Cost of Living in Melbourne for Students & Family in 2024
Melbourne, the cultural capital of Australia, is known for its diversity and often attracts people from across the world. However, people planning to settle here must carefully evaluate the cost of living.
You should understand your financial status and plan accordingly based on your income and budget.
This article highlights essential aspects of the cost of living in Melbourne while covering every detail of the necessities of everyday life.
Table of Contents
What is the Average Cost of Living in Melbourne?
The cost of living in Melbourne can be different for everyone. It depends on where you live, your choice of leading your life, how you spend your money, and how you plan to save it.
Look at the table below to get an idea about the average living costs in Melbourne for single people, students, and families:
Cost of Living in Melbourne for Bachelors
The average cost of living in Melbourne for a bachelor includes rent, bills, food, transportation, and fun activities. While bachelors have a lower cost of living, it is necessary to understand the various aspects of essential day-to-day life.
Note the table below to get an idea of the same:
Cost of Living in Melbourne for Students
Thousands of international students come to Melbourne for their higher education. The cost of living can vary depending on the type of course selected and the institution chosen. Prices can vary depending on where they live and their lifestyle choices.
The table below details these costs, helping students understand their budget better and manage their finances effectively:
Cost of Living in Melbourne for a Family
Melbourne is known for its extraordinary culture, unique community, and high standards of life. A family considering moving to Melbourne must understand its expenses and various factors influencing daily life.
The table below provides an overview of prices for essential items and services in the city:
Cost of Living in Melbourne for Couples
Melbourne offers a lively lifestyle for couples with various cultural experiences and amenities. Understanding the cost of living is essential to evaluate the budget minutely.
The table below outlines the costs across different aspects, such as housing, dining, and entertainment. It provides a detailed look at how couples can approach their financial planning:
Factors That Determine the Cost of Living in Melbourne
The following factors play an essential role in determining the cost of living in Melbourne.
1. Accommodation
Accommodation is one of the main expenses for any individual living in Melbourne. Whether to rent or buy a house depends on one's financial stability and choices. It must be noted that the city's accommodation is costlier than in the suburbs.
So, in a tight budget, one may consider moving to affordable accommodation in the outskirts.
Furthermore, the approximate price to buy and rent in the most affordable and posh areas is mentioned in the table below:
2. Transportation
Transportation costs in Melbourne vary based on the different modes of transport available. Public transport with a Myki card costs around AUD4.50 per trip.
Similarly, driving involves fuel and parking fees. One great thing about Melbourne is that cycling is free if you have a bicycle. However, Uber service can typically be more expensive.
3. Groceries
The cost of groceries in Melbourne varies according to food choices and lifestyle. Essential daily items like milk, bread, chicken, and vegetables can be relatively affordable. However, organic and speciality products tend to be more costly.
Groceries are important for leading a comfortable life. So, one should plan their budget to set aside considerable money for monthly groceries.
4. Utility
In Melbourne, utility costs depend on the family size and lifestyle. Electricity and water bills contribute to the largest share of expenses.
Moreover, an internet bill usually depends on the choice of the plan. The size of the accommodation also plays a pivotal role in the utility bills in Melbourne.
5. Entertainment
Melbourne boasts a vibrant entertainment scene, offering a diverse range of activities. You can enjoy everything from blockbuster movies and captivating theatre performances to live music at exclusive theatres.
The entertainment costs vary greatly depending on the preferences and interests of the individual.
6. Childcare
Childcare expenses in Melbourne are influenced by several factors, including the location of the service, the type of care provided, and the quality of facilities. The cost of childcare for young babies is higher than that for older children.
An infant requires more care and additional things to grow comfortably in a healthy environment.
Tips on Reducing the Cost of Living in Melbourne
Here are some ways to reduce the cost of living in Melbourne
Budget: Make a monthly budget and follow it religiously.
Transportation: Use public transport, as it is cheaper than having a car. Students can also benefit from student discounts.
Housing: Consider cheaper options available in the outskirts
Groceries: Shop in the local markets that are nearby and easily accessible.
- Food: Cook your meals at home instead of buying them from expensive restaurants.
Cost of Living in Melbourne vs Other Cities
Melbourne is slightly cheaper than neighbouring Australian cities like Brisbane, Sydney, and Adelaide. Sydney often has higher housing costs and living expenses, making it one of the most expensive cities in the country.
Take a look below to compare prices for different cities
Important Things to Know Before Moving to Melbourne
Here are some vital things one must remember while planning to settle down in Melbourne:
Visa Requirements
You can easily settle in Melbourne on a regular Australian visa. However, you might qualify for a special Victorian visa as well. Immigration rules change frequently, so it's best to talk to an agent or someone you know who lives in Melbourne or another part of Australia before you move.
Job Market
Melbourne is a hub for technology-based companies. It boasts a remarkable start-up culture and is home to several best-in-class companies. People worldwide consider Melbourne a place of settlement to grow exponentially in their careers.
Weather
Melbourne is a challenging place when it comes to fluctuations in the weather. Sometimes, it may even have four seasons in a single day.
Accommodation
Melbourne is an expensive place for expats. So, finding a temporary place to secure your stay in the city is necessary. Usually, housing options in the outskirts are affordable options.
Food
Australian food is different, and expats may find adjusting to the available food options difficult. However, almost all types of cuisine restaurants are available in Melbourne.
The blog has discussed the cost of living in Melbourne in detail. While shifting to a new city comes with different challenges, proper planning can help avoid problems.
Melbourne has several pros and a few cons, so it is essential to understand the challenges and benefits of this incredible city.
