The cost of living is high, yet in some Australian cities it is much lower than in others. Finder's research shows that a person renting in Sydney will need an average of $3,671 per month, whereas a person renting in Hobart will only need $2,364 per month.
In Australia, families often make more than $100,000 annually on average. The median annual salary for a single person is $75,000. If a family of four can make $100,000 or more per year, they have more than "a pretty high standard of living." A yearly income of $75,000 is well above what is considered "a reasonably high standard of living" for a single individual.
- Is $250,000 a good income to expect in Sydney? Registered. A salary of $250,000 puts you substantially above the median in Australia. As a result, you will be in the upper echelon of society's 5% elite.
- Is $85,000 a fair wage to expect in Sydney? A salary of $85,000 is above average, but it won't be enough to buy a home right soon. We wouldn't think it's sufficient to purchase a house in the suburbs like Liverpool, Gosford, Bankstown, or Campbelltown, especially if you're a single person.
- In Sydney, is $150,000 a reasonable salary? Keep in mind that the cost of living is high in Sydney. Payscale.com estimates that the median annual wage in Sydney is $76,000. As a result, sure, $150,000 is a good income.
- Is a salary of $85,000 acceptable? To answer your question, yes, that is a fair wage. That's a great way to have fun without breaking the bank, and the 401(k) match is generous.
- Is an 80K salary a good one in Sydney? If you don't own a home and have to pay rent, which might be rather high, you'll still have more than enough money to live comfortably on this salary.
- Is a salary of $80,000 a good one in Australia? A person living alone in Australia may expect to make roughly $56,000 per year. That is, half of all Americans make more than $56,000 a year, and half make less. A single person can live quite comfortably on a salary of $85,000.
Cost of living in Sydney is rather high. Because of this, Business Insider has classified Sydney as the world's fifteenth most expensive city to reside in for 2020.
Obviously, the question is, how much money do you need to make to live comfortably in a place like this? It all depends on how you define "comfortably," but since it's against the law to engage in any form of entertainment after 1:30 a.m., you could find it simpler than you thought.
Let's take a look at some typical expenditures and see what we're up against.
Unless you're filthy rich, chances are you'll have to settle for a room in a shared residence or a rented apartment no more than, say, 15 kilometres from the central business district. Again, it all comes down to your own needs and the conditions you consider acceptable for human habitation.
Disclaimer: The current state of the rental property market makes price forecasting difficult due to the impact of COVID-19. For the sake of caution, we shall use the average pricing from before COVID.
Depending on the quality of the accommodation, the number of people sharing it, and the distance from the city centre, weekly lodging rates outside the core might range from $300 to $450.
As a general rule, the costlier the location, the more desirable it is. Manly, Bondi, Bronte, etc. are all examples of city-accessible beaches.... Eastside suburbs including Potts Point, Double Bay and Surry Hills, as well as the 'cool' inner west districts of Enmore, Newton, and Marrickville are all quite pricey to rent in.
For the purpose of argument, let's assume $370.
Food & Groceries
In Sydney, a meal at a budget restaurant will set you back roughly $20, but we'll estimate that you occasionally treat yourself to the finer things in life, so let's round up to $30 and assume you eat out twice a week, for a total weekly outlay of $60.
Let's suppose an additional $80 per week is needed to cover the cost of basic groceries, though this obviously varies from person to person. You can't resist the convenience of takeout and, three times a week, you spend $15 on your habit. To be safe, add another $20 per week for incidental costs.
Weekly meal and grocery costs are around $205.
You have a car and take the train to work every day, therefore your weekly train cost is $35, give or take depending on the length of your commute. Let's imagine you only use your car on the weekends and for short trips around town, resulting in the use of three full tanks of gas every month.
While gas prices tend to fluctuate, we'll take the current national average of $12.44 per litre as our benchmark. It comes out to $127.08 every month, supposing that your gas tank holds 40 litres. The total will be rounded up to $130 for convenience.
To get about town would cost $67.50 each week.
If you include the cost of a phone and internet service, the monthly cost of basic utilities for a one-bedroom apartment is roughly $175.
If you want unlimited data and a high-end smartphone, you may expect to pay around $70 per month for both an excellent internet package and a modest phone.
About $78.75 a week on average.
The average was $172 per week in 2015–2016, but of course that can vary greatly depending on your partying habits. In light of the coronavirus outbreak, it goes without saying that the current conditions in Sydney do not permit a 'normal' entertainment budget.
In the event that the coronavirus doesn't strike, however, Sydney is full of exciting things to do, such as attending a performance at the world-famous Opera House or checking out an art exhibit.
Let's round up to $250 per week as a more generous estimate.
Included in this calculation are outlays for items like private medical insurance, vehicle insurance, vehicle registration, and visits to the doctor.
Let's say you spend an average of $400 a year on auto insurance and another $200 on registration and "other" costs, for a total of $260.
Cost Of Living For A Family Of Four In Sydney
Living expenses in Sydney may come as a surprise to anyone, even those coming from similarly high-priced cities in their own countries.
There were a lot of unexpected costs and some additional financial difficulties that really added up. The specifics of how much of a nest egg you'll need to relocate to Sydney are covered in another post, so we won't repeat them here.
Sydney Monthly Cost Of Living For A Family Of Four
This is what you may expect to pay on a monthly basis. Every month they've been pretty spot on.
- Rent – $4,000
- One cell phone (with unlimited talk, text, and 2GB of data) costs $45 a month with Optus, while my wife's other phone is free thanks to her employer's plan.
- Online Access - $124 (Unlimited ADSL,Home Phone, FetchTV with Netflix)
- Transport – Public – $100
- Purchased on Arrival with Cash Sold Both Cars in South Africa and Used the Proceeds to Purchase This Vehicle.
- Petrol – $80
- Tolls/eTag – $20
- Vehicle Tax – $58
- Gas – $50
- Groceries – $1000
- Insurance – Vehicle – $91
- Electricity – $100
- Water & Council Tax – $57
- Insurance – Household Contents – $52
- Total = $5957
- A few extra things we have to include the following:
- Insurance – Health (Family) – $200
- Haircuts – $72
- Clothing – $150
- Bank Charges – $12
- Others – $300
- Total = $554
- GRAND TOTAL = $6511
Several Points To Consider Regarding Monthly Cost Of Living Breakdown
The original poster of this thread has a permanent resident visa, which explains why their health insurance is less than that of people with a TSS visa (subclass 482). We pay $265 per month for health insurance for two individuals, but it includes a few extras that we might go without if we were on a stricter budget.
Also, observe that no discussion is made of the expense of childcare. This is due to the fact that one parent stays at home to care for the children. Huge cost savings considering the average annual cost of full-time daycare in Sydney is at least $30,000.
A total of $300 is set aside for "Other" costs. Since food and drink aren't stated, I'm going to guess this was for a party or maybe some takeout. They tend to appear unexpectedly and so are not factored into monthly budgets.
Sydney Money Saving Ideas
Look For Fantastic Food And Grocery Deals.
Rather than spending money on restaurant meals, it is advisable to stock up on goods and prepare meals at home. Major supermarkets in Australia, including Aldi, Woolworths, and Coles, frequently have sales and cheap bargains. Check out the Sydney Fish Market in Pyrmont for reasonably priced, locally caught seafood.
It is best to eat away from the tourist hotspots like Circular Quay, Darling Harbour, and the Rocks to save money. Visit the inner suburbs of Surry Hills, Glebe, Redfern, and Darlinghurst.
There are numerous bars in the area, many of which have deals on offer. El Camino Cantina on Argyle Street offers $2 tacos on Tuesdays, while the Soda Factory in Surry Hills offers $1 hotdogs. If you're in the George Street area on Wednesdays, stop by the Morrison Bar and Oyster Room for $1 oysters.
Look For Inexpensive Drinking Establishments.
Aussie watering venues can be found that offer cheap eats and drinks, despite the high cost of beer ($10 a bottle) and cocktails ($20 a glass). Every Thursday, you and a friend can split a jug of craft beer from Dove & Olive in Surry Hills for $12.
Beer is only $4 at Bondi's Beach Burrito between 4 and 6:30 p.m. on weekdays. Beer is $6 at the Pyrmont Bridge Hotel between the hours of 5:00 and 6:00, which is a similar price.
You Are Not Required To Give A Tip.
It is not expected of customers in Australia to leave tips. All employees receive living wages; therefore, gratuities are unnecessary. A 10% to 20% gratuity is customary, but it's not necessary. You can feel comfortable rounding up the total.
Donating $100 will still be appreciated even if the bill total is only $94.80. A tenner tip is welcome but not expected if you're pleased with the service you received.
Be A Shopper Of Deals.
You can get a great deal on anything you need, from groceries to clothing, wherever in the city or on OzBargain. Get good at finding deals, and constantly be on the watch for seasonal sales and weekend markets.
On Saturdays, the Paddington Market on Oxford Street is the place to be whether you're looking for clothing, accessories, or presents. Bakery goods, chocolates, and coffee can also be purchased here.
Spend Less On Transportation By Purchasing An Opal.
One of the best ways to save money while taking advantage of all that public transportation has to offer is with an Opal card. It's good for rides on the subway, the train, the bus, the ferry, and the light rail. You can take as many trips as you like and never spend more than $50 per week, or $16.10 per day. It comes with several perks, including a 30% reduction on off-peak metro costs.
Enjoy Art For Free.
As a result, you can enjoy the arts in Sydney without breaking the bank by visiting one of the city's many free museums.If you're interested in learning more about Australia's past, you may do so by visiting the Rocks Discovery Museum, the Nicholson Museum in Camperdown, the Sydney Tramway Museum And, the Australian National Maritime Museum.
White Rabbit Gallery in Chippendale, Black Eye Gallery in Darlinghurst and Blender Gallery in Paddington are just a few of the local galleries in the area where you may view works of art without spending a dime. Free admission is available to select exhibitions at the Museum of Contemporary Art and the Art Gallery of New South Wales.
Movies To Watch On A Budget.
Sydney movie tickets cost about $23, however they are usually more affordable on Tuesdays. Movie tickets cost less than $10 at the Dumaresq Street Cinema in Campbelltown and the Ritz Cinema in Randwick. In addition, many venues provide free outdoor screenings of popular movies during the summer months.
Enjoy The Outdoors.
Spending time in the great outdoors should not break the bank. There are many public places in Sydney, such as beaches and parks, where you may go outside and enjoy nature without spending any money. Visit Manly, Bondi, Coogee, Tamarama, Balmoral, and the many other beaches in the area to enjoy a day of free swimming. It's also easy to find parks where you may go hiking or biking without having to pay any sort of admission.
Track Your Expenses
Spending awareness is the first step in effective financial management. The best way to keep track of your money is to write down everything you spend, even if it's just a snack, a coffee, or a movie ticket. Spending money without being able to back it up is not a good idea. You should try to keep track of your spending for at least a couple of months, sort it into headings like "food," "mortgage," and "gas," and then add up the totals for each month. A pen and notebook will do the trick, but there are other apps for your smartphone.
Create A Workable Budget
Once you have collected sufficient information, you may begin structuring your recorded expenditures into a workable budget. Remember that your budget should detail how your revenue compares to your outgoings. Use ASIC's Money Smart's Budget Planner to get a handle on your finances.
Deciding On Your Priorities
Personal money management should take into account your long-term aspirations. After all, the different phases of life call for different approaches to money management. Life goals are something to keep in mind at all times, regardless of how pressing immediate concerns may seem.
In order to determine where to begin saving, you need to know which objective is most important to you. For instance, if you plan on retiring in the next ten years or fewer, you should begin doing the maths now to determine how much money you will need to enjoy a pleasant retirement in Sydney at that time.
Locate A Different Source Of Income
Finding a second source of monthly income will help you not only cover your monthly expenses but also start saving money. If things go awry, it can also serve as a safety valve.
Stacy, for instance, left her job in the media industry to become a freelance writer. She was suddenly let go from her normal job, but she was able to make ends meet by taking on some freelance writing projects while she looked for something more permanent.
Women in Sydney who stay at home with their children have another option: they can start their own online businesses selling clothing or cosmetics. It is not difficult to find supplementary means of financial support. You'll need to think outside the box and prioritise well.
The average annual household income in Australia is far above $100,000. There is a median annual wage of $75,000 for a single person. You are making well above the median income in Australia with a salary of $250,000. According to Payscale, the average salary in Sydney is $76,000, so a yearly income of $150,000 is quite respectable. Here are some examples of out-of-town rental prices to consider.
The current situation in Sydney does not allow for a "normal" entertainment expenditure, especially in light of the recent coronavirus outbreak. The cost of living in Sydney could shock anyone, even those from equally expensive cities back home. Despite the high cost of beer and cocktails, there are watering holes in Australia that provide cheap meals and drinks. The major supermarkets in Australia usually hold sales and cheap deals. If you want to save money, avoid eating at tourist traps like Circular Quay and Darling Harbour.
- The cost of living is high, yet in some Australian cities, it is much lower than in others.
- In Australia, families often make more than $100,000 annually on average.
- The median annual salary for a single person is $75,000.
- A salary of $250,000 puts you substantially above the median in Australia.
- A salary of $85,000 is above average, but more is needed to buy a home soon.
- Keep in mind that the cost of living is high in Sydney.
- Payscale.com estimates that the median annual wage in Sydney is $76,000.
- If you don't own a home and have to pay rent, which might be rather high, you'll still have more than enough money to live comfortably on this salary.
- Unless you're filthy rich, chances are you'll have to settle for a room in a shared residence or a rented apartment no more than 15 kilometres from the central business district.
- Again, it all comes down to your needs and the conditions you consider acceptable for human habitation.
- Depending on the quality of the accommodation, the number of people sharing it, and the distance from the city centre, weekly lodging rates outside the core might range from $300 to $450.
- A meal at a budget restaurant in Sydney will set you back roughly $20. Still, we'll estimate that you occasionally treat yourself to the finer things in life, so let's round up to $30 and assume you eat out twice weekly for a total weekly outlay of $60.
- If you include the cost of a phone and internet service, the monthly cost of basic utilities for a one-bedroom apartment is roughly $175.
- About $78.75 a week on average.
- In light of the coronavirus outbreak, the current conditions in Sydney do not permit a 'normal' entertainment budget.
- This calculation includes outlays for items like private medical insurance, vehicle insurance, vehicle registration, and visits to the doctor.
- Let's say you spend an average of $400 a year on auto insurance and another $200 on registration and "other" costs, for a total of $260.
- The specifics of how much of a nest egg you'll need to relocate to Sydney are covered in another post, so we won't repeat them here.
- Sydney Monthly Cost of Living for A Family of Four This is what you may expect to pay monthly.
- Several Points to Consider Regarding Monthly Cost of Living Breakdown The original poster of this thread has a permanent resident visa, which explains why their health insurance is less than that of people with a TSS visa (subclass 482).
- We pay $265 per month for health insurance for two individuals, but it includes a few extras that we might go without if we were on a stricter budget.
- Also, observe that no discussion is made of the expense of childcare.
- Huge cost savings, considering the average annual cost of full-time daycare in Sydney is at least $30,000.
- Rather than spending money on restaurant meals, it is advisable to stock up on goods and prepare meals at home.
- Aussie watering venues can be found that offer cheap eats and drinks, despite the high cost of beer ($10 a bottle) and cocktails ($20 a glass).
FAQs About Sydney
Officially, the average wage is $75,000 a year, but that is skewed by a small number of very high-income earners. In reality, around 70 per cent of taxpayers earn less than the average wage. In Sydney's west, you can be on a quarter of a million dollars family income a year, and you're still struggling.
Sydneysiders have some of the highest incomes in Australia, but someone earning $180,000 would still be in the top 10 per cent of full-time workers. The city's top workers earn at least $2600 per week before tax ($135,200), according to 2017 statistics provided by the Australian Bureau of Statistics (ABS).
The average salary of an individual in Australia for 2021 is projected to be around 99,596 AUD per year. Salaries can range from 33,000 AUD to 260,000 AUD in 2021. The average salary includes housing, transport and additional benefits.
The median salary or the middle salary value is 72,000 AUD per year. This indicates that half the population are earning less than this amount while another half is earning more than this amount.
With a $500,000+ income, you are considered rich, wherever you live! According to the IRS, any household that makes over $470,000 a year in 2021 is considered a top 1% income earner.
For first home buyers wanting to move to Sydney, an average household income of nearly $200,000 is needed. The average family would not qualify for a loan. When you compare the average mortgage repayments to an average Sydney income, the repayments would be 70 per cent of their income.