Of all the people I know who've moved to regional cities in Vic, all are extremely happy with their moves AFAIK, and most would never move back to Melb. I could live very happily in Traralgon or Shepparton. But alas, kids in school, friends, business etc, so i'll stay here in Doncaster. We are creature of habit.
On Newcastle, I would reckon that it offers probably the best all round lifestyle in Australia. I've been there a few times, but no longer know anyone there. Not too big/small, great climate and natural attractions, etc, etc.
If i were dropped from outer space, with no history, into Oz, with a choice of where to settle, then it would be Newcastle for me.
I also admire those who can move to an Asian etc. country for lifestyle and happiness, financial reasons. A very big step.
Time and quality of life are more important than "stuff". So true.