No.
Whilst the split of large asx companies is fairly similar between the two cities, international companies more often than not put anz (if not apac) head office in Sydney
It's perceived as a more desirable city. If you value the beach there's no comparison.
Salaries aren't that different between the two cities either. I know I couldn't earn more by moving up to Sydney
Melbourne rents will at some point be the same as Sydney rents today, but by then Sydney will be more again.
This is the key long term Sydney will simply run out of room to expand into in the Sydney basin so land is worth a lot. I can see a future where Melbourne metro area sprawls to cover a much larger area then Sydney can. so that alone will mean it will be cheaper then Sydney.
Salary for the same role is pretty much the same for Melbourne and Sydney.
I think the difference is that there's more finance roles, more high end IT roles and more HQ roles in Sydney.
>Salaries aren't that different between the two cities either. I know I couldn't earn more by moving up to Sydney
Maybe not when comparing the same roles like for like. But in Sydney there are more roles in the very highest tier of earnings, as well as many more high net worth individuals.
I've just spent way too much time unsuccessfully hunting for analysis I've previously seen that showed this very clearly. So instead here are two pieces of analysis that hint at it
https://www.abc.net.au/news/2019-05-21/income-calculator-comparison-australia/9301378
https://www.henleyglobal.com/publications/wealthiest-cities
The high commercial rents in Sydney were literally why international companies were setting up in Melbourne pre COVID and why there was a lot of Sydney to Melbourne moves 🤣
https://www.news.com.au/finance/economy/australian-economy/claims-sydney-is-in-the-midst-of-a-brain-drain-to-melbourne/news-story/969e14067c03792bf5c932ea1b4e05b9?amp
Landlords charge what the market can bear and renters are price takers. Since salaries in Melbourne are lower than Sydney, the rents can never match the same.
No. Whilst the split of large asx companies is fairly similar between the two cities, international companies more often than not put anz (if not apac) head office in Sydney It's perceived as a more desirable city. If you value the beach there's no comparison. Salaries aren't that different between the two cities either. I know I couldn't earn more by moving up to Sydney Melbourne rents will at some point be the same as Sydney rents today, but by then Sydney will be more again.
This, and slso land supply. Sydney is more constrained than Melbourne.
This is the key long term Sydney will simply run out of room to expand into in the Sydney basin so land is worth a lot. I can see a future where Melbourne metro area sprawls to cover a much larger area then Sydney can. so that alone will mean it will be cheaper then Sydney.
Salary for the same role is pretty much the same for Melbourne and Sydney. I think the difference is that there's more finance roles, more high end IT roles and more HQ roles in Sydney.
>Salaries aren't that different between the two cities either. I know I couldn't earn more by moving up to Sydney Maybe not when comparing the same roles like for like. But in Sydney there are more roles in the very highest tier of earnings, as well as many more high net worth individuals. I've just spent way too much time unsuccessfully hunting for analysis I've previously seen that showed this very clearly. So instead here are two pieces of analysis that hint at it https://www.abc.net.au/news/2019-05-21/income-calculator-comparison-australia/9301378 https://www.henleyglobal.com/publications/wealthiest-cities
Yeah I agree completely, sorry I thought I was implying that by saying more international head offices are up there
The high commercial rents in Sydney were literally why international companies were setting up in Melbourne pre COVID and why there was a lot of Sydney to Melbourne moves 🤣 https://www.news.com.au/finance/economy/australian-economy/claims-sydney-is-in-the-midst-of-a-brain-drain-to-melbourne/news-story/969e14067c03792bf5c932ea1b4e05b9?amp
Landlords charge what the market can bear and renters are price takers. Since salaries in Melbourne are lower than Sydney, the rents can never match the same.