Melbourne life is vibrant, as a dynamic city with many safe suburbs offering a high standard of living and a wide range of amenities. But what is the cost of living in Melbourne, and is it affordable?
Melbourne is known for its high housing costs, with the average price of a home in the city centre reaching over $1 million. However, there are also more affordable options available in the surrounding suburbs. Even in what some might call the worst suburbs in Melbourne, there are still charms to be found. Additionally, Melbourne rental prices are some of the most affordable in Australia due to the many high-rise towers.
In this article, we will explore the cost of living in Melbourne, including housing, food, transportation, and entertainment. Whether you’re a student, a professional, or a retiree, you’ll find helpful information here to help you budget for your move to Melbourne.
How much does it cost per month to live in Melbourne?
According to Forbes, Melbourne is among the most luxurious and liveable cities in Australia and the world. While you are sure to enjoy a quality life, the cost of living in Melbourne each month varies for a single person, family, or international student.
But don’t worry, you don’t have to buy a home on the most expensive street in Melbourne to enjoy its offerings, many suburbs can be more affordable.
Monthly rent and housing
Rental properties in Melbourne may cost a lot, although it depends on where you stay. Like most cities, the further you are from the CBD, the more affordable the rentals get. And Melbourne has some of the lowest rental prices in Australia.
Houses for rent in Melbourne go for around $440 generally, but again it depends on which suburb you’re after. Units for rent in Melbourne average at around $400 per week. For example, housing on St. Kilda Road ranges from AUD 450 to 700.
Living costs in the city centre
The CBD is said to be the costlier part of the city centre. It is also among the best liveable places in Melbourne.
The average monthly cost for a single-room apartment in the city centre of Melbourne is AUD 2,200 to 3000. However, you may find cheaper accommodation with a Melbourne average rent of AUD 1,500 to 1,700 per month.
The average monthly cost of living in Melbourne Australia in the CBD will be around $4,100 per month.
If you’re looking for cheap 1 bedroom apartments for rent in Melbourne, you can check out the more affordable suburbs like Dandenong and Albion.
Living costs in Melbourne suburbs
If living in Melbourne, the suburbs are cheaper than the city centre. Moreover, Bundoora and Box Hill are great suburban locations close to the city centre.
The standard monthly cost of living in the Melbourne suburbs for a single person, including international students studying in Melbourne, is AUD 1,947. You will have access to trams, trains, and public transport in these areas. Also, there are good internet, markets, and foods you can afford.
1. Eating out and entertainment
For many, the monthly living cost in Melbourne is dependent on your social life. So, it’s always important to check out the social scene of the place you intend to live in. The more you dine out, the higher your bills will be.
The grocery prices in Melbourne are fairly similar to other major cities in Australia. Also, you can enjoy a night out with a movie or at a restaurant of your choice. While restaurant prices differ from place to place, you can have fun for about AUD 20 in a night.
2. Utilities and transport
Some of the estimated monthly living expenses in Melbourne are determined by the utilities when renting in Victoria, location, population and transportation.
In Melbourne, you can access taxis, public buses or use your own car. However, prices for these vary. Moreover, you can get a monthly public transport ticket for about AUD 156.
The average prices for other utilities, like internet, gas, and electricity, are fair but vary according to your usage. Moreover, the average electricity bill in Melbourne is AUD 1,290 per year.
Is living in Melbourne cheaper than living in Sydney?
Many often wonder about the cost of living in Sydney vs Melbourne. In comparison, both are great places to live. Melbourne is generally considered cheaper than Sydney in terms of the cost of living.
If you’re wondering what is the cost of living in Melbourne, you may have also compared it to Sydney. The estimated Melbourne vs Sydney cost of living is AUD 1,947 in Melbourne and AUD 2,186 in Sydney. This includes rent, food, transportation, electricity, and entertainment expenses.
If you wish to keep your costs low, cook your own meals. It can be a more convenient option for one living in an expensive city.
What is considered a good salary in Melbourne?
The amount of salary considered “good” in Melbourne can vary depending on various factors, including your experience level, the industry you work in, and the cost of living in the area.
According to data from the Australian Bureau of Statistics, the average salary for workers in Melbourne in 2021 was AUD 60,000 per year. Furthermore, the monthly average cost of living in Melbourne for a single person is AUD 1,947. The average cost of living in Melbourne for a couple is about AUD 2,300.
Which city in Australia is affordable?
Most sources consider Adelaide and Perth as the most affordable cities. But affordability depends on several factors like your income and your lifestyle. Despite the low costs, they also maintain a high living standard in Australia.
More on the cost of living in Melbourne
Average living cost in Melbourne for international students
The average living cost in Melbourne for international students is around $2,000 per month. This includes rent, food, transportation, and other expenses. The cost of rent varies depending on the type of accommodation you choose, but you can expect to pay around $1,000 per month for a shared apartment.
Food costs around $500 per month, and transportation costs around $200 per month. Other expenses, such as entertainment and personal care, can vary depending on your lifestyle.
Cost of living Sydney vs Melbourne
The cost of living in Melbourne is generally lower than the cost of living in Sydney. This is due to a number of factors, including the lower cost of housing in Melbourne. However, there are some areas where the cost of living in Melbourne is higher than in Sydney, such as the cost of eating out.
What’s the average electricity bill Melbourne?
The average electricity bill in Melbourne is around $150 per month. This varies depending on the size of your home and your energy usage. If you are a student, you may be able to get a discounted electricity tariff.
Conclusion
So, what is the cost of living in Melbourne? The cost of living in Melbourne may be expensive, depending on the area you choose to stay in. Most people who travel to Melbourne for vacation or studies pay so much for housing.
However, the average monthly living expenses are fair. Even if you earn a high monthly salary, you will pay less for utilities, groceries, and transportation.
