Brisbane almost tops the list as the most cost-effective city to live in, according to a study.
A new index by Compare the Market has found that – out of 42 capital cities analysed – Brisbane ranks second best cost-of-living city, beaten only by Seoul.
Eleven cost-of-living factors were analysed to determine the ranking – including wages, fuel prices, electricity prices, the cost of a cup of coffee, and the cost of public transport. It’s the latter which helped edge Brisbane to second in the list. Since August, Queenslanders have been able to travel the state’s entire public transport network for just 50 cents.
Australia’s relatively cheap petrol prices and lower unemployment rate also helped Brisbane rise to second in the rankings. Luxembourg rated third.
Seoul overtook Brisbane as the top cost-of-living city due to the South Korean capital’s low unemployment rate, low cash rate, and cheap electricity prices. Queensland’s capital failed to hit the top spot due to the higher cost of milk and bread, and lower annual wages compared to other countries.
However, as Compare the Market’s general manager of money Stephen Zeller notes, no capital in the list was considered cheap to live in. “While Seoul, Brisbane and Luxemborg 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,” he said.
Elsewhere in the rankings, Melbourne scored seventh place, while Sydney hit the thirteenth spot. Reykjavik, San Jose and Copenhagen were named least cost-effective cites to live in.
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