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Australian cities amongst the world’s most expensive to live in

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.



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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