Also known as Aotearoa, New Zealand is nothing less than a paradise for the many British expats who’ve made the islands their new home. Given the matchless natural beauty, inclusive society, progressive leadership, and good quality of life, it’s easy to see why so many expats love the country, even if the cost of living in New Zealand isn’t much different compared to the UK.

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The currency in New Zealand

The currency in New Zealand is the New Zealand Dollar (NZ$). The official currency code is NZD, which is how you will see it displayed at Moneycorp. The currency initially was pegged to the US Dollar, but it now floats freely in the forex market. One New Zealand Dollar is subdivided into 100 cents. Banknotes are available in denominations of $5, $10, $20, $50, and $100, and coins are available in denominations of 10c, 20c, 50c, $1, and $2. £1 is worth NZ$1.93 at 9.09am on 17 February 2023.

Where to live in New Zealand

If you have a choice in where to live on the islands when you move, you should think about more than just the cost of living in New Zealand. Property and rental prices vary, so if your budget is your main concern, it makes sense to look for more affordable options. However, the lifestyle you want to live also should influence your decision.

How much does accommodation cost in New Zealand?

Rental and property prices vary from town to town, which can affect the cost of living in New Zealand for you, depending on where you decide to live. You may find that you will pay more for accommodation in Wellington and Queenstown than you will in Auckland or Christchurch, all of which are popular among expats from the UK. According to the 2022 Mercer Cost of Living Survey, Auckland is the world’s 95th most expensive city to live in, while Wellington is the 120th. The table below shows average rental and property prices per square metre in a few cities and towns.

All figures were taken from Numbeo and exchange rates were calculated at 9.09am on 17 February 2023.

Auckland

Monthly rent for 1 bedroom apartment (city centre)	£1,105.13 (2,122.36 NZ$)
Monthly rent for 1 bedroom apartment (outside centre)	£974.33 (1,871.17 NZ$)
Monthly rent for 3 bedroom apartment (city centre)	£2,005.35 (3,851.22 NZ$)
Monthly rent for 3 bedroom apartment (outside centre)	£1,610.66 (3,093.22 NZ$)
Price per square meter to buy apartment (city centre)	£6,994.56 (13,432.84 NZ$)
Price per square meter to buy apartment (outside centre)	£5,421.61 (10,412.03 NZ$)

 

Wellington

Monthly rent for 1 bedroom apartment (city centre)	£1,311.20 (2,518.12 NZ$)
Monthly rent for 1 bedroom apartment (outside centre)	£1,177.56 (2,261.47 NZ$)
Monthly rent for 3 bedroom apartment (city centre)	£2,1983.63 (4,222.39 NZ$)
Monthly rent for 3 bedroom apartment (outside centre)	£1,804.67 (3,465.81 NZ$)
Price per square meter to buy apartment (city centre)	£6,192.77 (11,893.02 NZ$)
Price per square meter to buy apartment (outside centre)	£5,672.10 (10,893.08 NZ$)

 

Christchurch

Monthly rent for 1 bedroom apartment (city centre)	£851.06 (1,634.44 NZ$)
Monthly rent for 1 bedroom apartment (outside centre)	£797.98 (1,532.50 NZ$)
Monthly rent for 3 bedroom apartment (city centre)	£1,294.32 (2,485.71 NZ$)
Monthly rent for 3 bedroom apartment (outside centre)	£1,165.08 (2,237.50 NZ$)
Price per square meter to buy apartment (city centre)	£3,050.47 (5,858.33 NZ$)
Price per square meter to buy apartment (outside centre)	£1,739.16 (3,340.00 NZ$)

 

Queenstown

Monthly rent for 1 bedroom apartment (city centre)	£1,132.54(2,175.00 NZ$)
Monthly rent for 1 bedroom apartment (outside centre)	£1,119.52 (2,150.00 NZ$)
Monthly rent for 3 bedroom apartment (city centre)	£2,213.00 (4,250.00 NZ$)
Monthly rent for 3 bedroom apartment (outside centre)	£1,887.56 (3,625.00 NZ$)
Price per square meter to buy apartment (city centre)	No data
Price per square meter to buy apartment (outside centre)	No data

 

How much does transport cost in New Zealand?

Transport is an important factor to consider when deciding whether the average cost of living in New Zealand suits your budget. While a single bus ticket is cheaper than in the UK, a monthly transport ticket is more expensive. Petrol is slightly cheaper in New Zealand, but the cost of new vehicles is similar to what you would pay in the UK.

Single bus ticket	£1.82 (3.50 NZ$)
Monthly public transport ticket	£82.48 (158.40 NZ$)
Petrol (1 litre)	£1.47 (2.82 NZ$)
Volkswagen Golf	£20,307.55 (39,000.00 NZ$)
Toyota Corolla	£17,542.64 (33,690.09 NZ$)

 

The cost of living in New Zealand for international students

The cost of living for international students in New Zealand can be quite high, although it’s possible to live affordably thanks to student discounts, supermarket specials, and making wise lifestyle choices. Tuition fees vary according to degree type, education level, the length of your studies, and the university you study at. Generally speaking, bachelor’s degrees cost between £3650.06 and £5430.58 per year, master’s degrees cost between £6498.90 and £9347.73 per year, and PhD degrees cost between £3293.96 and £4540.32 per year.

Beyond tuition fees, you will need a monthly budget of between £667.69 and £1157.34 to cover your living expenses. Your monthly budget should cover accommodation, transport, utilities, food and other groceries, leisure, and other expenses, such as your phone bill and private medical insurance.

What is the cost of living in New Zealand compared to the UK?

The cost of living in New Zealand compared UK is similar or slightly higher. You may pay less for some goods and services, although many food items are similarly priced or more expensive than in the UK.

Milk (1 litre)	£1.55 (2.97 NZ$)
Bread (500g loaf)	£1.58 (3.04 NZ$)
Eggs (12pk)	£3.73 (7.16 NZ$)
Water (1.5 litre bottle)	£0.92 (1.76 NZ$)
Chicken Breast (1kg)	£7.51 (14.43 NZ$)
Cappuccino (regular, in a restaurant)	£2.74 (5.26 NZ$)
Beer (500ml, in a restaurant/pub)	£5.21 (10.00 NZ$)
Cinema ticket	£9.37 (18.00 NZ$)
Gym membership (monthly)	£33.50 (64.34 NZ$)
Preschool/Kindergarten (monthly)	£622.53 (1,195.54 NZ$)
Primary School (yearly)	£9,593.62 (18,424.24 NZ$)

 

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Being able to send money to New Zealand safely, easily, and at good rates is essential if you want to move to the North or South Island for work, studies, or to enjoy your retirement in a completely different part of the world. Sign up for a personal account with Moneycorp and take the hassle out of managing your foreign exchange needs.