocation journey, Mr Parata said the move was about improving the family’s quality of life rather than earning more money.
“We are not changing our lifestyle simply because of the income. We are changing it so we can genuinely enjoy our lives,” he said.
“Any additional income is simply a bonus.”
‘One thing I will add is that Italian incomes are a lot less than Australian incomes, but when cost of living is a lot less, you can do more with your income.’
Their Italian home will be ‘like for like’ with their Gold Coast townhouse, with three bedrooms and two bathrooms spread across three levels.
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However, its 30sqm garden meant the property was also an upgrade.
‘We actually have more land in Italy now with a decent yard for our kids,’ Ms Gallo said.
‘Although it has been renovated completely (roofing, plumbing, electrical and heating), we will update it to make it our own aesthetically.’
They came across a €205,000 (about $330,500) three-bedroom terrace in the historic Tuscan city of Lucca that they plan to move into in February 2027 with their two children, aged seven and 11
Although the Lucca property was one suburb away from their preferred area, Ms Gallo said they were attracted by its proximity to shops, other amenities and the local school.
She estimated the completed renovations would have cost them about €70,000 (A$112,746) if they completed it themselves.
Although the Lucca property was one suburb away from their preferred area, Ms Gallo said they were attracted by its proximity to shops, other amenities and the local school.
‘It had everything we needed and it is ready to live in right now,’ she said on TikTok.
‘It’s literally a five-to-10 minute bike ride to the suburb we were originally looking at and the children can still walk to the local school.
‘Our youngest will go to school 200m across the road.’
Ms Gallo told Daily Mail she was looking forward to the family enjoying a better quality of life in Italy.
‘At the moment, no matter what we have done to simplify our life, it just never seems like we have a minute spare to breathe and our time together is rushed,’ she said.
‘We hope that our days don’t feel long.’
The couple purchased their current property in 2023 for $525,000 and expect to sell it for about $1 million later in 2026
She said the family would also spend some weekends travelling to other countries.
‘We can fly to places like [the] UK, Germany and Greece for the weekend for the price it costs to fill up Ricardo’s ute.’
Although her children were initially hesitant about the move, Ms Gallo said they understood the benefits of experiencing the other side of the world.
‘The boys naturally took time to understand the reason behind the move, but our oldest is now aware of what it costs to keep a house here in Australia and the challenges that we are facing,’ she said.
‘They’re also aware that they will finally be able to experience the other half of their culture.
‘Ricardo and I are both Italian, so for them to have dual citizenship and eventually be bilingual will only open doors for them as adults.’
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