cost of living is damn high in sydney and melbourne but the property prices are lagging behind singapore. it is a welfare state and minimum wage is hovering at just under $18 AUD ($22 SGD). A lorry driver working 8 hours a day 6 days a week gets paid $3-4k AUD which is $4-5k+ SGD and that is their minimum wage. Regular bank deposits are also paying as high as 5% per annum even though their mortgage interest is as high as 5-6%. Inflation is about 2% in australia which is less than in singapore.
Those singaporeans thinking of buying a home in australia and getting 7% rental can only look into new homes coz second hand properties are out of bounds to foreigners. do be mindful that the strata levy (equivalent to our maintenance) is very high in australia and property agents collect 5% for manage your property.