It depends on how far you are prepared to travel.
Sydney has better local crags (Blue mtns within 1.5 hours, some crags in the suburbs)
Melbourne has better crags within a 4 hour drive (Mt Buffalo, Mt Arapiles, The Grampians).
Not familiar with the indoor climbing in Sydney.
I think you'll find accomodation more expensive in Sydney, which is not to say Melbourne is cheap.
JamesMc
Melbourne |