The British dream of moving down under in search of a sun-soaked life in a more spacious environment continues to grow. As expats flock to Australia, either in retirement or to work abroad, it’s worth educating yourself on the cost of living before you make the move.  

Australia typically commands a higher cost of living from residents than the UK, however more in line with London prices, which is counterbalanced by higher national wages. That being said, this is also dependent on where you choose to live, with cities such as Perth and Hobart seen as more affordable options than the more prominent Sydney and Melbourne.

The currency used in Australia is the Australian dollar, with 1 British pound equalling 1.90 Australian dollars (as of 8^th January 2020). By converting prices from pounds into dollars, you’ll be able to gauge a clearer understanding of the difference between the cost of living in Australia and in the UK. View our Currency Zone to monitor the GBP to AUD exchange rate.

(All figures taken from Numbeo.com and exchange rates calculated on 8^th January 2020 at 13.25pm).

 

How much does accommodation cost in Australia?

Rental costs and property prices within major Australian cities are notoriously high and have been climbing in recent years. However, that doesn’t necessarily mean that more affordable housing can’t be found in these locations. The suburbs of major cities, as well as the more accessible accommodation in smaller cities, also provide more opportunity for expats to rent or buy property in Australia. Below is a general guidelines of the prices you might expect to pay for accommodation in several Australian cities.

 

Sydney

Monthly rent for 1 bedroom apartment (city centre)	£1,321 (2,524 A$)
Monthly rent for 1 bedroom apartment (outside centre)	£960.67 (1,836 A$)
Monthly rent for 3 bedroom apartment (city centre)	£2,265 (4,329 A$)
Monthly rent for 3 bedroom apartment (outside centre)	£1,524 (2,913 A$)
Price per square meter to buy apartment (city centre)	£7,104 (13,579 A$)
Price per square meter to buy apartment (outside centre)	£4,526 (8,651 A$)

 

Melbourne

Monthly rent for 1 bedroom apartment (city centre)	£968.15 (1,851 A$)
Monthly rent for 1 bedroom apartment (outside centre)	£729.03 (1,394 A$)
Monthly rent for 3 bedroom apartment (city centre)	£1,739 (3,323 A$)
Monthly rent for 3 bedroom apartment (outside centre)	£1,133 (2,165 A$)
Price per square meter to buy apartment (city centre)	£5,085 (9,716 A$)
Price per square meter to buy apartment (outside centre)	£4,083 (7,803 A$)

 

Brisbane

Monthly rent for 1 bedroom apartment (city centre)	£879.24 (1,680 A$)
Monthly rent for 1 bedroom apartment (outside centre)	£640.67 (1,224 A$)
Monthly rent for 3 bedroom apartment (city centre)	£1,507 (2,879 A$)
Monthly rent for 3 bedroom apartment (outside centre)	£970.99 (1,855 A$)
Price per square meter to buy apartment (city centre)	£3,379 (6,455 A$)
Price per square meter to buy apartment (outside centre)	£2,246 (4,291 A$)

 

Perth

Monthly rent for 1 bedroom apartment (city centre)	£736.57 (1,407 A$)
Monthly rent for 1 bedroom apartment (outside centre)	£525.61 (1,004 A$)
Monthly rent for 3 bedroom apartment (city centre)	£1,203 (2,297 A$)
Monthly rent for 3 bedroom apartment (outside centre)	£801.53 (1,531 A$)
Price per square meter to buy apartment (city centre)	£3,375 (6,447 A$)
Price per square meter to buy apartment (outside centre)	£2,416 (4,614 A$)

 

Cost of transport in Australia

Public transport options within the major cities of Australia are extensive and affordable for residents. Bus, rail and metro options can be found in most cities, while cross-country rail and coach options are also available.

Internal flights are the most convenient for travelling across the country, however owning a car is also a highly affordable option. Car prices are generally lower than in the UK, while petrol in Australia is almost half the cost of UK petrol.

Single bus ticket	£2.20 (4.20 A$)
Monthly public transport ticket	£78.52 (150.00 A$)
Petrol (1 litre)	£0.77 (1.48 A$)
Volkswagen Golf	£13,343 (25,490 A$)
Toyota Corolla	£12,737 (24,333 A$)

 

What is the cost of living in Australia?

Residing in Australia typically commands a higher cost of living than in most UK cities. However, the higher wages on offer are intended to counterbalance this. This all depends, however, on your preferences and requirements when emigrating to Australia. Below is a list of some of the average prices you can expect to find for various goods and services in Australia.

Milk (1 litre)	£0.80 (1.53 A$)
Bread (500g loaf)	£1.41 (2.69 A$)
Eggs (12pk)	£2.25 (4.29 A$)
Water (1.5 litre bottle)	£1.17 (2.24 A$)
Chicken Breast (1kg)	£5.55 (10.61 A$)
Cappuccino (regular, in a restaurant)	£2.29 (4.38 A$)
Beer (500ml, in a restaurant/pub)	£4.19 (8.00 A$)
Cinema ticket	£9.42 (18.00 A$)
Gym membership (monthly)	£34.07 (65.07 A$)
Preschool/Kindergarten (monthly)	£941.83 (1,799 A$)
Primary School (yearly)	£9,102 (17,386 A$)

 

Before emigrating to Australia, it’s worth considering your international payments and how to get the most out of your money when transferring it between the UK and Oz. Send money to Australia with great exchange rates and low transfer fees with a moneycorp account. Our range of foreign exchange tools help you get more for your money whether you’re making overseas pension payments to Australia or sending money back to the UK.