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The most expensive places to live in Australia
December 27, 2017● 10 minute read●
Written by - Jacaranda Team
When choosing where to live, the cost of living is an incredibly important factor. Cities are often the most expensive places to live, especially since this is often where the most sought after jobs are found.
Five Australian cities have made the top 30 list of most expensive cities to live in the world. The cost of living does vary from suburb to suburb within each city. We’ve put together a list that compares the most expensive versus cheaper suburbs in each of Australia’s most expensive cities.
Before choosing to buy or rent any property, you should ensure your income meets all requirements for cost of living. Of course, sometimes the unexpected happens, and you find yourself in need of a short term cash injection. If that happens, you can look into getting a small loan to see you through.
Let’s look at the most expensive places to live: 5 Most expensive cities in Australia.
- Sydney – it is ranked 11th out of the 30 most expensive cities in the world.
- Melbourne – was ranked 15th out the 30 most expensive cities in the world
- Perth – Ranked 19th
- Canberra – Ranked 23rd
- Brisbane – Ranked 24th
10 Most expensive cities in the world
- Hong Kong
- New York
So, Australian cities don’t make the top 10-list, but they make the top 30.
Choosing which suburb to live in can be a big decision for Australians. We take a look at some of the motivating factors behind each decision.
Why live in an expensive area?
Price isn’t the only factor when choosing where to live. There are several reasons why people would prefer to live in an expensive area over what would be considered a more affordable one. Some of these include:
Social amenities – how close the area is to bars, restaurants, shops and night entertainment might be a crucial lifestyle factor. Some people prefer living closer to the city to be closer to what’s going on, whereas others may not need access to as many social amenities.
Closer to work – the morning commute is rarely a fun time. Some people may opt to live closer to the city or their place of work to reduce travel time and inconvenience.
Family-friendly – families may be inclined to look for areas that are suburban, quieter and deemed ‘safer’. They are likely to look for homes in the regions that are closer to good schools, parks and other family-friendly amenities. Living in the suburbs also offers the option to look for a larger house. Planning a build or home renovation? Have a read of our article about collateral and construction loans for building or renovating.
Modern amenities – certain suburbs may have a concentration of newer, more modern homes and apartments. Suburbs that have recently undergone a large amount of residential and business development may offer greater comfort and lifestyle but typically come with a higher price tag.
Beachside – In Australia, beachside property is often in high demand. This is because it promises a lifestyle, close to the sun and nature.
Most expensive Sydney suburbs
Sydney is Australia’s most expensive city, and we’ve broken down each of the most costly suburbs below:
Darling Point – located a few kilometres from the city right along the bay, Darling point is one of the most expensive places to live in Sydney. It’s not surprising that you find many retirees and older residents living in this perfectly situated location. Despite a demographically more aging population, most residential properties are apartments rather than houses or aged-care homes.
Vaucluse – located further away from this city, this exclusive area of Sydney is located close to beaches as well as the Sydney Harbour National Park. While it’s one of the most expensive places to live in Sydney, it’s considered a perfect location for families. It also offers stunning views of the Sydney Harbour and the cityscape.
Cremorne Point –located just a few suburbs away from the Sydney CBD, most properties found in this area are apartments. It’s the views that typically attract a higher price tag here. Most Cremorne Point residents are families and older couples.
Bellevue Hill – Bellevue Hill is home to some of Sydney’s wealthier residents. Properties found here are mostly houses rather than apartments, and the area offers a slightly more suburban lifestyle.
Dawes Point – this suburb is located right on the Harbour and offers spectacular views. Of course, these come with spectacular price tags.
Tamarama – is one of the more expensive places to live in Sydney as it is located next to Bondi beach, offering a laid-back lifestyle and easy beach access.
Dover Heights – this is one of Sydney’s coastal suburbs. The area typically attracts families who like the relaxed beach lifestyle.
The cost of living in Sydney is high. While you should avoid putting yourself in a position where your expenses are more than your income, sometimes the unexpected happens. If you’re ever in a situation where you need a short-term personal loan, why not check out some of our Sydney cash loans?
Most expensive suburbs in Melbourne
As Australia’s second most expensive city, we’ve listed the most expensive places to live in Melbourne.
Toorak – this one of Melbourne’s most sought-after places to live as it offers a chic, suburban lifestyle with stylish boutiques, cafes and restaurants. Since it is located outside of the city centre, the streets can be quieter. There is a mix of larger houses and apartments in this suburb.
Deepdene – is located between two other expensive Melbourne suburbs, Balwyn and Kew. Offering beautiful vegetation and plenty of nice cafes and boutiques, the lifestyle this location promises is what draws its residents.
Canterbury – this is one of the most expensive suburbs in Melbourne as here you will find some of Melbourne’s most prestigious private schools. You can find some of Melbourne’s most expensive properties in this suburb.
Middle park – is a Melbourne suburb where you can often find young families. It’s conveniently located only a few kilometres from the CBD but is a relatively quiet area to live.
Balwyn – home to stunning period homes as well as the close distance to good private and public schools, Balwyn is one of the more expensive Melbourne areas. You can find unique shops, cinemas and cafes in Balwyn.
St Kilda West – here you can find stunning Victorian and Edwardian style homes, as well as plenty of cafes and restaurants. It’s a trendy area, attracting young singles and couples.
Brighton – is a beachside town located outside of Melbourne’s CBD and offers a laidback lifestyle. It’s only 11km from the centre of the city.
Armadale – is located right next to Toorak and is one of Melbourne’s most elite suburbs. It’s a popular location to live because it’s home to private schools, plenty of shops, cafes and restaurants offering a lavish suburban lifestyle.
Kew – is home to modern art-deco homes and attracts a variety of residents from couples to young families.
Most expensive suburbs Perth
Perth is the 3rd most expensive city in Australia.
We break down the most expensive areas in Perth.
Peppermint Grove – this is an incredibly wealthy area of Perth where you can find stunning homes. It gets its name from the pepper trees found in the area.
Dalkeith – is located a few kilometres from the CBD. Here, you can find million-dollar mansions surrounded by the Swan River, and offering stunning views of the river.
Cottlesloe – is a beachside suburb that offers a laid-back lifestyle, attracting residents from all different backgrounds.
City Beach – is another beachside town that offers stunning beach views. City Beach is full of great restaurants and amenities as well.
Swan Bourne – this elite suburb is full of older style homes that have been revamped. It is also a coastal suburb offering an attractive lifestyle to residents.
Nedlands – is another expensive suburb of Perth though you can find a variety of lower-priced homes amongst the most expensive ones in this location.
Churchlands – this is one of Perth’s most expensive suburbs and located slightly further outside of the city. Located near Herdsman Lake, the area is a popular destination for tourists and bird-watchers.
Shenton Park – relatively close to the city centre and filled with beautiful parks, Shenton Park, attracts many of Perth’s families.
Most expensive suburbs in Canberra
Forrest – this suburb neighbours the parliamentary triangle. Many diplomats and politicians have their homes in this suburb for that very reason.
Griffith – an excellent location for families as it is close to schools and popular restaurants. The area is considered very ‘trendy’, which is why it attracts a higher price tag.
Reid – a higher-end but relaxed suburb that is surrounded by trees and parks and offers a quieter lifestyle despite its proximity to the CBD.
Turner – is home to the top university campuses in Canberra, attracting students and young professionals. Despite a younger demographic, it is still one of the most expensive places to live in the city.
Red Hill – located just outside of the CBD Red Hill is full of high-end properties. It also offers stunning views as most of the properties are located on the hillside and elevated above the rest of the city.
Braddon – this is a suburb that used to be an industrial area, though now it has been transformed into a trendy and modern hub. It offers an attractive lifestyle to residents and is full of boutiques, bars and restaurants.
Campbell – This suburb is home to the iconic War Memorial as well as many other attractions.
Most expensive places to live in Brisbane
Teneriffe – it used to be an industrial area that has since been revamped and transformed into a trendy residential area. The once industrial Woolstores have now become stylish apartments that attract Teneriffe’s elite. You can also find traditional Queenslander houses, and much of the suburb is heritage listed. It’s also full of great amenities such as restaurants, bars and chic cafes.
New Farm – this is another ‘trendy’ suburb right alongside Teneriffe. It offers a great lifestyle, located next to New Farm Park which hosts the New Farm Markets weekly. Many properties provide excellent river views and the area is still a short bus ride or drive to the city.
Ascot – this is one of the most elite suburbs in Brisbane. Here you can find stunning Queenslander homes located near private schools and the Eagle Farm Racecourse.
Hawthorne – this suburb gets its name from the Hawthorne bushes that were planted there in the 1850s. It is an excellent suburb for families since it is close to parks and private schools.
Highgate Hill & West End – are areas that are amongst the most expensive places to live in Brisbane. It is a trendy area that is close to the CBD and Southbank. Many of the bars and cafes in the area would be considered iconic across the Brisbane foodie and lifestyle scene.
Even with the most well-planned budgeting, sometimes you need a little extra cash boost. Whether its to pay for a renovation, holiday or unexpected expense, Jacaranda Finance offers loans to Queensland residents as well as across Australia.
Most Affordable Places to Live In Australia
While you may be attracted to the lifestyle of the cities above, or have job prospects in one, there are plenty of Australian cities that offer a vibrant but affordable lifestyle.
Adelaide: South Australia is known for its fantastic food and wine culture. It’s very ‘artsy’ and often offers a slower-paced lifestyle. The cost of living is more affordable than many other Australian cities, and Adelaide is also close to both the beach and outback.
Hobart: is another capital city that is often underestimated for its liveability. Since Tasmania is small, life here can be different from life in other Australian cities. Tasmania offers stunning scenery and, while quieter, still provides plenty of activities. Housing is very affordable in Hobart. However, if you are ever struggling with finances for any reason, we have financing options to support you.
Cairns: is famous for the Great Barrier Reef, though it’s not often considered for its liveability. Cairns is often just viewed as a tourist destination. While Cairns is undoubtedly a famous travel spot, the city offers an incredibly peaceful lifestyle and has a very low population density.
Personal Loans To Help With The Cost of Living
We strongly advise against ever putting yourself in a position where your cost of living outweighs your income. Jacaranda Finance encourages financial health and wellbeing.
We understand though that life isn’t always predictable. Sometimes an unforeseen cost or emergency will see you needing a short-term loan to help cover the cost of rent, utilities, or other living costs. Should this ever happen, Jacaranda Finance can help you out with a short-term personal loan. We may even be able to get a response to you on your application in as little as 60 minutes* with money deposited in your bank account within 60 seconds* of signing your digital contract.
Good budgeting should always be your first priority, but when the unexpected happens, Jacaranda Finance may be able to help you get the cash you need.
Written by Jacaranda Team