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The cost of living in Melbourne

Are you looking to move to a city known for its liveliness? Here are some important costs to consider before taking the plunge into Melbourne
Saffron Clacy
The cost of living in Melbourne

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What are you moving?

Melbourne is known for being in the top 10 most liveable cities in the world. It is no wonder many have chosen to move to the crisp waters of the Yarra River. The city has so much to offer.

In terms of healthcare, stability, education, comfortable public transport, and exciting culture to revisit, Melbourne is pre-loved by many for its accessible lifestyle. However, what are the costs involved with moving to the big city? What do you need to budget for?

Reasons to move to Melbourne

Transportation

Unlike Queensland or Western Australia, Melbourne has the most convenient public transport systems in Australia. With several trams throughout the CBD, buses, and city metro trains that reach rural areas and surrounding suburbs, it is easy to get around!

Breath-taking culture

If you’ve visited Victoria before, you may be inspired by the world-class arts and cultural heritage institutions. The National Gallery of Victoria, the State Library of Victoria, and the Arts Centre are just a few art and culture gems. There is a rich history, culture, and artistic icons for everyone.

The coffee capital

Are you a coffee enthusiast? Melbourne’s coffee culture is one of the world’s best. Cafes invest in top-quality beans and have several delicious styles of cups to choose from. St. ALi and Seven Seeds are some of the best brewers in Melbourne.

Top education providers

If you have a course in mind that you’ve always wanted to study, you have a pool to choose from. Victoria is known for being The Education State, and many of Melbourne’s universities sit at the top of the charts, including Monash University, RMIT, and the University of Melbourne.

Many top sectors to study include nursing, business, sports science, engineering, computer science, journalism, psychology, creative arts, and medicine.

Multiple markets

Hungry for delicious cuisines, fresh food, arts, craft, or market treasures? Melbourne has many you can explore. Queen Victoria Market, Arts Centre Sunday Market, Docklands Community Market, Prahran Market, Carlton Farmer’s Market, and the South Melbourne Market will brighten your days.

Winter snowfall

Have you always wanted to witness snowfall? Melbourne is the only place in Australia within a short distance of snow during the July winter. Mt Buller, Falls Creek, and Mount Baw Baw are a few places you can visit at a notorious ski resort.

Amazing accommodation

Melbourne City has numerous hotels that are well-known for being luxurious stays. Crown Promenade , Hilton Melbourne, Hotel Windsor, Sofitel Melbourne, and Marriott Hotel are just a few boutique places you can enjoy a staycation.

What’s the average salary in Melbourne?

According to Pay Scale, Melbourne has an average salary of 75K AUD a year, much higher than other Western countries.

To the Australian Bureau of Statistics, employee earnings and the median hourly rate in Melbourne are currently A$37 per hour, or A$1,250 per week, increasing 4.1% since August 2021.

Moving to Melbourne holds outstanding prospects with working wages and even more so for professionals. What could you expect to earn?

High-paying professionals

Whether you’re a fresh graduate or currently in the workforce, Melbourne has many high-paying jobs that are on the rise. In terms of more experienced professionals, here are the average salaries you can expect:

  • General Physician: A$215, 000
  • Psychiatrist: A$149, 516
  • Computer security: A$124, 489
  • Commercial Pilot: A$115, 000
  • Criminal Lawyer: A$113, 088
  • Mining: A$112, 125
  • Financial Accounting: A$105, 000
  • Civil Engineering: A$102, 375

Individual income tax in Melbourne

For smooth sailing post-moving to Melbourne, you’ll want to consider how individual income tax will affect your cost of living, especially if you want to live in the heart of the CBD. So, how significant is your profession of choice taxed?

  • No tax on income from A$0 to A$18,200
  • 19% tax on income from A$18, 201 to A$45, 000
  • 32.5% tax on income from A$45, 001 to A$120, 000
  • 37% tax on income from A$120, 001 to A$180, 000
  • 45% tax on income from A$180,001 and over

Cost of living in Melbourne

According to the 2021 Cost of Living Survey, Melbourne has been ranked 59 in the world for being one the most expensive cities to live in, so you’ll want to consider whether or not this is doable for your needs.

For a single person covering rent, food, housing, transportation, amenities, and entertainment, the average monthly cost is A$2,500.

Likewise, if you’re a family thinking about the move, be prepared to mark up a monthly budget. On average, a family of 4 is estimated to spend A$5,856 a month without rent.

Melbourne CBD House Prices

  • East Melbourne: A$3.6 million
  • South Yarra: A$2.2 million
  • Parkville: A$1.9 million
  • Carton: A$1.5 million
  • Richmond: A$1.4 million
  • North Melbourne: A$1.3 million
  • Collingwood: A$1.2 million
  • Coburg: A$1.1 million
  • Kensington: A$1.1 million
  • West Melbourne: A$1 million
  • Docklands: A$638K
  • Southbank: A$596K

Renting in Melbourne

Renting in Melbourne isn’t ideal for everyone’s budget, but if you can afford to move, you can expect to pay A$450 a week on average, with a 12.8% annual change in the market.

Ultimately, you want to consider the kind of accommodation you’re aiming for. How close do you want to be to Melbourne CBD? You might prefer to move into a unit.

What are the cheapest suburbs to rent in Melbourne?

● Melton is A$374 a week and 36.7 km from the CBD.

● Kurungang is A$395 a week and 36.9 km from the CBD.

● Broadmeadows is A$404 a week and 14.9 km from the CBD.

● Melton West is A$406 a week and 39.2 km from the CBD.

● Melton South is A$408 a week and 35.7 km from the CBD.

● Ardeer is A$412 a week and is 14.7 km from the CBD.

● Laverton is A$412 a week and 17.5 km from the CBD.

● Campbellfield is A$420 a week and 15.5 km from the CBD.

What are the most affordable suburbs to move to in Melbourne?

Although there are many expensive areas around Melbourne, there are affordable suburbs within a short distance of the Central Business District.

  • Melton: A$485K
  • Melton South: A$550K
  • Frankston North: A$597K
  • Werribee: A$605K
  • Hopper’s Crossing: A$625K
  • Craigieburn: A$631K
  • Pakenham: A$642K
  • Tarneit: A$652K
  • Officer: A$687K

The unexpected cost of living in Melbourne

Transportation

Although Melbourne is convenient for travel, this can add up if you bounce around a lot. To Time Out, trams can be up to A$4.60 per trip, trains can be up to A$4.60 per trip, and buses are A$4.60 per ride.

As for Uber or taxis, these can average A$10 to A$60 per trip and increase if there’s high demand. If you want to see regional Victoria, V/Line trains can average A$35 per trip.

Food

Melbourne’s delicious foodie culture can range from cheap to pricey, but it varies on where you buy. Inexpensive restaurants are about A$25 for one, or up to A$120 at a mid-range restaurant for two people.

Food shopping for one person each month ranges from A$45, so if you have a family of 4, consider writing up meal plans to cut costs. Consider shopping at fresh food markets for farmer’s deals.

Clothing

Clothing doesn’t need to be above the budget, but if you’re a brand fanatic, monthly cost increase. Nike shoes are around A$200 a pair, and Levi’s jeans are A$120, so consider visiting a local Salvos or Vinnies to find a bargain.

City experiences

Melbourne City is beautiful and has lots to offer in terms of entertainment, but you’ll want to prevent breaking your budget. Visit Melbourne Zoo in Parkdale for A$42 per person, check out the Eureka Skydeck for A$28 per person, or see Melbourne Aquarium for A$47 per person.

Moving to Melbourne

If you’re on the move to Melbourne yet aren’t sure who to turn to for protecting your belongings, our trusted moving companies at Upmove can assure you a safe transition to the interstate.

Whether you’re a big family or a single person seeking change, we have everything you need to succeed.

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