New research from Finder shows that Sydney is by far the most expensive city in Australia to live, due primarily to the extortionate cost of housing (both to buy and rent):
Based off a single man living in the heart of the city, driving to and from work and going out on the weekends with four restaurant meals, one cinema trip and two train trips, Sydney-siders are paying far more to live comfortably than any other state.
In fact, homeowners in Sydney are set back an average $5,658 a month – compared to just $2,899 in Hobart.
As shown above, Melbourne is the second most expensive city to live.
These results shouldn’t surprise anybody given Sydney and Melbourne experienced the biggest increases in housing values over the past seven years, even despite the recent property correction:
This news would be most depressing for younger Australians currently stuck on the rental market but wanting to buy a home and facing a mega-mortgage.