Australia is one of the most expensive places in the world to live in according to the Economist Intelligence Unit’s bi-annual Worldwide Cost of Living survey.
The survey conducted last year ranked Tokyo, Osaka, and Oslo as the three most expensive cities in the world, while Mumbai, Tunis and Karachi were the cheapest.
Out of the 140 analysed cities, Sydney is now ranked sixth, Melbourne seventh,Perth 13th and Brisbane 14th, ahead of the likes of Vienna, Rome, Berlin, New York City, London, Hong Kong and Beijing,
By the way…the survey measured the cost of living – not the cost of housing or property. The UK-based Economist Intelligence Unit survey uses more than 400 individual prices to compare cost of living expenses. They include food, health, housing, education and transport.
Of course our cities capitals usually also rate highly in surveys that ranked attractive places to live.
Our cities higher position did not surprise some economists. In an article in WA Today Curtin University economist Professor Peter Kenyon said the mining boom and resulting two-speed economy, increasing utility prices and rising Australian dollar had caused our cost of living to increase.
Electricity prices have increased about 50 per cent in the past two years and water charges have gone up almost 40 per cent as the state government attempts to bring utility charges into line with actual costs.
Home rentals also have increased as vacancy rates fall to just 1 per cent amid growing population and therefore demand.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.