How much does is cost to live in Sydney? 2023 Update.
Updated: May 24
Moving to Sydney, one of Australia’s most vibrant cities, can be an exciting experience. However, it’s important to know what to expect in terms of living costs. Here are the top 6 things our relocation consultants discuss with new transferees.
Rent: Sydney is known for its high-cost of living, and rent is no exception. On average, you can expect to pay around $3,000 per month for a one-bedroom apartment in the CBD. The main factors that impact pricing are proximity to the CBD, good transport links, desirable school catchments and being close to the beach. Family homes in desirable areas, such as the Eastern Suburbs or the Lower North Shore, can cost more than double those located in the West or further up the train line. Helping our clients find the most suitable locations, based on their budget and lifestyle needs, is the starting point for most home search services. When it comes to real estate agent and landlord expectations, the standard advice is that tenants should spend no more than 30% of their take-home pay on rent.
Utilities: Electricity, gas and internet are essential services you will need to budget for. On average, expect to pay around $200 per month for utilities in a one-bedroom apartment and up to $350 for a 3-bedroom family home, depending on usage. Water is different to other utilities as it stays connected and remains in the landlord's name. The majority of landlords pass on their water costs to the tenant (expect to pay approx $150 per quarter), but can only do so if water efficiencies are in place. Mobile phone costs vary from $40 - $100 dependent on the type of contract and usage.
Transportation: Sydney’s public transportation system is serviced by trains, buses, ferries and the newly upgraded light rail. If you are commuting within a 10km radius of the CBD expect to pay approx $35 a week for transport. If you prefer to drive or plan on purchasing a car, in addition to the vehicle cost, you need to factor in fuel, insurance, servicing, toll and parking costs. The average weekly cost (inclusive of all running costs bar purchase) is $279 per week in Sydney. If your rental property doesn’t come with a parking spot you can (in most cases) secure an annual residents parking permit for approx $84.
Insurance: When it comes to the boring but important monthly expenses, don’t forget to tally up your other monthly insurance costs (in addition to car insurance). Whilst Australia has a public healthcare system, Private health Insurance is a mandatory part of most visa classes and on average will set you back approx $160 a month for a single policy or closer to $400 for a monthly family policy. If you are renting your accommodation here in Sydney, then the landlord will have building insurance but it is the tenant’s responsibility to take out contents insurance to cover their furniture and personal effects. Whilst this isn’t a compulsory cost, it is highly recommended - the monthly cost is dependent on your the replacement value of your goods.
Taxes: If you are working in Australia, you will be required to pay income tax. Rates are dependent on your annual income, with high income earners (in excess of $180k per annum) paying the maximum rate of 45%.
Schooling: Whilst public schooling is free to Australian residents, temporary residents on some sub-classes are required to pay fees - $5400 per annum for each primary school student and $6500 for each high school student. Catholic school
education varies with some primary school fees starting at upwards of $3000+ per
year, dependent on location. The average cost to send your child to a Private school
in Sydney is $8,920, with some of the most elite, prestigious high schools charging up to $40,000 a year per student.
Understanding the costs of living in Sydney can make a significant difference in how you prepare for and adjust to your relocation. Knowing what to expect can also help you negotiate salaries and benefits with employers.
EWR relocation consultants have experience working with a whole range of clients, from graduates to CEOs (and everyone in between). As a result, they are able to tailor their services according to the location, type of housing or school requirements that most closely match their relocatee’s budget. Want to find out more? Get in touch with one of our friendly team today!