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11 Sep, 2020

What Is The Cost of Living in Melbourne?

Whether it is a world-class infrastructure, cohesive and stable society, quality schools and university education, exceptionally strong healthcare system or diverse leisure and sporting opportunities, Melbourne has everything! No wonder this city is considered as one of the world’s most liveable cities.

So if you are planning to move here due to a better employment opportunity or education of your children, you are making the right choice! Hundreds and thousands of people move to this part of the country every year. You can also relocate in a hassle-free manner with the help of experienced removalists in Melbourne.

But before you move, you should know about the cost of living. It will help you to manage your saving in a better way and allow you to settle down smoothly. Here is detailed information on the cost of living in Melbourne. Let’s have a look!

Accommodation Expense in Melbourne

Melbourne is an ideal place for those people who want to move to a place that has good employment opportunities, excellent education facilities, and a better standard of living. But you should not forget that it is one of the most expensive places when it comes to accommodations.

The median house price in the country is around $800k, and the median house price in Melbourne is even more. So, if you are planning to move to Melbourne, then it better to look for rental accommodation. If you want to save money, hire cheap removalists in Melbourne and opt for a suburb with the cheapest rentals. Here are a few options that you can explore.

West Footscray

It is an excellent and affordable suburb with the median rent is around $378. It is only 8 kilometres away from the Melbourne CBD and has a population over 11k.

Footscray

This suburb is another great option for those who want cheap accommodation and also want to stay nearby CBD. It is only 6 km from the city centre, and the median rent is $398. The population in Footscray is above 16k.

Brunswick West

The population in Brunswick West is around 14k, and the median rent is $400. It is only 6 km away from Melbourne CBD, so you can also consider this place.

Education Cost in Melbourne

If you are planning to move to this city for the quality education of your children, then you are making the right choice. Melbourne is considered as the home to some of the best education institutions in this part of the country. Whether it is kindergarten, primary schools, secondary schools or university, your children will get great opportunity. They will get an excellent education, which will help them to develop and prosper.

There are more than 2500 schools in Victoria and around 1375 schools are located in Melbourne city. The majority of schools in this city are government schools, which are free to attend for Australian citizens. For private schools, you will have to pay a lot of money. For kindergarten, you will have to pay around $ 21,630 for annual tuition. For primary, the amount is $24,830, and for secondary, it is $31,640. You also need to take care of the entrance fee of $1400 everywhere.

When it comes to higher education, the University of Melbourne and Monash University are ranked among the top 100 universities in the world. So, if you are moving with children, so you research properly and if the kids are small, then hire reliable removalists in Melbourne so that you can relocate in a hassle-free manner.

Food Cost in Melbourne

There is no denying that Melbourne is an expensive place. But despite that, you can get quality food without spending too much money. The meal prices in this part of Victoria can vary as per the place and meal. The average food cost in Melbourne is AU$34 per day. Although it depends from person to person, an average meal in this city can cost around AU$14 for a single person.

The cost of breakfast is slightly cheaper in comparison to lunch or dinner. The street food price and the fast-food price is cheaper than the food price in sit-down restaurants. You will find numerous food courts in the CBD where you can get lunch for around $10. However, if you are planning for the dinner, then $20 to $25 would probably be more realistic.

No matter how much money you are saving by having cheap meals, it is always expensive than home cook food. So, visit the nearest market and purchase one dozen eggs for around $6, pasteurised whole milk (1L) for $2.62, Spaghetti (1 kg) for $3.93 and Bread (1kg) for $6.

Medical Expenses in Melbourne

Medical cost is something that you can never rule out, no matter where you are moving. However, you should forget that Melbourne is one of the most expensive places to live in. So, before you to this part of Victoria, do your research properly. Like any other place, Melbourne also has two programs to aim to reduce the cost of the medical – Medicare and Pharmaceutical Benefits Scheme.

Medicare helps Australian citizens to free of cost treatment in a public hospital and also out-of-hospital care at a reduced price. Pharmaceutical Benefits Scheme, on the other hand, helps people to get necessary prescription medicine at a more affordable price.

People with no Medicare and Pharmaceutical Benefits Scheme have to partner with private medical insurance companies in Melbourne. As there is a tax benefit in buying private health insurance, a lot of people opt for it. Hospital cover and treatment cover are two common policies, and private health insurers offer these policies individually and also collectively. The maximum insurance cost for hospital cover is above $382. Minimum cost is around $92 while the average cost is around $259.

For treatment cover, the highest cost is around $207, the lowest cost is around $15, and the average cost is approximately $74. If you want the covers to combine, then the highest insurance cost is around $526, the lowest is around $105, and the average cost is around $251. If you or any of your family members have any health issues and you are moving Melbourne, do proper research about medical cost and move with the help of experienced removalists in Melbourne. They will ensure safe and hassle-free relocation.

Transport Cost in Melbourne

When it comes to transport, Melbourne is considered as one of the best-connected cities in the country. Like any other major city, Melbourne has buses and trains, but this city is famous for its widespread tram network. Whether you choose to travel on the tram, take a train or catch a bus, you can easily reach any place in Melbourne without any hassle.

All you need is a myki smart card. It is a reusable public transport ticket, which you can purchase or top-up through telephone, online, any retail outlet, staffed railways station, onboard most of the regional trains and buses. If you move to this place, you will have to pay AU$155 for a monthly pass. This is a great way to travel in public transport in a cost-effective manner.

In the free tram zone, you don’t need to pay anything if you are travelling in the tram. Otherwise, you will have to pay $4.30 for every trip while a daily cap is $8.60. If you are moving from the outer edges of the city to the CBD, then train is the best option. You can also opt for bus as it covers more ground. The price of train and bus is similar to the tram system. If you are interested in going to other parts of Victoria, then V/line trains. The price varies between $4.30 and $32.60 for a single trip.

The Bottom Line

Melbourne is the second-most populous city in Australia, and there is a reason behind it. Despite being a costly place, it offers everything that you can ask for, and that is why it attracts people from every corner of the country. If you are also planning to relocate to this beautiful city, consider the expenses mentioned above and hire reliable removalists in Melbourne.