With an estimated 1700 people classified as ultra high net worth individuals currently living in Australia, almost half of whom live in Sydney, it is unsurprising that six of the top 10 richest postcodes in the country are in NSW.
According to the latest data from the ATO, Australia’s richest people live in Sydney’s eastern suburbs, with an average taxable income over eight times that of our poorest in some of the state’s rural areas.
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The postcode with the highest average taxable income of $177,514 is 2027 – the Sydney suburbs of Darling Point, Edgecliff, HMAS Rushcutters and Point Piper, which has taken the top spot for the second year running.
Second spot on the list was taken by Victoria’s 3761 St Andrews suburb, with its locals earning an average annual income of $148,967.
The breakdown of annual taxable income by postcode also represents the effect the end of the mining boom has had on affluent suburbs in Perth.
While West Australian mining towns once enjoyed house prices at dizzying heights, a 30 per cent call in prices of the last two years has seen suburbs in the state drop off the list of top 10 richest postcodes, from all but one position.
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Perth’s 6011 postcode which includes the suburbs of Cottesloe and Peppermint Grove came in fourth position, down from second spot last year.
Australia’s 10 richest postcodes
2027 – Darling Point, Edgecliff, Rushcutters & Point Piper, NSW
Number of individuals: 5,980
Average income: $177,514
Average house price range: $1.21 million – $7.338 million
3761 – St Andrews, VIC
Number of individuals: 655
Average income: $148,967
Average house price: $610 million
2023 – Bellevue Hill, NSW
Number of individuals: 6,945
Average income: $143,112
Average house price: $3.193 million
6011 – Cottesloe & Peppermint Grove, WA
Number of individuals: 6,610
Average income: $142,504
Average house price range: $1.725 million - $2.9 million
Also read: House boom over in mining towns
3142 – Hawksburn & Toorak, VIC
Number of individuals: 10,100
Average income: $142,000
Average house price: $2.195 million
2030 – Dover Heights, Rose Bay North, Vaucluse & Watsons Bay, NSW
Number of individuals: 9,610
Average income: $139,099
Average house price range: $2.465 million - $3.148 million
3944 – Portsea, VIC
Number of individuals: 400
Average income: $138,800
Average house price: $1.44 million
2088 – Mosman & Spit Junction, NSW
Number of individuals: 19,200
Average income: $137,647
Average house price: $2.173 million
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2110 – Hunters Hill & Woolwich, NSW
Number of individuals: 5,880
Average income: $132,557
Average house price: $1.7 million
2063 – Northbridge, NSW
Number of individuals: 4,180
Average income: $130,801
Average house price: $1.96 million