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It doesn’t take a government report to uncover where the ‘rich’ part of town is, but it helps. Taking a quick drive through some of the more ritzy areas in your city is usually enough to paint a picture of where the equity boundary lines have been drawn. Still, turning to the official numbers from the Australian Taxation Office (ATO) reveals the highest-earning postcodes in Australia. The government body reports, among other things, the richest suburbs in Australia. Sure, you can probably picture which regions are on the list, but Double Bay wasn’t the only inner-city Sydney postcode to make the highest-earning suburbs in Australia list. Let’s take a closer look!
Highest-Earning Australian Postcodes at a Glance
Highlights from our list include the following:
- Highest-Earning Australian Postcode: 2028 (Double Bay), NSW – $354,308
Now you’ve read the highlights, let’s check out the complete list.
1. 2028 (Double Bay), NSW – $354,308
Number of individuals: 3,304
Average taxable income: $354,308
Median taxable income or loss: $88,066
If there’s one Australian suburb that comes to mind immediately when you think about the nation’s richest residents, it’s Double Bay. The saying rings true, “Double Bay, Double Pay,” as the suburb is home to the highest average income earners, with an average taxable income of $266,381. The 2028 postcode is home to some of Sydney’s best high-end restaurants and cafes, but it’s also known for its never-ending rows of mansions, Mercedes-Benz G Wagons, and beauty salons.
2. 6011 (Cottesloe, Peppermint Grove), WA – $295,283
Number of individuals: 6,704
Average taxable income: $295,283
Median taxable income or loss: $84,217
The only Western Australian postcode to make the highest-earning list, this place is home to mining billionaire Andrew Forrest, who benefited from China’s unquenchable appetite for iron ore. There are two suburbs in this postcode: Cottesloe and Peppermint Grove, which are ruly spectacular beachside regions. Score pizza and seafood at the Indiana Cottesloe Beach restaurant, a former tea house from 1910, while oceanfront pubs with beer gardens host “Sunday Sessions” with live music. Inland, you’ll find hip bakeries, designer jewellers and plenty of fashion retailers.
3. 2027 (Darling Point, Edgecliff, Rushcutters Bay, Point Piper), NSW – $269,777
Number of individuals: 5,703
Average taxable income: $269,777
Median taxable income or loss: $87,915
Residents in these Sydney suburbs will be disappointed to know that they’ve dropped down the rankings of Australia’s highest-earning postcodes this year. Holding onto the silver medal for years, the 2027 postcode on Sydney Harbour has dropped down to number seven on this list, with Darling Point, Edgecliff, Rushcutters Bay, and Point Piper individuals having an average taxable income of AU$269,777. Residents have included former Liberal Prime Minister Malcolm Turnbull and Aussie Home Loans founder John Symond.
4. 3142 (Hawksburn, Toorak), VIC – $222,967
Number of individuals: 9,540
Average taxable income: $266,020
Median taxable income or loss: $79,919
Ahh, finally, the Melburnians can get in on the action with this top-earning Victorian postcode. Home to two of the top suburbs in the state: Hawksburn and Toorak, there’s your usual array of mega-mansions amongst beautiful scenery just outside the CBD. Eddie McGuire lives in Toorak, so you know there’s money here. However, this particular Toorak mansion smashed the national auction record in October 2021.
5. 2023 (Bellevue Hill), NSW – $245,728
Number of individuals: 7,108
Average taxable income: $245,728
Median taxable income or loss: $84,477
Home to the third-most expensive private boys’ school in Sydney, Scots College ($50,000+ per year), the Sydney suburb of Bellevue Hill is located in the ‘sweet spot’ between Rose Bay and Double Bay. Here, you’ll find everything you need for your family, wife, and girlfriend, including bakeries filled with sourdough and neighbourhood restaurants. It’s also just a stone’s throw from The Royal Sydney Golf Club, and there’s a handful of tennis courts to keep your better half busy while you’re out working for those school fees.
6. 2030 (Dover Heights, Rose Bay, North Vaucluse, Watsons Bay), NSW – $230,597
Number of individuals: 9,539
Average taxable income: $230,597
Median taxable income or loss: $79,934
If you’re a millionaire who wants to hide away from the hustle and bustle of Bondi, Double Bay, and Woollahra, the logical choice is to get yourself a cheeky mansion in Dover Heights. Just off Old South Head Road, the suburb has a handful of cafes and bars. However, it’s better known for its eclectic groups of residents, which include everyone from alleged underworld figure John Ibrahim to Zac Efron. With views out over the Tasman Sea and Sydney Harbour, there’s no better place to watch the sun go down than from your infinity pool.
7. 3944 (Portsea), VIC – $221,867
Number of individuals: 586
Average taxable income: $221,867
Median taxable income or loss: $77,610
If you’re a Melbourne millionaire and you’re not hanging out at your Tookrak mansion, there’s a good chance you’re chilling by the pool at your holiday home in Portsea, VIC. However, with less than 600 individuals permanently residing in this seaside town, it’s clear there’s a market for rich retirees, too. Right next to Sorrento, this expensive Victorian postcode is home to the “Millionaire’s Walk” which doesn’t need explaining, and the beautiful Sorrento Golf Club. Oh, and let’s not forget about the Harold Holt Memorial at Portsea Beach, “the swim that needs no towel” is cemented in Australian history.
8. 2108 (Coasters Retreat, Currawong Beach, Great Mackerel Beach, Palm Beach), NSW – $216,262
Number of individuals: 1,283
Average taxable income: $216,262
Median taxable income or loss: $60,959
The global pandemic forced a large number of retirees out of the greater Sydney region. While a large portion of the Coasters Retreat, Currawong Beach, Great Mackerel Beach, and Palm Beach properties are inhabited as holiday retreats for the super wealthy, it appears many have moved from their main residences and back into these secluded retreats by the water. This has likely had an impact on the region’s average taxable income, which increased to $216,262. What this has done to the price of coffee and avocado toast, we’ll have to wait and see.
9. 2110 (Woolich, Hunters Hill), NSW – $215,456
Number of individuals: 6,062
Average taxable income: $215,456
Median taxable income or loss: $79,612
The one-way in and one-way out postcode with a sprinkling of waterfront mansions and a great pub, it’s easy to see why 2110 (Woolich, Hunters Hill) has reared its head amongst the highest-earning suburbs in Australia. $215,456 is the average taxable income for the suburb, but one would imagine that those couples purchasing homes like “Vailele,” which fetched upwards of $20 million at auction a few years ago, are likely earning a whole lot more than this. What better way to balance a multi-million-dollar property portfolio than with a schooner of Carlton at the Woolich Pier Hotel? It’s all about equal opportunity!
10. 2025 (Woollahra), NSW – $212,881
Number of individuals: 4,922
Average taxable income: $212,881
Median taxable income or loss: $86,071
While suburbs like Rose Bay, Double Bay, and Vaucluse lean heavily on the waterfront living experience, Woollahra brings all the Eastern Suburbs glitz and glamour you would hope for, but with a city-living skew. Here, you’ll find everything from mega mansions to Chargrill Charlies, but above all else, it’s the selection of fashion retailers that make their way along Oxford Street into Paddington and the selection of pubs that makes this suburb stand out to the millionaires. It’s also near Centennial Park, which is a bonus.
Suburbs That Dropped Outside the Top of the List
Next time your mate from Melbourne complains about the price of houses in Victoria, remind them that Sydney had seven spots on the top 10 list of highest-earning postcodes. Tell him to loosen his R.M. Williams belt while he’s at it. Melbourne had two cracks at the top 10, with Toorak in the city’s inner-east coming in 4th and new-entrant (and retieree-favourite) Portsea landing in 7th place. However, it wasn’t all fun and games for high-earners in these postcodes, as new developments in key Australian postcodes have kicked some well-known ritzy spots off the top of the list.
2088 (Mosman, Spit Junction), NSW – $188,234
Number of individuals: 19,706
Average taxable income: $188,234
Where most people who live in the East haven’t heard of Northbridge, most people who live in Mosman probably think they live in the most affluent suburb in Sydney. However, we’ve got some news because, according to the data, they just fell outside the top 10 highest-earning postcodes in Australia. Spanning from Bradley’s Head in the South to The Spit Bridge in the North, Middle Head in the East, and Cremorne in the West, the 2088 postcode is the largest on this list with 19,706 individuals. You’ll find people from all walks of life around North Sydney’s version of Rose Bay.
2063 (Northbridge), NSW – $191,225
Number of individuals: 4,284
Average taxable income: $191,225
Most people who live in the Eastern Suburbs postcodes that dominate this list don’t even realise Northbridge is in Sydney, let alone one of the highest-earning postcodes in Australia. Seriously, like everything that happens in Vegas, it seems the first rule about living in Northbridge is not mentioning Northbridge. However, they’ve recently fallen outside the top 10 with a sub-$200k average taxable income threshold: “Imagine earning less than $200,000,” says someone from the East. Here, you’ll find the Northbridge Sailing Club, the Northbridge Golf Club, and more cafes than you can poke a Platinum AMEX at.
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