Sydney is a large city located in Australia with a metropolitan area population of 4,757,083. A couple could live a moderate lifestyle in Sydney on a budget of $4,324 per month, or $51,890 per year.
Cost of Living in Sydney, Australia
As noted above, the cost of living in Sydney, Australia is $4,324 per month for a couple living a moderate lifestyle. This budget consists of $2,587 for housing related costs, $620 for food, and $1,117 for other costs, all of which will be broken down below.
- A one-bedroom apartment in the city center of Sydney is estimated to cost $2,358
- Basic utilities including electricity, water, and gas will run about $164
- High-speed internet averages $65
- Typical grocery costs of $427 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
- Alcohol including beer and wine for moderate home consumption costs about $118
- Frequent coffees in a neighborhood café are estimated to be about $75
- Meals out are estimated to be $502 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
- Transportation costs of $390 for public transport passes and occasional taxis
- Fitness center memberships of $150
- Cinema tickets of $75 include several outings for international releases
Note that Sydney, Australia is a not very walkable city with a Walk Score of 49/100, which means you definitely need a car if you are living in the city center and public transportation may not be very accessible or convenient.
Amount of Money Needed to Retire in Sydney, Australia
Many people searching the internet for the cost of living in Sydney, Australia are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.
The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,297,254 to live a moderate lifestyle in Sydney, Australia.
Annual expenses of $51,890 ÷ 4% = $1,297,254 portfolio needed.
Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.
Overall, the cost of living in Sydney, Australia is affordable coming in at $4,324 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,297,254.