Possible move to Mallorca (Balearic Islands)

Hi all..

My partner and I are considering moving to Mallorca within the next year or two. We're expecting our first child in September this year and believe now is the time to plan our move. I am a CPA and my partner is an IT consultant. We're both fluent in English and Spanish. We've done minimal research at this point but have seen property prices appear very affordable, and employment opportunities (and salaries!!) appear quite scarce.

Does anyone have any advice on how we can better plan this? What sort of industries/professions seem to thrive there at present? Are we better off starting our own business? If so, what is in high demand, yet scarcely available?

Also, and probably most importantly, how high is the cost of living there? With salaries so low (i.e. a quarter of what they are here in Melbourne), I would assume the cost of living should also be a fraction of what it is here?

Any advice is very welcome..

Thanks so much for taking the time to read my thread :)

Kind regards,
Jo