If you look more closely at the results of the survey, they show that the median multiple of house prices to income for major cities is 7.7 times in Australia compared to 4.8 times in the UK and 4.2 times in the US. In Sydney, it is 11.8 times and in Melbourne, it is 9.7 times.
Housing Costs In Australia
Housing in Australia is much more expensive than the UK.
Overall, the cost of renting and buying a property is lower in the UK than in Australia. (Here is how to keep the costs of buying lower in the UK.) Still, there are great local differences. For instance, the costs of renting and buying property in London are nearly 20% higher than in Sydney.
Cost of Living Comparison Between Sydney and London
You would need around 9,194.5A$ (5,177.0£) in London to maintain the same standard of life that you can have with 9,000.0A$ in Sydney (assuming you rent in both cities). This calculation uses our Cost of Living Plus Rent Index to compare cost of living.
The UK vs Australia: Quality of life. In general, the living standards in Australia are noticeably higher than in the UK. The highest quality of life is also accompanied by higher average wages.
Australia scored highly in the United Nations' 2022 World Happiness Report, ranking as the 12th happiest country out of 156 countries – ahead of Canada (15th), the United States (16th) and the United Kingdom (17th).
The UK is known for its University of Cambridge, which ranks #2 globally and #1 nationally. In Australia, many top-ranking universities like the University of Melbourne, ANU, etc. are recognised both nationally and internationally.
Australia's maximum 47 per cent rate is 8 percentage points higher than New Zealand (39 per cent), about 5 percentage points above the US (a figure which includes an estimated average state income tax) and 2 percentage points higher than the UK.
According to the report, Bermuda is the most expensive country in the world. Switzerland ranks second on the list, followed by the Bahamas, Barbados and Iceland to round out the top five. Australia ranks at a merciful number 12, with an index of 77.75.
Is Australia in a cost-of-living crisis? Anyone living in Australia is aware there is a cost-of-living crisis. As of June 2022, the inflation rate in Australia ballooned to 6.1%—setting a 21-year record—with food, rent, petrol, and gas prices skyrocketing.
Tax Rates. Both Australia and the UK apply progressive rates of tax ranging from 0% to 45%. However, while Australia has a standard initial tax free threshold for all taxpayers, the UK utilises a system of allowances that taxpayers deduct from their income before tax is assessed.
In general, Australia is a very safe country to visit, or live in, with crime levels as low as those of most Northern European countries. According to the gov.uk foreign travel advice website, the level of crime in Australia is no higher than in Britain.
Cost of living in Melbourne (Australia) is 21% cheaper than in London (United Kingdom)
The Oxford Economics consultancy will this week publish its analysis of the affordability of housing revealing that residential property prices are 'overvalued by a third and likely to fall'.
Where is the cheapest place to live in the UK 2022? In Middlesbrough, claiming top spot for affordability, with an average house price of £54,978. TS1 is the postcode in Middlesbrough. The TS3 postcode is another one featured in the top 10 most affordable areas of the UK, with an average home price of £80,958.
Key points. A new report ranks global property markets as fair valued, overvalued or in bubble risk territory. Sydney property prices are overvalued despite recent price falls, the report found. Experts warn prices will not necessarily fall back to levels that would be fair value.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
Sydney Is Still Australia's Most Expensive Place To Live, but Melbourne and Brisbane Are Not Far Behind. Singapore and New York have tied for the title of world's most expensive city in this year's Worldwide Cost of Living report.
An increase in the number of permanent leavers
As a reaction to the severity of lockdown and what they see as the draconian closure of borders, a growing number of Australians are looking to leave permanently because of disillusionment at the action.
It is very easy to assume that by leaving the UK you will suddenly be exempt from UK tax. Unfortunately, this is not the case and depending on your personal circumstances you may be subject to UK taxation (income tax, capital gains tax and inheritance tax) despite living in Australia.
Australian English is spoken by the majority of Australians. It is used by people who are born and raised in this country and also by those who immigrate during childhood. Australian English is a regional dialect of the English language.
Average Salary
Nurses working in London receive up to an extra 20% due to increased living costs. Australia: Nurses in Australia have an average annual salary of $65,000 (£39,201) – however, this can be can vary significantly by location and sector.
Australia has been ranked the top country by Indians for food, safety and friendliness. This Continent Country attracts millions of tourists every year for its quality of living, outdoor lifestyle, sports and beaches.