Canberra remains Australia's most expensive capital city in which to rent a house at a median cost of $690 per week, ahead of Sydney on $660, according to the Domain Rent Report March 2023 Quarter released today.
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.
Perth has taken the crown from Adelaide as most affordable capital in Australia. Image: Canva. A new report has officially declared Perth as the most affordable capital city in Australia.
Domain's Rent Report for the December 2022 quarter reveals Canberra remains the country's most expensive city to rent a house at the median rate of $690-per-week.
Hong Kong. Hong Kong, located in southeastern China, tops the list as the world's most expensive city. With sky-high prices for accommodation, restaurants, and necessities like milk and bread, the city's cost of living is notoriously high.
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.
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 PropTrack data, the most expensive suburb in the country is Bellevue Hill in Sydney's eastern suburbs, dominated by grand estates and heritage manors, with a house AVM of $8.42 million.
1. Canberra – Australia's Capital City. Nestled between Sydney and Melbourne, Canberra is not only the capital but also Australia's safest city. With a low crime rate and a small-town vibe, Canberra offers an attractive blend of city living and peaceful suburban life.
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. Perth seems to be the only Aussie capital bucking the trend.
Darwin is Australia's least populated place. The city has a population of 148,564 and a density of 703 people/sq km.
The highest number of rich-listers live in the 2088 postcode in Sydney - which includes Mosman and Spit Junction - with 19,707 people earning $188,324, on average. In comparison, there were just 559 people in the 3944 Portsea postcode in Victoria's Mornington Peninsula, earning an average of $229,805 per year.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Bellevue Hill, Sydney
In the centre of Sydney's east, some of Sydney's most awe-inspiring properties are nestled within Bellevue Hill's green hills. It takes out the title as the most expensive suburb in Australia, and for good reason. A meander through the suburb's spectacular streets says it all.
Over on Sydney's lower north shore, Hunters Hill and Woolwich are situated on a small peninsula that separates the Lane Cove and Parramatta Rivers. Aside from some of Sydney's richest, the area is also home to a number of heritage buildings and impressive houses.
Sydney is the most expensive city in Australia (and is ranked the 15th most expensive city worldwide), nearly double the prices of the country's second most expensive city, Melbourne—and the already high costs are still rising.
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.
“Queensland's known as the Sunshine State. All those rays and the laid-back lifestyle might be among the reasons why it's Australia's happiest state,” Bayliss said.
Brisbane has been renowned for being Australia's fastest-growing city, recording an annual population growth rate of 1.8% over the last five years, outpacing both Sydney (1.4%) and Melbourne (1.5%).
Melbourne has beaten Sydney by one ranking in the age-old battle of the most liveable city, according to the June 2023 liveability survey by the Economist Intelligence Unit (EIU). The Victorian capital shot up to third behind Vienna and Copenhagen, and Sydney also jumped several places to fourth.
Cost of living in Sydney (Australia) is 41% more expensive than in Tokyo (Japan) How much money will you need in Sydney? Find out with your own Salary Calculation.
Cost of Living Comparison Between New York, NY and Sydney
You would need around 6,735.9$ (10,007.9A$) in Sydney to maintain the same standard of life that you can have with 9,600.0$ in New York, NY (assuming you rent in both cities).
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.