However, Australia´s great climate means there is a lot of amazing fresh produce and if you buy local, from farmer´s markets, you can enjoy great quality at a good price. There are only two main brands of supermarket in the country – Woolworths and Coles – meaning there is not a lot of competition which can influence prices (although German brand Aldi is shaking up the market somewhat). Your weekly grocery shop is likely to be pricier in Australia than it is at home, with prices up to 25 per cent more expensive.
Global asset management firm Pacific Investment Management Co is predicting that house prices could fall another 10 per cent in the next couple of years, but is stopping short of predicting a crash as the country has strong employment and the market is not saturated with properties. And another universal trend is reflected in where to live within each city, being close to the centre or the beach comes at a premium. The average price of a house in Australia is a whopping AU$570,249, around £315,816, while the average property price in the UK is £226,906.Īs in most parts of the world, the major cities are the most expensive, with Sydney taking the top spot (the average house price is double the national average at $1,033,892 – £572,592), followed by Perth and Melbourne. Some argue the property bubble in Australia needed to burst.
However, this is partly due to restrictions on lending, making it harder to borrow from banks and comes after around two decades of skyrocketing property prices. There is good news if you’re looking to buy a property in Australia, house prices have dropped more than 3.5 per cent in the past year, with Sydney experiencing the biggest annual fall in 30 years. Of course, prices are high in Australia, but by comparing wages, you can hopefully have a clearer idea of your cost of living if you decide to make the move Down Under. According to the latest Australian Bureau of Statistics figures, the average weekly earnings for an adult in full-time work is AU$1,585.30 (£883), while in the UK, the Office of National Statistic puts the average weekly wage for an adult in full-time employment at £569. One key to understanding the prices in Australia is to put them in the context of your earnings. Yes, Australia is an expensive country and yes, for many things (but certainly not all) you will pay a higher price than at home, but you could also have a job that pays you a higher wage in Australian dollars too, so keep that in mind when doing a direct price comparison.Īlso, in recent years Australia’s economy has been extremely strong, with a strong currency to boot, which has affected travellers using foreign currencies and is what has prompted those horror stories about Australia being so expensive. However, when it comes to living in the country, earning in the local currency has to be taken into account. In fact, it is the main complaint of international travellers holidaying Down Under, by the time they add up transport costs, food and accommodation they can find their holiday budget all-but gone. So when it comes to Australia, what is the cost of living? Will you be able to afford all the advantages you enjoy at home? Here we endeavour to answer those key questions so you can move Down Under with peace of mind.Īnyone who has visited Australia in recent years with their British pounds will likely have found the country very expensive. Many expats choose to move to Australia because it offers great quality of life, but of course all that is dependent on how much money you have to spend when you’re there.