Sydney is still the most expensive city in Australia — you'll pay around a quarter more for living expenses in Sydney than if you lived in Darwin or Melbourne, and even more if you stayed in Adelaide or Hobart. The overall costs of living in Adelaide and Hobart are very similar.
Australia's most expensive suburbs will shock you with how much they cost. Image: Canva. Australia's most expensive suburbs by median house price are all concentrated in Sydney, the most expensive city in Australia, and one of the most expensive in the world.
Anyway, Melbourne came in second for the Australian cities, taking out the number nine slot on the 'most expensive places to buy a home in the world' list. Next came Adelaide, Brisbane, and Perth.
Also, the cost of living is lower in Canberra than in other major cities in Australia, making it the 1st cheapest place to live in Australia on our list. Let's look at the top universities in Canberra and their annual costs.
The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.
According to Expatistan, this means Australia is one of the most expensive places to live (ranked 13 out of 74). Generally, a higher cost of living means that basic expenses have become – well, expensive.
Sydney has been ranked as the world's 10th most expensive city, according to the latest Economist Intelligence Unit (EIU) report, thanks to the price of groceries, rent and everyday services, ranking equally with Copenhagen.
The most expensive place for housing in Australia is Sydney. Including utilities, it's 48.51% higher than the cost of Adelaide, which is the least priciest capital city.
Here are a few affordable places to consider: Tasmania: With its beautiful landscapes, affordable housing, and low cost of living, Tasmania is a popular choice for retirees. Adelaide: Adelaide has a mild climate and a lower cost of living compared to other major cities in Australia.
Postcode 2023, which encompasses Bellevue Hill is the most expensive postcode for houses in the country. The country's most expensive postcode was 2023, which covers the exclusive eastern Sydney suburb of Bellevue Hill and has a median house price of $7.16 million.
Average cost of living in Brisbane per week
The average cost for a single person to live comfortably in Brisbane is from $400 to $750 per week depending on your living circumstances. Use this calculator to get a rough idea of your estimated living expenses.
Bellevue Hill has consistently come up on top as one of Sydney's richest postcodes, landing itself in the top five for the highest income earners for the past eight consecutive years. The postcode is yet another prestigious harbourside neighbourhood that is full of sprawling estate homes and expensive cars.
Sydney is among the top 10 most expensive cities in the world to live, with the cost of living now higher than in New York and London, according to a new report.
Cost of living in London (United Kingdom) is 23% more expensive than in Sydney (Australia) How much money will you need in London?
A. Median salary
The median salary in Australia in 2023 is 6,650 AUD (USD 4,420) per month. The median salary refers to the middle value of all the salaries considered. In other words, around half of the population in Australia earns less than 6,650 AUD per month, while the other half earns more.
To be considered in Australia's highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
All the cities on this graphic are classified as severely unaffordable—and, for the 12th year in a row, Hong Kong takes the top spot as the world's most unaffordable housing market, with a score of 23.2.
Monaco is the most expensive country to live in, with a cost of living of $3,585 per month. Other expensive countries to live in include the Cayman Islands, Switzerland, and Singapore, all of which have a cost of living of over $2,000 per month.
After Hong Kong, New Zealand and Australia were the least affordable countries overall in the study which looked at the U.S., Canada, the UK, Hong Kong, Singapore, Australia, New Zealand and Ireland. This chart shows the places where it's hardest to afford a home (2023).
Perth's Australia Day's are hardly ever rainy
It also has the highest average maximum temperature at 30.4°C with 61 of the past 116 Australia Days above 30°C. In comparison, Sydney has experienced 51 rainy Australia Day's, Melbourne with 28, Brisbane, 41 and Adelaide, 17.