Cost Of Living In Australia

Australia is a very common choice for US and UK citizens who are looking to start a new life in an area with a similar culture and quality of life. Comparing the AUD currency to your current Country’s currency is not the most effective way to get a general idea about the cost of living. Depending on the strength of your Country’s currency, you may believe Australian prices are expensive or cheap; however, when you live in Australia and earn Australian money, then the currency should not be an issue. Australia is no longer one of the most affordable places to live in the world. Within recent years, Australia has climbed to the top echelons of expensive living. Both Sydney and Melbourne rank higher for cost of living than London, Paris, New York and Hong Kong. Let’s take a look at the costs of living in Australia.

Property

Property is a crucial cost to consider when relocating. Purchasing a home is one of the most important investments most people will make in their lifetime. The average price of property in the largest cities in Australia is around 381,000 AUS with property prices constantly rising in Australia, especially in the larger cities. Although the home prices are comparable to the US and UK, economists predict the prices to overshadow both countries in the future.

Shopping

Australia has a lot of great shopping centres, especially in its capital cities. World-class shopping centres are usually open seven days a week; some late night shopping can be done until 9pm. The average cost of beverages/products is as follows. A loaf of bread can cost you around $2.50 to A$3.00, two litres of milk is around A$2.20 to A$2.90, a bar of soap is approximately A$1.50 to A$2.50, etc.

Rent/Living

The cost of living in Australia’s main cities can be expensive since the population is around 20 million on a large continent. The countryside is much cheaper, but limited in its accommodations. Depending where you are from, Australia can be a great move that you will easily adjust to or a little pricier than what you’re used to. Rent for a two bedroom, furnished apartment can cost around $A1300, whereas electricity is around $A50/month for the majority of the year and double during the winter. Entertainment such as movies and restaurants are on par with your typical London night out. All in all, prices in the big cities are similar to what you would expect if you’re a city slicker, but if you’re coming for the countryside, prepare for a shock. Gas is usually around $A1.33 a litre, similar to any big city.