Hands up if the whole cozzie livs thing is weighing pretty heavily on you right now? Yep, us too – and it doesn't help to hear news about Melbourne being named one of the most unaffordable cities in the world to buy a home, or how it has one of the highest populations of millionaires in the world (it ain't any of us, in case you were wondering).
Well, we hate to add to the pile on, but a recent report released by the Australian Taxation Office (ATO) has revealed the richest suburbs in the country, and Melbourne made the list with two of the top ten located right here. Surprised? Us neither.
Landing fourth on the list is the bougie postcode of 3142 – aka Toorak and Hawksburn – where the average income for the 2021-22 financial year was $266,020 (must be nice!). Considering the average Australian income for the 2021-2022 financial year was $72,327, that’s a pretty big paycheque. In fact, all of the Melbourne postcodes ranking among the top richest in the country have an average income that’s more than twice the average national income.
The next Melbourne postcode to make an appearance on the list at seventh is 3944, also known as Portsea. We gotta say, this one was a bit surprising – but also, have you seen some of the houses down on the Peninsula? With an average income of $221,867, it makes sense for the exclusive coastal enclave to earn a mention.
But spare a thought for Sydneysiders, with the Harbour City taking out seven of the ten spots – including the number one position with the ultra-rich 'burb of Double Bay (or Double Pay, according to the locals). Here, the average income was more than $354,308, beating out the silver medallist (Cottesloe and Peppermint Grove in Western Australia), by almost $60,000.
According to income data from the ATO, the richest suburbs in Australia are:
- Double Bay (NSW - 2028): $354,308
- Cottesloe, Peppermint Grove (WA - 6011): $295,283
- Darling Point, Point Piper, Edgecliff (NSW - 2027): $269,777
- Toorak, Hawksburn (VIC - 3142): $266,020
- Bellevue Hill (NSW - 2023): $245,728
- Vaucluse, Dover Heights, Rose Bay, Watsons Bay (NSW - 2030): $239,974
- Portsea (VIC - 3944): $221,867
- Palm Beach, Coasters Retreat, Currawong Beach, Great Mackerel Beach (NSW - 2108): $216,262
- Hunters Hill, Woolwich (NSW - 2110): $215,456
- Woollahra (NSW - 2025): $215,123
And despite Victoria being home to two of the richest postcodes in the country, it’s also home to one of the "poorest" – with the ATO revealing that the postcodes associated with Bellbird Creek, Bemm River, Cabbage Tree Creek and Club Terrace in East Gippsland are the seventh poorest in the country.
According to income data from the ATO, the poorest suburbs in Australia are:
- Callaghan, Newcastle University (NSW - 2308): $20,878
- University of NSW (NSW - 2052): $20,892
- Copeville, Galga, Mantung, Mercunda, Perponda (SA - 5308): $21,049
- Marshlands, Mondure (QLD - 4611): $27,461
- Glenmorgan, Tellba (QLD - 4423): $27,875
- Jericho (QLD - 4728): $28,889
- Bellbird Creek, Bemm River, Cabbage Tree Creek, Club Terrace (VIC - 3889): $29,050
- Muttaburra (QLD - 4732): $30,307
- Borrika, Halidon, Mindarie, Sandalwood (SA - 5309): $30,788.
- Bellata, Jews Lagoon, Millie (NSW - 2397): $31,972
You can read the full report (which also details the most affluent professions, if you're considering a career change for more coin) over here.
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