Does The Current Cost Of Living In Australia Make It A Good Time To Immigrate There?
Australia has always been a popular choice for immigration. Many move to start families, work, receive world-class education, retire and more. No matter why you want to move, it’s essential to have a realistic understanding of the cost of living in Australia. Without this, you may find that your move is not financially sustainable. We’ve compared the cost of living so you can make an informed choice about migrating to Australia from Singapore.
How Expensive Is Living In Australia?
The 2021 Cost of Living Survey by Mercer concluded that Singapore ranked number 7 as one of the most expensive cities to live in. However, the cost of living in Australia is more spread out across regions. The cities were ranked below:
This diverse ranking within Australia demonstrates an array of living costs. If you can be flexible with your location, then consider the perks of staying in cheaper cities like Adelaide and Brisbane. But notably, all recorded Australian cities ranked lower than Singapore in their cost of living.
Additionally, the Australian economy relies strongly on international visitors and residents, many of whom decided have stopped entering the country due to the pandemic. The Australian government is eager to reopen its borders to tap on the global economy, making it an ideal time not just for tourism but also for immigration. With the Australia-Singapore vaccinated travel lane opening up, you couldn’t ask for better circumstances.
One of the main differences in the cost of living in Australia and Singapore is evident in its housing prices. Renting a one-bedroom apartment in Singapore’s city centre will cost around S$2,829 as compared to Australia’s $1,644. That’s a drop of 41.9%! Location is key to the price of renting property, but even when we look at the cost of rent in suburban areas, the difference is stark. You will have to fork out around S$1,986 for a one-bedroom apartment in Singapore whereas the price drops to an affordable S$1,262 in Australia. When it comes to owning your own personal apartment, the picture only gets brighter for potential homeowners in Australia. The price per square metre to buy an apartment in the city centre of Singapore is a whopping S$25,601.52. In contrast, it only costs S$8,449.50 to do so in Australia’s city centre. Although the price per square metre to buy an apartment outside Singapore’s city centre decreases to S$13,128.59, the cost to do so in Australia is even more reasonable at S$5,471.39. It couldn’t be clearer: the cost of housing is dramatically cheaper in Australia.
Whether it is the commute to work, school or exploring new regions, having the ability to travel around easily and in an inexpensive manner is essential in a foreign country. Next, let’s look at the cost of living in Australia in terms of transportation costs. If you enjoy driving, there is good news for you! The cost of a new vehicle is significantly cheaper in Australia compared to Singapore. The same Volkswagen Golf 1.4 decreases in price by 76.8% in Australia. One reason for this disparity is that Singapore requires car owners to pay for a Certificate of Entitlement alongside the cost of the vehicle. Public transport is slightly more costly in Australia as there is an increase of 14.4% for a monthly public transit pass to ride on buses and trains as compared to Singapore. But for those who are looking to own a car in Australia, the notable decrease in car costs will surely be appealing to you.
3. Living Expenses
Lastly, another consideration for the cost of living in Australia that should not be forgotten is living expenses. The expenses we make in our day-to-day living do add up and cannot be ignored. Living expenses can be thought of as expenditures necessary for basic daily living such as the aforementioned housing and transport costs. On top of that, spending on food, groceries and clothing are general outlays you need to account for before migrating to Australian shores. On the whole, some living expenses such as dining out and groceries are slightly higher than in Singapore. However, the cost of necessities such as housing and transport in Australia is significantly more affordable than in Singapore.
There Is No Better Time To Head Down Under
With the vaccinated travel lane between the two countries up, seize the opportunity to secure that dream move to Australia or take advantage of the reopening international job market.
Beyond figuring out the cost of living in Australia, immigrating to Australia can still be a complicated process. If you have questions about long stay business visas, the processing time for Australian family visas or other concerns, consider booking a consultation with an NTRUST expert who can answer all your questions about moving to Australia.