MoneySmart Migration Series: How Much Does It Cost To Move To Australia?
If you are reading this from your cramped office cubicle, or on your mobile while enduring a sardine packed MRT ride home, chances are the fleeting thought of migrating the hell out of Singapore has passed through your mind at least once.
Increasingly, the option of migrating to perceived greener pastures is a thought entertained by many folk stuck in the middle of their working lives. With costs of living rising faster than your pay raise, the average Singaporean is finding it harder to keep up with the Jones. Or the Lee’s if you prefer.
Not so far and distant lands like Australia, or even Thailand, pop up often in many a conversation about packing up and sticking it to Singapore, but how much does it really improve your life and would you really be able to afford all the material trappings of the good life you so desperately crave?
We take a look at some popular migration spots, and weigh out what most Singaporeans consider to be important in a “Promised Land”:
Migrating to Melbourne, Australia
Image Credit: Yasser Alghofily
Ever the popular choice, especially for Singaporeans who were privileged enough to be sent there for studies, but were dragged back kicking and screaming (in a quasi – Australian accent) by Mom and Dad (source of funds).
With a inner city population of approx 100,000 and about 4.2 million in the larger metropolitan area, it’s a little less crowded than Singapore whilst still managing to feel like a big time city. Is currently the more popular choice for Singaporeans who don’t want a full on city experience (and cost) like Sydney or are depressive in quieter states like Perth. Foodie and coffee culture in Melbourne is serious business, with a myriad of cafes and food trucks plying the city.
Population: 4.2 million
Crime rate: Approx 3.1 murders per 100,000 people.
Weather: Seasonal, but erratic with hour on hour changes in temperatures sometimes. Average highs of 26’C and lows of 6’C, anyway you look at it, better than Singapore’s raging heat. J
Unemployment rate: 6.2%, which is decently low but anyways, most Singaporeans migrating over should not have problems finding a job, should you not be too fussy.
Income Tax: Tiered from 0 to 45% at its highest. Tax is considerably high compared to Singapore.
Image Credit: Jane Ellen
Cost of Rental properties: Approx $3350 SGD for a 3 bed room apartment in the city centre, and this is lower than what Singaporeans who like to live “near to town” would be paying.
Purchase Price of properties: Approx $903 SGD psf in the city centre, and is again lower than the coveted “near to town” spaces Singaporeans crave.
Image Credit: John Ward
Cost of Public Transport: Approx $4 SGD for a train ride.
Cost of a brand new Toyota Altis (Corolla) : Approx $27,000 SGD
Cost of Louis Vuitton “Neverfull PM” Handbag : Approx $1532 SGD
Cost of a movie ticket: $14.5 SGD
Cost of a Starbucks Grande Latte: Approx $6.20 SGD and is relatively comparable to Singapore.
Cost of applying for PR status: Approx $4320 SGD for Skilled individuals. Further pricings can be found here
Would you move to Melbourne? What attracts you to the city or turns you off from it? Share your thoughts here!
The post MoneySmart Migration Series: How Much Does It Cost To Move To Australia? appeared first on the MoneySmart blog.
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