Cost of living in Melbourne
Living in Melbourne can be an expensive proposition. The cost of living in Melbourne is much higher than the national average living expenses, with housing prices and utilities costs being exceptionally high. However, by taking into consideration common strategies for budgeting and managing expenses, it is possible to make life more affordable while still enjoying all that the city has to offer. This blog post will outline the average prices associated with living in and around Melbourne, how to budget effectively, and tips on how to save money.
Monthly Rent: Your Estimated Monthly Costs
Melbourne is an exciting place to live, and its housing options reflect this living cost
- Rent for one-bedroom apartments in the city centre range from 1,600 to 2735 A$, whilst prices sit between 1200 – 2200 A$ outside the city centre.
- Three-bedroom flats are even more expensive, ranging from 3,000 – 5,000 A$ in the city centre and 1,900 – 3,400 A$ outside.
- Buying a property can be just as pricey, with prices per square meter ranging from 8500 – 13,000 A$ in city centres and 6,000 – 12,500 A$ outside of it.
Whether you’re renting or buying a property, it’s wise to keep an eye on your budget and average salary to ensure you stay within your budget.
Utility Costs in the City Centre
Shopping around for the best utility deals is vital, so you’re paying only what is necessary! Utilities in Melbourne can be found for various costs based on the customer’s specific requirements.
- For basic living requirements such as electricity, heating, cooling, water and garbage for an 85m2 apartment, the monthly costs can range from 120 – 398 A$.
- For mobile tariffs without discounts or plans, one minute will cost you between 0.10 – 0.75 A$. If you require faster internet speeds, expect to pay around 65 – 109.25 A$ for 60Mbps or more unlimited data via ADSL/cable.
Transportation Costs
Melbourne has an extensive public transport system, with buses, trams, and trains covering much of the city.
- A one-way ticket on local transport is relatively affordable, ranging from 4.20 A$ to 5.50 A$.
- A monthly pass for regular prices can also be between 150.00 A$ and 250.00 A$.
- Taxi prices, a start fee can range from 4.00 A$ to 7.00 A$, and 1km will typically cost between 1.75 A$ and 4.00 A$. Waiting time for an hour is priced between 34.00 A$ and 65.00 A$.
- Gas can cost anywhere from $1.70 to $2.42 per gallon, while cars like the VW Golf 1.4 90 KW Trendline and the Toyota Corolla Sedan 1.6l 97kW Comfort can be purchased for $26,000 to $40,000.
In light of these expenditures, finding strategies to reduce transportation expenses in Melbourne is simple.
Grocery Prices and Others
Other everyday expenses such as food, clothing, and entertainment should also be considered when budgeting to move to Melbourne.
- For those looking to stay fit, a monthly fitness club fee can range from 25.00 A$ to 129.00 A$.
- Tennis court rent is also quite affordable at 5.00 A$ to 30.00A$ per hour on the weekends.
- Movie lovers won’t have trouble with tickets typically ranging from 18.00A$ to 28.00A$.
- Parents searching for childcare can expect monthly fees of 1,360.00A$ – 3,000.00A$ for preschool or kindergarten, while international primary school yearly costs run from 25,000 – 35,000 A$.
- For clothing and shoes, a pair of Levi’s 501 jeans cost between 80.00 – 167.00A$, a summer dress at Zara or H&M ranges from 45 – 129 A$, Nike running shoes mid-range are 120 – 259 A$, and men’s business leather shoes cost anywhere from 100 – 280A$.
With so many affordable options in Melbourne, you can find something that fits your budget!
Dining Expenses
Dining out in Melbourne can be affordable with suitable options.
- For a meal at an inexpensive restaurant, prices start from 15.00 A$ to 50.00A$.
- A mid-range restaurant with three courses for two people ranges from 90.00 A$ to 230.00 A$.
- McMeal (or equivalent combo meal) starts from 12.00A$ to 15.00A$.
- Domestic beer (0.5-litre draught) goes for 7.50A$ – 15.00A$,
- Imported beer (0.33-litre bottle) costs 8.00A$ – 15.00A$,
- Regular cappuccino is priced between 4.00A$ – 7.90A$.
If you’re looking for food items to buy from the markets, some of the prices you should expect include:
- 1 litre of regular milk for 1.25A$ – 3.80A$;
- 1kg white rice at 1.80A$ – 5.10A$,
- Twelve eggs for 3,90 A$ – 8,16 A$,
- local cheese for around 8:00 A$ – 39,60 A$,
- chicken fillets at 7:00 A$-18:75 A$, beef round costing noon A$$-40:00 A$$
- apples priced between 2,20 A$$ and 6,10 $$ respectively;
Other products, like bananas, oranges, tomatoes, potatoes, onions, and lettuce, also have different price ranges. Do keep in mind that everyday grocery items such as water (1/5 litre bottle), domestic beer (0/5 litre bottle), imported beer (0/33 litre bottle), and cigarettes also vary in price depending on the brand chosen or location visited. But if you’re a single person, and your average net salary is good, you can spend more on food while living close to the city centre.
Salaries and Financing
Working in Melbourne can be a lucrative experience, with good salaries and reasonable mortgage rates. The average monthly net salary after tax is 5,308.24 A$, which makes it an attractive option for professionals.
When financing a property, individuals can expect to pay an interest rate of 4.48% over 20 years for a fixed-rate mortgage. This rate ranges from 2.53 – 5.61%, so it pays to shop for better options that fit your financial needs and goals. People can also look for grants and help from the government, use their savings accounts, or invest money from outside the country to help pay for their projects in the long run.
Quality of Life in Melbourne
Living in Melbourne is great for those looking to experience Australia’s dynamic culture and vibrant lifestyle. With an abundance of live music events, outdoor activities, and places to explore, the city offers so much for people of all ages and interests.
Additionally, the city provides excellent infrastructure with a reliable public transportation system, efficient healthcare resources, and a safe environment. The cost of living may be higher than in other parts of Australia, but the quality of life makes Melbourne worth considering for those looking to move Down Under.
Overall, Melbourne is an exciting city with many adventures waiting to be discovered and enjoyed. The town is worth exploring with competitive salaries, reasonable housing costs, and an excellent quality of life!
Making the Most Of Your Money
Moving to a new city is exciting, but the cost of living in Melbourne can take a toll on your budget. The good news is there are ways to keep your money under control and still enjoy living in the heart of Australia. Before you move, look at the cost of housing, groceries, transportation, healthcare, and any other necessary expenses. Once you have an idea of your budget for each expense category, create a plan for managing your finances.
A budgeting app or spreadsheet is a great way to keep track. Many apps also offer features like automatic savings, personalized financial suggestions, and easy-to-follow recommendations.
It can be not easy to adjust to the cost of living in Melbourne, especially if you’re not used to it. To make things easier, focus on the little details. If you want creative ways to save money while moving to Melbourne, here are some tips that should help:
- Look for item swaps and secondhand stores. Moving often requires buying furniture, kitchenware, and other household items. Instead of spending too much on new versions of these items, try looking for item swaps or secondhand stores where you can get excellent quality goods at discounted prices.
- Shop around for housing options before settling in one area. Explore different neighbourhoods and compare their rental rates to find an affordable and comfortable space for yourself or your family.
- Take advantage of local deals online. There are many discount sites and apps where you can access special offers from local businesses in the city, like restaurants, shops, and entertainment venues. This is a great way to explore other major cities without breaking the bank!
- Try taking public transportation instead of using your car or taxi whenever possible. It’s cheaper and more environment-friendly for urban dwellers! Plus, this will allow you to learn about the city slowly and appreciate its culture along your journey there. It truly is the ultimate lifestyle experience!
- Check out free events in town so you can attend all the fun, budget-friendly activities on weekends or weekdays! From art shows at galleries to music performances in parks – there are plenty of opportunities all over town if you know where to look!
Overall, saving money when moving to Melbourne, Australia is possible with little effort if you have a plan and use intelligent strategies such as these suggestions above!
Relocating to Melbourne – an exciting new chapter awaits!
As with any city, the cost of living in an expensive city like Melbourne can add up quickly. However, by taking into consideration common strategies for budgeting and managing your living expenses, it is possible to make life more affordable while still enjoying all that the city has to offer.
With careful planning and wise spending habits like avoiding fine dining restaurants and cooking your own meals, even an international student can ensure that his money goes further and that he makes the most of his student accommodation in Melbourne.
Contact Optimove today to learn more about making the most of your money and Melbourne’s cost of living while relocating to beautiful Melbourne. With our comprehensive support and advice, you can take the hassle out of relocation and enjoy a smooth transition into your new life in this popular Australian city! Start planning for your move today—an exciting new chapter awaits!
