Is Sydney still more expensive than the UK?

[CurrawongSong]

Interested to know what the current view on general cost of living and cost of running a business is in Sydney, compared to the UK. I know it depends on an individual's circumstances but for someone with a straightforward setup (self-employed, single, in 50s, renter), I'm thinking now that Sydney is better.

For years people have been saying Sydney is one of the most expensive cities in the world but, having lived in both places, I seem to be able to live more comfortably in Sydney. Am I unusual or has anyone else found this too? Maybe recent changes (energy prices etc) change views on this? I know people are talking about food prices increasing a lot in Sydney but they are in the UK too. Any thoughts?

[Ausvisitor]

Depends what you mean by the UK.

Sydney is much more expensive than Hull or Milgavnie, but cheaper than London.

 

Edited October 4, 2022 by Ausvisitor

[CurrawongSong]

Good point, I hadn't thought of that. Somewhere in the middle I guess, I'm in Wiltshire. 

[Marisawright]

On 04/10/2022 at 22:07, CurrawongSong said:

Interested to know what the current view on general cost of living and cost of running a business is in Sydney, compared to the UK. I know it depends on an individual's circumstances but for someone with a straightforward setup (self-employed, single, in 50s, renter), I'm thinking now that Sydney is better.

I think the thing is that most migrants have the expectation of being able to buy a home, not rent, and that's where the comparative costs soar, unless they're moving from London.  They are often also couples or couples with children, so that even if they're renting, they need a larger unit or preferably a house. 

In spite of the current rental crisis, I think renters have a good deal right now.  For many years in Sydney, you would work out the rental on a property by looking at its value.  If it was worth $350,000, the rental would be $350.  If it was worth $450,000, it would rent for $400. And so on.  In the last ten years, rents have not kept up with house prices in either Sydney or Melbourne.  We're renting a $800K unit in Melbourne and our rent is only $560 a week. That's much less than someone with a 90% mortgage would pay (plus they'd also have strata fees, rates and water rates). Of course they own it eventually, but my point is, you may be under less strain financially because you're renting rather than carrying a big mortgage.

As for other costs, I can only judge from my experience in 2015/16 which is some time ago now.  At that time, I felt as though the cost of living (excluding housing) worked out pretty much the same in both countries.  Some things were more expensive and some things were cheaper, but it was swings and roundabouts. Also, of course, if you persist in following Australian habits and eating Australian foods in the UK, it's going to be more expensive, and vice versa.  If you adapt to the new way of life, it evens out. 

[CurrawongSong]

Hi Marisa, thanks for your response and apologies for the slow reply! Thank you for your insights and perspective on this, it's great to look at it all from new angles. Interesting reading about the buying/rental value, yes, seems like renters do have a better deal now. 

I guess it depends on so many factors and personal circumstances but, even since I first posted that, I can see that for me it is going to be more expensive if I stay in the UK. So am looking forward to coming home to Sydney soon.