Melbourne's multicultural flair, cosmopolitan lifestyle and abundance of quality restaurants and cafes have earned it the converted title of world's most livable city. However, according to a survey by magazine's Intelligence Unit, it seems that the strengthening of the Aussie dollar has afforded Melbourne another title - the 8th most expensive city in the world.
The survey found that currently it costs nearly 50% more to live in Melbourne than it does to live New York. While only a decade ago living in Melbourne was 25% cheaper than living in New York. It seems that the strength of the Aussie dollar is one of the main driving forces behind this switch.
Quality infrastructure and proximity to lifestyle attractions is considered the main reason that inner city living continues to be incredibly popular. This, coupled with standard inflation, leads to higher property prices.
However, while the cost of inner city living may be higher, there are many benefits that make it worthwhile. The proximity to theatres, galleries, museums and sporting groups, as well as the variety of restaurants not to mention quality schooling options make the inner suburbs a desirable and highly sought after place to reside.