In times of higher inflation and increasing prices, it can be challenging to find affordable housing in many countries, and Australia is no exception. However, there are some locations which are less expensive – let’s explore your options.
When immigrants arrive in Australia, one of the first things that needs to be sorted out is where to live. Affordable housing can be difficult to locate, especially in the larger cities of Sydney and Canberra. According to website, Dreaming of Down Under, rents can be upwards of $530-$560 a week for an apartment.
From April 2021 to March 2022, property rental costs in Australia rose around 8.5%, and in rural areas, after the COVID pandemic when more people stopped commuting, rental prices increased 10.7%. [1]
So, where can you start your search to find the right property at the right price?
How to find affordable housing in Australia
Naturally, many people begin by looking at online property websites that offer accommodations to rent or buy. The biggest two are https://www.realestate.com.au/ and https://www.domain.com.au/. You can search for rentals or for a property to buy, by location, type and size of property and, of course, you can filter by price.
Another way to find property is to make friends with real estate agents in the towns or cities where you would like to live. By creating a relationship and speaking to the agents regularly, you will be top of mind when they get a new property to rent or sell on their books. They will be much more likely to call you first, giving you the best chance of finding the right property.
Joining property-related community forums is another way you might find out about new properties on the market.
Which cities are the most affordable in Australia?
As you might expect, Sydney and Melbourne, historically, have been very expensive cities when it comes to buying a home. According to the 2022 survey by Urban Reform Institute, Sydney was ranked as the second most unaffordable place in the world to buy property after Hong Kong. Melbourne came in fifth on the list. However, renting in Melbourne is often cheaper than other cities such as Canberra, so keep an open mind depending on whether you plan to buy or rent.
For immigrants to Australia, smaller cities such as Adelaide may to be a better option. According to Mortgage Professional Australia magazine, Darwin is the cheapest of the main cities if you want to buy property in Australia. Whereas Adelaide, Melbourne and Perth are typically the cheapest cities for renting properties, whether houses or units.
Some states and cities, such as Tasmania, levy an additional tax on buying property for immigrants, so this could be a barrier to purchasing and must be factored into your financing decisions.
Moving from India to Australia
The Indian diaspora in Australia continues to grow and, as of 2022, is the second largest group of migrants after the British. Some of the benefits of moving from India to Australia include:
- Better salaries – up to 8 times higher on average [2]
- Higher education – Australia has some of the world’s top universities
- Job opportunities – If you are well educated or have professional or technical skills, there are great opportunities in Australia
- Healthy outdoor lifestyle – a good place to bring up children and improve your overall health
Sending money home from Australia
If you are moving to Australia from another country, you’ll need to convert your home currency into Australian dollars so you’ll want to look for the current exchange rate. Although the cost of living is much higher, Australian dollars ( as of September 2022) have around 110% more purchasing power than Indian rupees, for example. [2]
Once you are in Australia, you may wish to send money home to family so they can also benefit from your increased income or as monetary gifts for certain celebrations and holidays. Western Union’s money transfer app is simple to use, fast and reliable. With competitive exchange rates and transfer fees, it’s easier than ever to send money internationally.
[1] https://dreamingofdownunder.com/average-rent-in-australia
[2] https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=India&country2=Australia
