After the couple parted ways two years ago, "Miley never got over Liam," a source close to the singer exclusively tells PEOPLE. "Despite them constantly fighting before the split, Miley always said Liam is the love of her life."
The Cyrus insider adds, "There were so many things that she loved about their relationship. They had a lot of fun and Liam was mostly very supportive of Miley."
But that love and support wasn't enough. Cyrus, 23, and Hemsworth, 25 – who hit it off on the set of 2010's The Last Song – called off their engagement in September 2013 after a challenging year.
Following her split with Patrick Schwarzenegger in April and a rumored romance with model Stella Maxwell over the summer, Cyrus and Hemsworth might be giving their love another shot. A source tells PEOPLE the duo have been staying at the Byron Bay, Australia, home of his brother Chris Hemsworth and sister-in-law Elsa Pataky, with whom Cyrus partied at the Falls Festival over the weekend.
Cyrus and Hemsworth sparked reconciliation rumors after reportedly showing PDA at the music event and stepping out for a bite to eat.
According to the Cyrus insider, the former Disney star says she is having fun with friends Down Under and the reunion speculation doesn't come as a surprise. Adds the source: "It seemed she was always hoping and dreaming that they one day could get back together again."