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28 Aug, 2020

What Is The Cost Of Living In Newcastle, Australia?

Located on the east coast of New South Wales, Newcastle is hedged by beautiful beaches, heart-stopping coastline, high-rise apartments, mesmerising landscapes and a fantastic working harbour. The city boasts of world-class amenities, stylish cafes, fine dining restaurants, bars, nightclubs, unique architecture, heritage buildings, top-rated schools and universities, hospitals and all are stretched from the CBD to the suburbs.

In short, Newcastle has everything you could ever want in a cosmopolitan city. The city’s close proximity to huge shopping centres, boutiques, and restaurants makes this city perfect for high-standard living. It is a far peaceful city as compared to Sydney, Melbourne, Gold Coast and Brisbane.

The place is ideal for those who love city life with a quiet and more relaxed lifestyle. However, there are other key factors that you need to consider before moving to the new city. It is important to know the cost of living before buying or renting a residential property.

You should know everything the average cost of living if you are moving with your family. Thorough research will help you relocate to the new house with ease. For the safety of your belongings, contact the best removalists in Newcastle.

From packing to lifting, they do everything to protect your much-loved possessions from damages. This will also give you time to know more about the place you are moving to. For more details related to the cost of living in Newcastle, have a look at the points below:

Statistics & Study: The Cost of Living in Newcastle

Living in a cosmopolitan city is a dream of everyone. People from small towns migrate to big cities to enjoy a good lifestyle using high-end amenities. However, moving to a city like Newcastle requires a lot of planning and knowledge.

From buying the most suitable residential property in the hotspots of the city to finding a good school near your relocation, you need to evaluate everything before relocating to the new place. There are some other factors as well that will help you determine the cost of living in Newcastle. To make things a bit easier for you, here are some stats that will reveal the current living cost of this beautiful city:

• According to the recent study, the monthly cost of a four-person family is estimated around $258,880.17 without rent.
• A single person monthly costs are around $73,175,53 without rent.
• The median price of a unit in Newcastle was $785,000 in 2019- which is a lot cheaper than Sydney, Melbourne and Brisbane.
• Groceries rates in the city are 3.35 per cent lower than the Australian average.
• The rent price of a house is $550 /per week with an annual rental yield of around 3.1 per cent.
• The price of a rental unit is around for $480/Per Week
• Newcastle has seen a stable growth rate of 7.6 per cent for houses and 9.4 per cent for units in the last five years of sales.
• Households in Newcastle are childless couples in the majority and are repaying around $1800-$2399/a month on mortgage repayments.
• Restaurant prices are 9.64 per cent higher than the Australian average.
• Consumer prices are 0.04 per cent lower than the Australian average.

There is no denying the fact that living in Newcastle is not that much expensive as we compare with Melbourne, Sydney and other metropolitan cities in the country. Today, Newcastle is the 7th largest city in Australia and is renowned for diversified culture, commercial, trade and industrial economy.

Property Prices in Newcastle – The Accommodation Cost

Newcastle and its surrounding suburbs offer great living options for high-standard lifestyles. Compared to the Capital City of NSW, residential properties in Newcastle offer excellent value. There are all types and sizes of domestic dwellings and boasts water frontages, suburban living, rural acreages, luxury apartments, sky-high buildings, heritage cottages and much more.

The city is mixed with a low cost of living and a relaxed lifestyle, but still, people have their own preferences in terms of buying a house in a particular place. This completely depends on their living standard. Here is a list of areas where you can buy a home in Newcastle:

Inner City or Close to CBD

The affordability factor in the harbour city of Newcastle is always there when it comes to buying a residential property. The median house price in the city is around $587,000- which is already attracting potential property investors and home buyers. So, if you want a house close to the fine-dine restaurants, a thriving commercial market, cafes, schools, hospitals and other amenities, then the inner city can be an ideal option for you.

Beresfield Suburb

Situated 22 kilometres northwest of the city’s CBD, Beresfield is a great suburb for families and young couples. With a median house price of $ 333.867, the suburb has become a top choice among prospective property investors and home buyers. It is a well-developed place which has everything, including schools, medical centres, a local shopping complex, parklands, sports clubs, restaurants, cafes, bars and much more.

Tarro

The median price for a 3 Bedroom and 2-Bathroom house in Tarro stands at $400,000. The suburb is 20 minutes away from CBD and offers one of the best amenities, security, and a relaxed lifestyle. It is a well-connected suburb, perfect for families, working professionals and retired couples. Many people have moved from big cities to Tarro to find a better and relaxed place to live. If you are planning your move, consider the best removalists in Newcastle for the safety of your belongings.

The Cost of Food in Newcastle

Newcastle is the city where you can taste the best food and wine at affordable rates. The second-biggest city in Newcastle offers a variety of food options, such as fine-dining restaurants, stylish cafes, street food joints, craft beer breweries, delicious food tours, and much more. The three-course meal for 2 people in a mid-range restaurant will cost you around $100.00.

However, the groceries price in Newcastle is lower than Sydney, while the local purchasing power is higher as compared to other cities in New South Wales. In short, the cost of living automatically lows when the cost of food is affordable in the cosmopolitan cities like Newcastle.

Public Transportation

The city offers excellent public transport facilities, which includes buses, ferry and light rails that operate under the contract to Transport for NSW. Newcastle’s public transport has got another milestone in the form of Newcastle Bus Interchange. The final transport link in the state capital government’s $650 million is boosting the city’s program.

The fully-integrated transport centre has connected all buses, heavy rails, coaches, and light rails- making it easy for people to commute from one place to another without spending much. More than 300 buses will use the interchange on a weekly basis letting passengers connect easily to other public transport modes.

To make a monthly pass for public transport, you will likely to spend around $163.04 – which is quite affordable as compared to other big cities such as Sydney, Melbourne, Canberra, Brisbane, etc.

Endnote

Newcastle is one of the most developed cities in New South Wales. The city offers a low cost of living with a welcoming and relaxed lifestyle. You can do your part of research before moving to Newcastle with the help of this article. If you have finalised your new house, then hire the best removalists in Newcastle for the safe and sound relocation.