Complete Breakdown of the Cost of Living in Melbourne in 2024

Nisha Menon

3 min read

Updated On

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Frequently Asked Questions

What is a comfortable salary to live in Australia?

An individual now needs an annual salary exceeding $90,000 to maintain an above-average standard of living in Melbourne, Australia.

Is Melbourne expensive or Sydney?

Recent findings from Finder reveal that Sydney is 22% more costly to reside in compared to Melbourne. Housing supply challenges are identified as a significant contributor to the inflated prices in Sydney.

How much tax do you pay in Australia?

Below is the breakdown of Australian residents' tax rates for the year 2024-25

​ - $18,200–$45,000 - 16%
​ - $45,000–$135,000 - 30%
​ - $135,000-$190,000 - 37%

Why are apartments in Melbourne so cheap?

Melbourne has seen a greater commitment to apartment development, especially in the inner city, resulting in lower prices compared to Sydney.

Is it worth buying a 1 bedroom apartment in Melbourne?

Yes, One-bedroom units can provide excellent returns on investment, particularly in cities such as Sydney and Melbourne.
Nisha Menon

Nisha Menon

Sr. Content Marketing Specialist

Nisha Menon is our seasoned content writer with over 5 years of expertise in content marketing. Nisha combines her profound knowledge with skillful SEO practices to craft content that informs and engages. Beyond her writing prowess, she specializes in content related to Immigration and PR services, her commitment to continuous learning keeps her well-versed with the latest industry trends. In her leisure moments, she finds solace in creativity and embarks on travel adventures. Her unyielding commitment to seeking inspiration blends harmoniously with her love for exploring new horizons.

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