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.
Sydney named second-most expensive place in the world to buy a home, according to report.
The Julius Baer Lifestyle Index, which ranks the world's most expensive cities annually, finds that Asia is the costliest region for luxury living, with Singapore ranking as the world's most expensive city. This year, it surpassed Shanghai, the No. 1 city in 2022.
One of the primary reasons for high house prices in Australia is the imbalance between supply and demand. Housing supply is under ongoing strain due to an increasing population and a limited land supply, particularly in large cities like Melbourne and Sydney.
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.
But how expensive is it? Australia currently has the 12th highest cost of living in the world, with the USA and UK well behind at 21 and 23rd place respectively. The overall cost of living in Australia is 9% higher than the USA, but 10% cheaper than London.
Cost of Living Comparison Between New York, NY and Sydney
You would need around 6,651.9$ (10,004.3A$) in Sydney to maintain the same standard of life that you can have with 9,600.0$ in New York, NY (assuming you rent in both cities).
Sydney's also the most expensive major city for housing and utilities. It is 36 per cent more expensive than Melbourne and 52 per cent more expensive than Hobart. Sydney's beautiful but it comes with a price. It is unsurprising news when you consider some of the most iconic things in Sydney are so expensive.
Cost of living in Sydney (Australia) is 14% cheaper than in Boston, Massachusetts (United States)
Housing, transportation, food and drink, and healthcare are the major expenses to consider when comparing the two cities. While the cost of living in Sydney is generally higher than in London, it offers a high quality of life and a great lifestyle.
According to the new Worldwide Cost of Living 2022 report from the Economic Intelligence Unit, LA tied Hong Kong for fourth place. New York City and Singapore tied for the world's most expensive place to live, followed by Tel Aviv, Israel.
According to the report, “Sydney has the least affordable market, with a median multiple of 13.3, the second least affordable market internationally”. “Australian markets have a median multiple of 8.2, up from 6.9 in 2019,” the report states. “This is an increase of 1.3 years of median household income.
Sydney's housing market has been ranked the second least affordable in the world, according to the Demographia International Housing Affordability 2023 report. The report found Sydney's median house prices were six times the rate of inflation when measured by the Consumer Price Index.
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.
Published 23 Jan, 2023
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.
Cost of living in Tokyo (Japan) is 29% cheaper than in Sydney (Australia)
The average price of a 7-day trip to Sydney is $2,011 for a solo traveler, $3,612 for a couple, and $6,771 for a family of 4. Sydney hotels range from $52 to $167 per night with an average of $88, while most vacation rentals will cost $290 to $650 per night for the entire home.
Why is Sydney property so expensive? Price growth in Sydney's housing market has been fuelled by population growth, an undersupply of housing and higher levels of investor activity. Geographical constraints and planning restrictions have also limited the expansion of the land stock suitable for housing.
Sydney is a great place to live, and it has a high quality of life. It has an excellent economy, a high standard of living, and an ideal climate. In addition, Sydney has one of the lowest crime rates in all of Australia – only 1% higher than its national average!
Although it's not the capital of Australia, Sydney is its biggest city, and it is widely recognised as one of the most beautiful and exciting cities in the world.
The cost of living in San Francisco is 46% more expensive than in Sydney. Cities ranked 4th and 240th ($3507 vs $2397) in the list of the most expensive cities in the world and ranked 2nd and 1st in the United States and Australia, respectively. Check the United States vs Australia comparison.
Sydney vs New York Size: Which City Is Bigger? Overall, Sydney has a smaller population but a larger area than New York.
Melbourne is the New York of Australia. They have a lot of things in common. Both cities love nightlife “Cities that never sleep”. The coffee standards in both cities are growing here, almost similar.