Sydney is Australia’s most expensive capital for housing and rent, with the highest median dwelling value and monthly rent in this comparison.
Brisbane is now the second most expensive capital to buy in, highlighting how quickly housing costs have shifted beyond Sydney.
Darwin remains the most affordable capital to buy in this comparison, despite recent growth in dwelling values.
Living costs extend beyond property prices. Rent and utilities also vary between capitals and can shift what feels affordable.
If your mortgage is adding pressure to your budget, reviewing your home loan, negotiating, refinancing or restructuring could reduce repayments, depending on your circumstances.
Rising interest rates, rental prices and everyday expenses are continuing to impact household budgets across Australia. That said, there are a number of key differences in living expenses across the different capital cities.
Want to see how your city stacks up against the rest of Australia? Here’s a summary of the cost of living across key cities.
Sydney
As one of the country’s most expensive cities to live in, the cost of living in Sydney outpaces the other capitals around Australia, especially when it comes to housing and utilities. As of April 2026, the median dwelling value in Sydney is $1,295,387. High housing costs also flow through to the rental market.
According to Expatistan, a furnished 85m2 apartment in an expensive area of Sydney will set you back roughly AU$5,285 per month in rent, with utilities for two people adding an extra AU$263 to the monthly total.
That said, the NSW government has a number of vouchers and rebates on offer to help eligible residents combat the cost of living pressures.
You might also be interested in: First home buyer grants and concessions in New South Wales
Want to check if your rate is still competitive? Reach out to our Sydney-based mortgage brokers and see if you could be getting a better deal or saving more.
Canberra
According to CoreLogic’s April 2026 Hedonic Home Value Index (HVI), the median dwelling price in Canberra is sitting at $892,800.
In terms of rent, a furnished 85m2 apartment in an expensive area of Canberra will set you back roughly AU$3,333 per month, positioning it among the more affordable capitals for renters. But don’t forget to factor in utilities for two people in an 85m2 apartment, which comes in at around AU$267 per month.
From stamp duty cuts and energy rebates to offering rental loan bonds, the ACT government is doing what it can to provide residents with cost of living support.
You might also be interested in: First home buyer grants and concessions in the Australian Capital Territory
Melbourne
Although Melbourne was once considered one of the most expensive cities in Australia to buy, dwelling values have continued to fall during the April quarter. As of April 2026, the median dwelling value in Melbourne is $828,249, making it the 6th most expensive capital behind Sydney, Brisbane, Canberra, Adelaide and Perth.
But when it comes to other living costs in Melbourne, like rentals, the city still ranks as one of the most expensive capitals.
A furnished 85m2 apartment in an expensive area of Melbourne will set you back roughly AU$3,323 per month, plus an extra AU$188 a month for utilities for two people.
The Victorian government is offering additional support programs to help eligible households manage living costs; this includes the one-off School Saving Bonus.
You might also be interested in: First home buyer grants and concessions in Victoria
You can also get in touch with an Aussie mortgage broker in Melbourne to help you work out what financial options you have available to you.
Brisbane
Brisbane made headlines earlier this year when it overtook Melbourne and Canberra to become the second-most expensive city for housing in the country. Based on the latest CoreLogic HVI, Brisbane has maintained its position and continues to experience growth in property values despite other cities losing momentum.
With a median dwelling value of $1,101,151, Brisbane is Australia’s second most expensive capital to buy in, behind Sydney. It’s also up there in terms of rent, with a furnished 85m2 apartment in an expensive area of Brisbane setting you back roughly AU$4,628 per month and another AU$202 per month for utilities for two people.
The Queensland government has introduced several schemes to help relieve cost of living pressures, including the Home Energy Emergency Assistance Scheme that provides one-off emergency assistance of up to $720 every 2 years.
It aims to help low-income households experiencing a short–term financial crisis who are unable to pay their current electricity or reticulated natural gas account.
You might also be interested in: Queensland’s $30K First Home Buyer Grant & stamp duty changes
Perth
Perth's dwelling values increased by 7.3% during the first quarter, bringing the median dwelling value to $1,017,698 and placing it ahead of Melbourne.
In terms of rentals, a furnished 85m2 apartment in an expensive area of Perth will set you back roughly AU$3,911 per month, plus an extra AU$251 for utilities for two.
To help combat the cost of living in Perth and the rest of the state, the WA government’s 2025-26 State Budget will provide $963 million in cost-of-living relief measures across Western Australia, including the rollout of the Residential Battery Scheme.
You might also be interested in: First home buyer grants and concessions in Western Australia
Darwin
Property prices in Darwin rose by 3.4% over the quarter, with a median dwelling value of $618,596. Despite the rise, Darwin remains the most affordable capital to buy in Australia.
Not to mention, a furnished 85m2 apartment in an expensive area of Darwin will set you back roughly AU$2,676 per month in rent and AU$338 for utilities, making it one of the least expensive capitals to rent in.
Despite offering more affordable housing options, the NT government is doing what it can to help residents with cost of living pressures through the Northern Territory (NT) Concession Scheme that provides concessions on essential goods and services.
You might also be interested in: First home buyer grants and concessions in the Northern Territory
Adelaide
With dwelling prices rising by 3.6% over the quarter, Adelaide continues to perform well. The median dwelling value is sitting at $937,021.
A furnished 85m2 apartment in an expensive area of Adelaide will set you back roughly AU$3,441 per month in rent and an extra AU$249 for utilities for two people.
The SA government is providing the Cost of Living Concession (COLC) to help tenants and homeowners with low or fixed incomes with their general living expenses.
You might also be interested in: First home buyer grants and concessions in South Australia
Hobart
As the second most affordable capital to buy, dwelling values in Hobart have experienced a slight increase in April 2026, with the median dwelling value currently at around $737,742. A furnished 85m2 apartment in an expensive area of Hobart will set you back roughly AU$3,091 per month in rent, with utilities coming in at around AU$177 for two people.
In Tasmania, the government has various discounts for electricity, water, health, transport, and education for eligible residents.
You might also be interested in: First home buyer grants and concessions in Tasmania
Tips for combatting the cost of living with your mortgage
If you’re feeling the pinch, you might be wondering what you can do to help take the pressure off your finances. Here are a few key things to look into:
Consolidate your debt: If you’re juggling multiple loans, including personal loans, credit cards and even a mortgage, it could be worth consolidating your debts into a single loan. Not only does this help to streamline your repayments, but it can also help to lower your overall interest rate.
Negotiate your interest rates: If you’ve got a good credit score and a history of on-time mortgage repayments, you might be able to negotiate your interest rate with your current lender. This can help you to save on your interest repayments and pay off your home sooner.
Refinance: If your current lender isn’t willing to budget on your interest rate, it could be time to look elsewhere. By refinancing your home loan, you could secure a lower interest rate, helping you to save over the life of your loan. Just be sure to consider the cost of refinancing before you make the switch.
What these living costs mean for your next move
Cost-of-living pressure is playing out differently across Australia, but one theme is consistent: housing remains one of the biggest expenses in any household budget. Whether you are buying, renting, refinancing or simply reviewing your finances, understanding how your city compares can help you make more informed decisions.
If your mortgage costs are stretching your budget, an Aussie Broker can help you compare your options, work out what may suit your situation and figure out a plan.