Both in Australia and the rest of the world, the cost of living is rising steadily. The cost of living in Australia is worse now than it has been since the epidemic began in early 2020 due to increased prices for fuel, groceries, flights, and other items. The cost of living in Australia is ranked 14th in the world. When rent expenses are taken out of the equation, this warm country ranks higher than the United States, the United Kingdom, and even Canada. In this article, we will tell you about the top five most expensive cities of Australia.
Nearly twice as expensive as the next, one of the most expensive cities of Australia, Sydney is also the 15th most expensive city in the world. Sydney’s easternmost districts have become a popular hangout for Australia’s wealthiest people. Due to supply and demand, Sydney’s housing market is one of the most expensive in the world. Sydney is well-known for its stunning beaches and wonderful temperature. It is also quite safe, up-to-date, surrounded by wildlife, and has some highest-paying employment in Australia.
Out of two hundred and nine cities, Melbourne is listed as the fifty-ninth most expensive city in the world. It is more expensive than Perth, Adelaide, Brisbane, and Canberra despite being rated below Sydney. Greater loan availability as a result of financial deregulation is one factor that could have influenced the rise in home prices. Since 2008, there have been low interest rates, enhancing borrowing capacity because of lower repayments. The government’s release of property land is restricted and this leads to the shortage of demand, resulting in Melbourne to be one of the costliest cities in Australia.
Perth has had the most increase in Australia’s cost of living and is one of the most high-priced cities in Australia. The main city of Perth in Western Australia, where the typical property price is eight hundred and eighty-five thousand dollars instead of four hundred and ninety-five thousand dollars. The same is true for renters in Perth’s median weekly cost for a house to rent, which is five hundred and twenty-five dollars, but this figure is closer to four hundred and fifty dollars elsewhere in Western Australia. Perth is a growing city, probably as a result of its laid-back yet cosmopolitan atmosphere, which offers a burgeoning economy, lovely parks, and nice weather all year round. Perth’s economy is mostly driven by the tourist, technology, healthcare, and mining sectors.
Depending on your living arrangements, Brisbane’s average cost for a single individual to live comfortably ranges from four hundred dollars to seven hundred and fifty dollars per week. Brisbane’s population expansion and its growing appeal as a relocation destination have both contributed to the city’s constantly rising cost of living over time. The typical grocery budget for a person is between one hundred dollars and one hundred and thirty-five dollars a week.
Canberra is now the most costly capital city in the nation to rent a house due to its rapid population expansion, historically low interest rates, and Australia’s highest average wages. The cost of living is lower in Canberra than it is in other major cities, making it the most costly capital city in Australia to rent a home. Canberra’s cost of living was found to be fifteen percent less than Sydney’s. At least four hundred and seventy dollars per week is needed for a single student living away from home to cover housing, food, utilities, and entertainment.
These were the top five most expensive cities in Australia, mentioned above which are Sydney, Melbourne, Perth, Brisbane, and Canberra.