Despite the cost of living crisis weighing heavily on your average Sydneysider, it turns out that the Harbour City is home to some of the very richest people in the country. A recent report released by the Australian Taxation Office (ATO) has revealed the top ten richest suburbs in the county, and Sydney dominated the list – with seven of the ten richest suburbs located right here in the Emerald City. Surprised? Us neither.
Topping the list was the harbourside suburb of Double Bay (AKA, Double Pay), where the average income for the 2021-22 income year (the fin. year that this study was based on) was more than $354,308. Considering the average Australian income for the 2021-2022 income year was $72,327, that’s a pretty big pay cheque. In fact, all of the Sydney postcodes ranking among the top richest in the country have an average income that’s more than twice the average national income.
The next Sydney postcode to make the list was nearby 2027 (comprising the suburbs of Darling Point, Edgecliff and Point Piper), where average income sits at a hefty $269,777. Neighbouring 2023 (Bellevue Hill) came in at number five on the list, followed by postcode 2030 (Vaucluse, Dover Heights, Rose Bay and Watsons Bay).
The only two NSW postcodes north of the bridge to make the list were 2108 (Palm Beach, Coasters Retreat, Currawong Beach, Great Mackerel Beach) and 2110 (comprising Hunters Hill and Woolwich), which came in at eighth and ninth richest, respectively. The tenth richest postcode in Australia is 2025 – the suburb of Woollahra, which also recently appeared on a list of the Australian suburbs with the highest level of wellbeing.
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 NSW being home to seven of the richest postcodes in the country, it’s also home to three of the "poorest" – with the ATO revealing that the postcodes associated with Newcastle University and The University of NSW are the poorest and second-poorest, respectively. Since these rankings are based on income, it’s no huge surprise that suburbs dominated by students took the top spots on the least-affluent list.
Within the University of Newcastle postcode, for example, the average income was recorded as $20,878 – if you were earning more than that as a student, all credit to you.
The other NSW suburb to rank among the poorest suburbs was Bellata (Jews Lagoon, Millie), a regional suburb in northwest NSW.
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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