Is It Cheaper To Live In Melbourne Or Sydney?

Cabs, Coffee, And Shopping

In a direct head-to-head contrast, the two cities are quite similar. Summer clothing from a chain shop, a McDonald's meal, a pair of men's leather shoes, a coke, and a cappuccino all fall within the same basic price range throughout cities.

It's important to keep in mind that this doesn't necessarily equate to affordable rates; for instance, a summer dress in Melbourne or Sydney would set you back far more than the same style would in Chicago, London, or San Francisco.

In both cities, the going rate for a night at the movies is $20, while a romantic meal for two would set you back $80.

The price of gas and/or public transit to go from one city to another also has a role. The basic cost in Melbourne is $4.20, which is more than the base fare in Sydney, which is $3.60. A taxi trip of 1 kilometre or an hour of waiting will cost you more in Sydney.

While a single ride on Sydney's public transportation would set you back $4, just $1.10 more than in Melbourne, a monthly pass will set you back $160.00, a difference of $21.40. The average price of a gallon of petrol is roughly $1.26, while a brand-new Volkswagen Golf 1.4 would set you back about $24,745.

Sydney Leads In Housing And Utilities.

Despite this, Sydney's housing costs are much higher than Melbourne's. Consider the following examples related to renting:

While this is going on, if you're interested in purchasing an apartment:

Despite the fact that the annual mortgage interest rate is almost the same in both cities (4.62 in Sydney and 4.56 in Melbourne), the former has more expensive housing. This highlights the need of comparing house loans to get the most advantageous terms.

Utility costs in Melbourne are lower than in the rest of the country; residents of a typical 85-square-metre apartment pay just $157.50 a month for power, water, heating, and garbage collection. The Sydney rate is $170.48.

Harbour City Continues To Be Costly Despite Salaries.

Harbour City residents had a greater average income ($4,580.83) than Melburnians ($4,412.98), which somewhat compensates for this statistic. The typical Sydneysider is probably not going to feel too great about the more than $100 price differential.

The cost of living index (a metric for comparing how much it costs to live in cities throughout the world) website Numbeo puts Sydney ahead of Melbourne by a wide margin. There is now a little difference in Sydney's cost of living and other major cities like London and Chicago, although it is more than in Paris and Santa Cruz. The present cost of living in Melbourne is comparable to that in Oxford, United Kingdom, and Calgary, Alberta, Canada.

According to these numbers, Melbourne is less expensive than Sydney. If you're in the market for a mortgage, this may be something to think about.

Sydney's Cost Of Living

Sydney's cost of living may be a topic of interest if you're considering a move to Australia's most populated city.

It's possible that the city is stunning, with many amazing attractions to check out. Even yet, it's widely recognised as not just Australia's, but one of the world's, priciest major cities to call home.

Having this idea may not deter you. Many people dream of living the Sydney dream, and if you have the chance to sample it while you're still young and unmarried (or a student), you'll never forget it.

Although Sydney isn't for everyone, you may find yourself forced to go there for family, employment, or school. Luckily, we've broken down the financial essentials so you can prepare accordingly.

An Overview Of Sydney's Living Costs

Following the introduction, we've included a brief cost breakdown, with prices based on a single person's expenses in a one-bedroom apartment in Sydney's central business district.

In order to save money, it is recommended to relocate away from the central business district (CBD). Costs of living vary greatly from the east to the west and the north to the south of the central business district. You should budget for the fact that lodging is likely to be your single largest expenditure, and that the location of the places you'll be spending the majority of your time will have a direct bearing on how much time you'll spend away from home.

Sydney apartment with one bedroom available for rent

• $2558.71 per month

Electricity/Gas

• $182.48 per month

Cable/ADSL Internet (60 Mbps, unlimited use)

•  $71.49per month

A prepaid mobile call within the same area code costs one dollar, regardless of the length of the call.

• $0.78 per month

food and drink and groceries

• $560.00 - $600.00 per month

Transport

• Public transport (trains, buses, ferries and light rail)
• $217.36 for a monthly ticket

Fuel

• $1.32 per litre av.

Purchasing a Golf 1.4 90KW Trendline Volkswagen as a newer car

• $28,990.00

Dinner out

• Mid-range restaurant $25.00
• High-end restaurant $50.00

Sydney's Average Income

Considering the high cost of living there, you may anticipate that the average net salary (before taxes) in Sydney is greater than in a few other urban centres. It's possible that if you go to Sydney in search of full-time employment, you'll get a wage that is about equivalent to the regional median.

Transport

The Opal Card is used for all modes of public transportation in Australia, including trains, buses, light rail,and ferries. On Sundays, a ride on the bus or subway will cost you the same $2.70 no matter how far you go.

One-way fares on public transportation in the area cost an average of $4.00, while a monthly pass can be purchased for an average of $217.39. It costs around $1.32 per litre on average, which adds up quickly if you do a lot of driving. In Sydney, a brand-new automobile will set you back around $2899 (using the price of a 2015 Volkswagen Golf 1.4 90KW Trendline as an example) (or equivalent).

Rent And Housing

The average monthly rent in the United States is around $1,200 for a one-person household, while the average rent for a two-person household is about $2,600.

As an exception,suburbs in the east have substantially more affordable rentals than the inner city. To rent in the city proper, you should budget between:

Typical weekly rental cost and living arrangements

• Share-house - $352.00
• Serviced apartment - $370.00
• One-bedroom apartment - $815.00
• Accommodation with a host family, providing the majority of the student's meals, is $320.00 a week.

Suburbs farther from the centre of Sydney, especially to the south and west, are much more affordable. However, if you need to study or work in the Central Business District, you may want to think about transportation and accessibility. What you might anticipate to pay depends on your personal situation and the location to which you relocate.

• Depending on the number of bedrooms and location, a room in a home with other people costs about $317.
• One-bedroom unit - $540.00

TheTypical weekly rental cost for a two-bedroom, middle-class suburb apartment is $600-$700, which is more than affordable for a family of three without children, although older apartments may be found for $350-$100 less.

Examples include:

• Rhodes and Meadowbank (approx. $600.00 per week)
• St Leonards (approx. $700.00 per week) 
• Burwood (approx. $650.00 per week)
• To make a long-term commitment, you may buy a condo in the downtown area for around $13689.96 (per square metre) or in the suburbs for about $8748.00. (per square metre).

Utilities

The need for heat and power is fundamental to modern comforts, and the average monthly cost of energy in Sydney is around $182.48.

In today's world, it's hard to imagine life without a cell phone or internet access. The specifics of a prepaid local call on a mobile phone without a plan or discount can cost roughly $0.78 for less than a minute, whereas an internet package (for 60Mbps or more, unlimited internet, Cable/ADSL) may cost an average of $71.49 per month in Sydney.

Melbourne's Cost Of Living

It's one of the most popular and widely practised styles of living in Australia's major cities. Can you afford the high cost of living in Melbourne, where you have access to the world's finest cuisine, cultural attractions, artistic expressions, and historic landmarks?

Can You Afford Melbourne's Culture?

The Yarra River, which originates in the rocky hills of Yarra Ranges National Park and winds its way through one of Australia's major cities, Melbourne, before emptying into Port Phillip Bay, forms an integral part of Melbourne's landscape.

It's one of the most popular and widely practised styles of living in Australia's major cities. Can you afford the high cost of living in Melbourne, where you have access to the world's finest cuisine, cultural attractions, artistic expressions, and historic landmarks?

There are many reasonably priced places to rent in Melbourne, despite the fact that homes in some of the city's core neighbourhoods might be prohibitively expensive. The perfect lifestyle, with all the benefits of "Melbourne" and a lower cost of living, may be found just outside the city.

The cost of living index for Melbourne is broken down into its component parts so that you can calculate how much money you'll need each week to meet your expenditures.

An Overview Of Melbourne's Living Expenses

Monthly Average Cost of Living OR Monthly Average Living Expenses

• The typical rate for a downtown Melbourne one-bedroom apartment is $1756.48.
• Melbourne city centre three-bedroom apartment rent: $3329.17
• Rent for a one-bedroom apartment in Melbourne's suburbs or regions is $1416.11.
• Apartments in suburban or rural Melbourne are available for rent for $2288.14.
• Electricity, heating, water, and rubbish (85 m2 apartment) - about $203.66
• Internet (cable/ADSL, 60Mbps or higher, unlimited data) - $70.56
• Data on a mobile device (one-minute local call on a prepaid cell rate without a plan or discount): $0.20
• Average cost of a one-way public transportation ticket across all modes of transportation: $4.50
• Average monthly fare for public transportation (across all modes of transportation): $156.00
• Fuel (per litre) - $1.33
• A new automobile costs $27000.00 (the same as a Volkswagen Golf 1.4 90KW Trendline).
• Basic groceries per person - $612.00
• Breakfast in a cafe (not including coffee) - $10.00 - $15.00
• A café or restaurant for lunch (per person including drink) - $15.00 - $20.00

Melbourne's Average Income

The average net pay (after taxes) in Melbourne is similar to the net wage (after taxes) in Australia as a whole. The higher cost of living in Melbourne compared to other big cities, however, mitigates this.

Monthly earnings in Melbourne average $5028.73, which is more than the national median of $4843.42. You now have to figure out how much of your pay you need to spend to live comfortably in a city with costs that are some of the greatest in Australia and the globe.

Housing And Rent

Everyone, from working adults to families to students to overseas students, spends the most money on housing. The place and manner in which we reside are the bedrock of our way of living wherever we may be.

Prices in the downtown area of any city are often higher than those in the suburbs. Take a look at the averages we've compiled below for some insight into the cost of lodging in Melbourne:

Cost of typical monthly housing and its many types

• Rent for a one-bedroom apartment in the heart of Melbourne is $1756.48.
• Rent for a three-bedroom apartment in the heart of Melbourne is $3329.17
• Apartment in suburban/regional Melbourne is available for $1416.11 
• Apartment in suburban/regional Melbourne, 3 bedrooms, rent: $2288.14

Your monthly budget in Melbourne, Australia, will be determined by the standard of living you choose. While it's true that rent in the heart of the city will always be more than in outlying areas, there are methods to offset the cost, such as cutting down on your use of public transit.

There is a stronger demand for housing along the seaside, thus prices and rents are higher in places like St. Kilda and Brighton.

The good news is that many Melbourne suburbs have a more relaxed vibe while still being populous enough to provide access to a diverse range of restaurants, parks, and cultural events.

Conclusion

Many people assume that Melbourne is more reasonably priced than nearby Sydney. The typical costs of living in Sydney and Melbourne are broken down in this infographic. For example, one-bedroom apartments in Sydney might be up to $870 more expensive monthly to rent than in other locations. Compared to Sydney, residing in Melbourne will save you roughly 5 per cent. Comparatively, the median price of a home in Sydney is $750,000, whereas, in Melbourne, it is just approximately $450,000.

The typical interest rate on a house loan in Sydney is 5.61%, while it is 5.56% in Melbourne. So, you will find a small price difference when comparing the two cities head-to-head. But compared to Melbourne, housing in Sydney is prohibitively expensive. On average, one gallon of gas now costs around $1.26, whereas a brand-new Volkswagen 1.4 would set you back about $24,745. So, Sydney has a much lower cost of living than Melbourne.

Living in Melbourne is not much more expensive than in Oxford, United Kingdom, or Calgary, Alberta, Canada. Costs fluctuate from the north to the south and east to the west of the core business area. Australia's railways, buses, light rail, and ferries may be accessed with a single Opal Card. The average cost of a brand-new car in Sydney is $2899. In the United States, a one-bedroom apartment will cost you roughly $1,200 monthly to rent.

In Sydney, the average cost of electricity per month is $182.48. In Sydney, a standard internet service (60 Mbps+, unlimited data, Cable/ADSL) may cost $71.49 monthly. One-bedroom apartments in Melbourne's central business district typically cost $1756.14. Melbourne residents take home a typical monthly salary of $5028.73, compared to the US average of $4843.42. The price of a brand-new car is $2700. (The same as a Volkswagen Golf 1.4 90KW Trendline). The going rate for a central Melbourne one-bed is $1756.48 per month.

Content Summary

1. The Australian city of Sydney consistently ranks among the world's most expensive.
2. It's not cheap to live in Melbourne, although it's often believed to be cheaper than its neighbouring city of Sydney, Victoria.
3. Sydney's one-bedroom flats may cost up to $870 more per month than in other cities, making rent the main difference.
4. Depending on how much money you save each month on transportation, hotel, booze, and groceries, the cost of living in Melbourne could be hundreds lower than in your current city. 
5. Mercer insists that Sydney is Australia's best location to live, despite the country's high costs.
6. The Economist Intelligence Unit has ranked Melbourne as the world's most liveable city for the sixth year.
7. The median cost of an apartment in Melbourne is around $450,000, making it an affordable alternative in a nation where apartments are increasing.
8. The average home loan interest rate in Sydney is 5.61%, while in Melbourne, it is 5.56%. You may purchase a property in Sydney or Melbourne with a savings of $20,000 and a payment of around $2,800 per month (loan of $450,000 for 25 years). However, unless you've properly prepared your budget, it might not be easy to meet your repayments in Sydney owing to the city's higher living expenses.
9. The cost of purchasing a piece of land in Sydney or Melbourne is similar, regardless of its size.
10. In both cities, the going rate for a night at the movies is $20, while a romantic meal for two would set you back $80.The gas and public transit prices to go from one city to another also have a role.
11. The basic cost in Melbourne is $4.20, which is more than the base fare in Sydney, which is $3.60.
12. Consider the following examples related to renting: While this is going on if you're interested in purchasing an apartment: Even though the annual mortgage interest rate is almost the same in both cities (4.62 in Sydney and 4.56 in Melbourne), the former has more expensive housing.
13. The cost-of-living index (a metric for comparing how much it costs to live in cities throughout the world) website Numbeo puts Sydney ahead of Melbourne by a wide margin.
14. According to these numbers, Melbourne is less expensive than Sydney.
15. Sydney's cost of living may be a topic of interest if you're considering a move to Australia's most populated city.
16. Even yet, it's widely recognised as not just Australia's but one of the world's priciest major cities to call home.
17. One-way fares on public transportation in the area cost an average of $4.00, while a monthly pass can be purchased for an average of $217.39.
18. The need for heat and power is fundamental to modern comforts, and Sydney's average monthly energy cost is around $182.48. In today's world, it's hard to imagine life without a cell phone or internet access.
19. Can you afford the high cost of living in Melbourne, where you can access the world's finest cuisine, cultural attractions, artistic expressions, and historic landmarks? There are many reasonably priced places to rent in Melbourne, even though homes in some of the city's core neighbourhoods might be prohibitively expensive.
20. The perfect lifestyle, with all the benefits of "Melbourne" and a lower cost of living, may be found just outside the city.
21. The higher cost of living in Melbourne compared to other big cities, however, mitigates this.
22. You now have to figure out how much of your pay you need to spend to live comfortably in a city with some of the greatest costs in Australia and the globe.
23. Everyone, from working adults to families to students to overseas students, spends the most money on housing.
24. Prices in the downtown area of any city are often higher than those in the suburbs.