- Brisbane ranked second best in cost-of-living friendly cities index, ahead of Melbourne and Sydney
- Seoul topped the study out of 42 capital cities studied
- Home loan comparison experts analysed 11 different cost-of-living factors
A new index by Compare the Market has found Brisbane is the second-most cost-effective city to live in globally – thanks in part to the recently introduced 50-cent public transport trial.
Australia’s comparatively cheaper cost for petrol (averaging $1.680 per litre), rent price increase (17.70% since 2015), and lower unemployment rate (4.20%) also helped the ‘River City’ rise to the top of the ranking.
However, Brisbane had a higher typical cost of milk, bread, and lower average annual wages compared to other countries.
Melbourne was named the seventh best cost-of-living friendly city, whereas Sydney was 13th.
The 2024 cost-of-living cities index covered 42 different capital cities across 37 economically developed countries globally and 11 cost-of-living factors. The full results and methodology can be found here.
Meanwhile, Seoul, South Korea overtook Brisbane as the top cost-of-living friendly city with the lowest unemployment rate out of all locations studied (2.50%). This was combined with a low cash rate (3.50%), small house and rent price increases since 2015 (11.10% and 8.50% respectively), and relatively cheap average electricity rates ($0.194 per kWh).
Luxembourg took third place with free public transport and high average wages ($126,690 per year), alongside a low cash rate (3.65%), rent price increase (13.10%), and house price increases since 2015 (41.80%).
In contrast, Reykjavík, San José, and Copenhagen were named the least cost-of-living friendly cities.
Compare the Market’s General Manager of Money, Stephen Zeller, said there was no ‘perfect’ city for cost-of-living.
“While Seoul, Brisbane and Luxembourg ranked at the top of the index, no city received a score higher than 6.70 out of 10 – demonstrating that no place is entirely perfect for those seeking cost-of-living relief,” Mr Zeller said.
“However, there are ways to reduce cost-of-living pressures to ensure you’re not paying a cent more than you should on everyday bills.
“Comparison is the key. The power is in consumers hands’ to actively compare options that are available – including home loan lenders – to look for a better deal and make the switch.”
For the full results, please attribute: https://www.comparethemarket.com.au/home-loans/features/cost-of-living-friendly-cities-2024/
-END-
For more information, please contact:
Henry Man | [email protected]
About comparethemarket.com.au
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.
