The best place in Australia to live the high life

The Sky Whale balloon above Lake Burley Griffin. Image: AAP.

If you want to buy a property and hope to have enough money left over for more than a few tins of tuna, it’s time to pack your bags and hit the road.

However, only heed that advice if you aren’t already living the high life in the nation’s capital.

Canberra’s high average salary combined with relatively affordable real estate means that residents have the most disposable income in the country, according to a study by Mozo.com.au.

The study took into account average salaries and mortgage repayments across Australia’s capital cities and found Canberrans have, on average, $3271 left over after they had made their mortgage repayment each month.

Also read: OECD reveals Australia’s best place to live

Unsurprisingly, Sydneysiders fare the worst across Australia, earning on average $580 less than those in Canberra and, to add insult to injury, paying an extra $784 a month on their mortgage.

Mozo Director Kirsty Lamont says that not only do residents in Sydney and Melbourne face high mortgage repayments, they are also ranked among the world’s top 10 most expensive cities.

Average salaries and mortgage payments across Australia's capital cities. Source: Mozo.com.au

“The emerald city is suffering the most, with the average mortgage repayment now taking a whopping 63 per cent of the average after tax salary, leaving Sydneysiders with less than $2000 each month to cover everything else.”

“Meanwhile, Canberrans are parting with 42 per cent of their salary, leaving the rest for expenses and lifestyle such as dining out, travel or saving for a rainy day,” Lamont said.

Also read: ACT workers in strong demand

This leaves the New South Welshmen and women $1376 poorer each month.

Is that a fair price to pay for trash talking rights every time Canberra comes up in conversation?

Of course the usual Sydney-centric suspects challenge whether a good disposable income in Canberra actually equates to 'having a life'.

You know the drill. Something something Sydney beaches (despite the population centre of the city, being about a 26 kilometre drive from Bondi) or the usual ‘Canberra is boring’ based on a school excursion to Questacon two decades ago.

Also read: Intergenerational Report shows 'our best years are ahead'

On the other hand, Canberrans don’t feel the need to squabble, despite being the most educated in the country (and probably the most capable of forming a logical, sophisticated argument).

And of course there’s the latest OECD report, which ranks Canberra among the best places in the world to live based on various measures of ‘wellbeing’.

But if what it all really comes down to is the beach, according to the figures, Canberrans have the luxury of an extra $16,500 each year to spend on a few trips to, say, the Caribbean instead of Coogee or perhaps the Mediterranean over Manly.

 

You can follow Ingrid Fuary-Wagner on Twitter at @ingridFW1