What is the cost of living in New Zealand and Australia?

The cost of living in Australia and New Zealand is considered high in comparison to the rest of the world, however, the enviable lifestyle makes amends for any additional costs.

The good news is a doctor's salary remains one of the highest-paid professions in both countries and in both is well over the medium wage, meaning that IMG doctors who make the move to Australia or New Zealand can live very comfortably.

Here is everything you need to know about the cost of living expenses in Australia and New Zealand in comparison to the rest of the world.

What is the cost of living in Australia?

Australia is known for its diverse landscapes, vibrant culture, and high quality of life, making it an attractive destination for many people. However, it's important to consider the cost of living in Australia before making the move.

Overall, the cost of living in Australia is generally considered to be higher than in many other countries, particularly in larger cities such as Sydney and Melbourne. However, costs can vary significantly depending on where you live and your lifestyle.

Housing prices vary in Australia depending on location and type of housing. In Sydney, for example, the median house price at the time of writing this, is around $955.00 million AUD. Adelaide is currently $465,000 and if you were looking to live and work rurally the medium cost would be much lower.

Food and groceries can also be more expensive in Australia compared to some other countries. Prices for staple items such as bread, milk, and eggs are generally similar to those in other developed countries, but prices for specialty items or imported goods can be higher.

Gas prices are generally similar to those in other developed countries, the cost of purchasing a car could be considered higher than in other countries but very achievable on a doctor's salary. All the metropolitans in Australia have great public transport options.

Overall, the cost of living in Australia can be high, especially in larger cities. However, it's important to keep in mind that costs can vary significantly depending on your location and lifestyle, and it's possible to live comfortably on a variety of budgets. However, doctors make good money in Australia with junior doctors earning over double the medium income and Specialist Consultants listed by Seek as the second highest paying job (succeeded only by banking), according to Seek's 2022 data.

What is the cost of living in New Zealand?

New Zealand is known for its stunning landscapes, friendly locals, and high quality of life, making it an attractive destination for many people. However, it's important to look into the cost of living in New Zealand before making the move to live and work as a doctor.

Overall, the cost of living in New Zealand is generally considered to be higher than in many other countries, particularly in larger cities such as Auckland and Wellington. However, costs can vary significantly depending on where you live and your lifestyle.

The average house price across New Zealand is currently just under 1 million NZD, this is the same for major cities like Wellington or Auckland. However, you'll find in major cities like Wellington and Christchurch you can get apartments for much less than this. Housing prices vary depending on where you are living, and like in Australia, if you choose to live and work rurally you could get something below this.

Like Australia, food and groceries can also be more expensive in New Zealand compared to some other countries. Prices for staple items such as bread, milk, and eggs are generally similar to those in other developed countries, but prices for specialty items or imported goods can be higher. The cost of food in New Zealand would be considered slightly higher than in Australia.

Gas prices In New Zealand are generally similar to those in other developed countries, the cost of purchasing a car could be considered higher than in other countries but very achievable on a doctor's salary. New Zealand has good public transport systems in its metropolitan areas but as it is a smaller country than Australia most people own cars so they can travel to the country and visit the nearby beaches, ski fields, wineries, and smaller towns near the metropolitan areas. New Zealand has a culture of spending time outdoors and adventuring, and having a car helps doctors live this lifestyle.

Overall, the cost of living in New Zealand can be high, especially in larger cities. However, it's important to keep in mind that costs can vary significantly depending on your location and lifestyle, and it's possible to live comfortably on a variety of budgets. However, doctors make good money in New Zealand, with an average salary of $187,022 a doctor is the highest-paying job in New Zealand. In recent data released by Seek, it is ranked higher than even law or engineering.