It doesn’t necessarily take a government report to uncover where the ‘rich’ part of town is. 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. Nevertheless, the Australian Taxation Office (ATO) has done us all a solid and used their data to reveal the highest-earning postcodes in Australia.
The government body has this week unveiled an updated report that outlines, among other things, the richest suburbs in Australia. Sure, you can probably picture which regions are on the list, but how accurate are your assumptions really? If you, like almost everyone who has spent any time in Sydney, said Double Bay, congratulations, you’re entirely correct. However, it wasn’t the only inner-city Sydney postcode to make the highest-earning suburbs in Australia list. In fact, there were quite a few.
Table of Contents
- 1. 2028 (Double Bay), NSW – $266,381
- 2. 2030 (Dover Heights, Rose Bay, North Vaucluse, Watsons Bay), NSW – $230,597
- 3. 6011 (Cottesloe, Peppermint Grove), WA – $229,805
- 4. 3142 (Hawksburn, Toorak), VIC – $222,967
- 5. 3944 (Portsea), VIC – $221,236
- 6. 2023 (Bellevue Hill), NSW – $218,902
- 7. 2027 (Darling Point, Edgecliff, Rushcutters Bay, Point Piper), NSW – $218,528
- 8. 2025 (Woollahra), NSW – $212,881
- 9. 2063 (Northbridge), NSW – $191,225
- 10. 2088 (Mosman, Spit Junction), NSW – $188,234
- Key Take-Aways From the ATO’s Findings
RELATED: This is the average and median salary in Australia, in case you’re wondering.
1. 2028 (Double Bay), NSW – $266,381
Number of individuals: 3,352
Average taxable income: $266,381
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. 2030 (Dover Heights, Rose Bay, North Vaucluse, Watsons Bay), NSW – $230,597
Number of individuals: 9,539
Average taxable income: $230,597
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.
3. 6011 (Cottesloe, Peppermint Grove), WA – $229,805
Number of individuals: 6,648
Average taxable income: $229,805
The only Western Australian postcode to make the highest-earning list, this place is home to mining billionaire Andrew Forrest, who benefitted from China’s unquenchable appetitive 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.
4. 3142 (Hawksburn, Toorak), VIC – $222,967
Number of individuals: 9,700
Average taxable income: $222,967
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. 3944 (Portsea), VIC – $221,236
Number of individuals: 559
Average taxable income: $221,236
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.
6. 2023 (Bellevue Hill), NSW – $218,902
Number of individuals: 7,108
Average taxable income: $218,902
Home to the third-most expensive private boys’ school in Sydney, Scot’s College ($43,000+ 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.
7. 2027 (Darling Point, Edgecliff, Rushcutters Bay, Point Piper), NSW – $218,528
Number of individuals: 5,682
Average taxable income: $218,528
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$218,528. Residents have included former Liberal Prime Minister Malcolm Turnbull and Aussie Home Loans founder John Symond.
8. 2025 (Woollahra), NSW – $212,881
Number of individuals: 4,922
Average taxable income: $212,881
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 leak 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.
9. 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, it seems the first rule about living in Northbridge is not mentioning Northbridge. However, they’ve once again scraped onto this list, albeit under the $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.
10. 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 barely scrape into 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.
Key Take-Aways From the ATO’s Findings
Sydney had seven spots on the top 10 list, five located in the Eastern Suburbs and two on the North Shore. Melbourne had two cracks at the top 10, with Toorak in the city’s inner-east coming in 4th and new-entrant Portsea landing in 5th place. The data shows that eight of the top postcodes on the list have an average taxable income that is more than double Australia’s average full-time salary of AU$98,218 annually).
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