Surprising news: Sydney is only the 3rd most expensive city in Australia

You're not alone in thinking life feels extra expensive right now. Coffees, cabbages and even Caramello Koalas have all doubled in price over the past few years. There are certain spots where our wallets are being squeezed the tightest, and the latest Cost of Living Index by City has revealed exactly which ones. The results aren’t great for us Down Under, with six Australian cities landing in the top 50 for most costly places to live, and Sydney ranking as the 24th most expensive city in the world (the third most expensive in Australia).

Every six months, data company Numbeo publishes a global ranking of the most expensive places to live. To compile the index, they score more than 200 cities on everything from the cost of living and rent to grocery bills, restaurant prices and local purchasing power (basically, how far your local currency goes). 

Our beautiful city ranked as the 24th most expensive city globally, and while that’s not as scary as Canberra (which has ranked as the 12th most expensive city in the world), the rate of Sydney’s increase in costliness is alarming. Back in January, our city ranked in 43rd place by the very same ranking system, and now it’s shot up in the rankings to number 24 on the list – so no, there isn’t someone draining your bank account, that’s just the price of Sydney life right now. Back in August 2022, Sydney ranked at 47th place – so it’s safe to say the cost of living is reaching crisis point.

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Out of the other major Aussie cities, Canberra and Adelaide were the only cities more expensive than Sydney – with Canberra ranking as the number one most expensive city in Australia. The ACT capital even climbed two places since the start of 2024, now sitting as the 12th costliest city to live in worldwide. Only two years ago, Canberra ranked as the 117th most expensive city worldwide, with skyrocketing living costs and soaring rents to blame. Next on the list after Canberra was Adelaide. South Australia’s capital climbed five spots up the charts since January 2024 and a staggering 69 spots since mid-2022.

After Sydney, Perth followed as Australia’s fourth priciest city and the 32nd most expensive worldwide, while Brisbane wasn’t far behind in 40th place and Melbourne trailed closely at 42nd.

It might not be too surprising to learn that Geneva and Zurich, both Swiss cities, are ranked as the two most expensive on the planet. Aside from Reykjavik in Iceland, all the other cities that topped Canberra in the rankings are in the United States, with New York, San Francisco and Boston leading the charge.

These are the 20 most expensive cities in the world:

1. Geneva, Switzerland
2. Zurich, Switzerland
3. New York, USA
4. San Francisco, USA
5. Boston, USA
6. Reykjavik, Iceland
7. Washington, USA
8. Seattle, USA
9. Los Angeles, USA
10. Chicago, USA
11. San Diego, USA
12. Canberra, Australia
13. London, UK
14. Oslo, Norway
15. Portland, USA
16. Tampa, USA
17. Miami, USA
18. Singapore, Singapore
19. Denver, USA
20. Adelaide, Australia 

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