The 25 Richest Suburbs In Australia

Looking towards North Sydney from Observatory Hill. Image: Realestate.com.au

The one thing Australia’s richest suburbs all share is the average annual income of taxpaying residents is over $110,000.

How we’ve calculated this is by finding the 25 postcodes which had the highest amounts of taxable income for the 2010-11 financial year, which is the most recent data available. What results is a list of the suburbs where the taxpayers, when you combine all their income, were the country’s biggest money makers for that year.

To rank them, we’ve divided the total payable income tax of the postcode by the number of taxpayers in each to give an average taxable income, but keep in mind that because it’s an average, the extremely high-income individuals – people earning tens of millions or more – can drive up the number significantly.

There are some usual suspects in this list; blue-riband postcodes that are home to established money such as Bellevue Hill, Mosman and Vaucluse in Sydney, and Toorak and Portsea in Melbourne.

But there are some surprise entrants, generated by the sudden creation of new wealth in Australia in recent years – for example, the wheatbelt suburb of Manmanning in Western Australia and a number of Perth’s outer suburbs.

Queensland, South Australia, the Northern Territory and the ACT didn’t get a look-in, with Sydney, Melbourne and Western Australian suburbs dominating the list.

Here are the 25 suburbs where the real money is being made.

1. Darling Point, Edgecliff and Point Piper, Sydney, New South Wales

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One of the most expensive and exclusive suburbs in Sydney, Point Piper is the dress circle of the city's elite and is home to Federal Communications Minister Malcolm Turnbull, Aussie Home Loans founder John Symond and Westfield boss Frank Lowy.

Both property and private school fees in the wealthy eastern suburbs of Sydney also come with hefty price tags with the prestigious Ascham School for the girls and Scots College or Cranbrook on offer in neighbouring Bellevue Hill for the boys.

According to the ATO 5,795 taxpayers racked up a combined taxable income of $985.8 million in 2011-12, or an average annual income of $170,114 per annum.

Toorak, Victoria

Realestate.com.au

Just five kilometres south of Melbourne's CBD is the upmarket suburb of Toorak.

According to the tax office 10,010 taxpayers reported an annual taxable income of $1.457 billion in 2010-11 and an average individual taxable income of $145,580 for the financial year.

Television and radio personality Eddie McGuire, and Lindsay Fox the boss of transport company Linfox both call Toorak home. Many of the mansions on the treelined St Georges and Towers Roads have private tennis courts, pools and mega price tags to match.

This six bedroom estate on Towers Road was sold for $25 million in June 2013.

3. Mosman, Sydney, New South Wales

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With a mixture of Sydney Harbour and Middle Harbour views, chic boutique shops, and sprawling enclave-type houses, Sydney's suburb of Mosman is home to many of Sydney's upper-class North Shore types.

Taronga Zoo and Balmoral Beach are also nestled in the suburb.

In 2010-11 18,940 taxpayers reported a total taxable income of $2.59 billion, equating to an average individual taxable income of $136,751.

4. Hunters Hill, Sydney, New South Wales

Realestate.com.au

Sydney's heritage river-front suburb of Hunters Hill is positioned on the city's North Shore.

The suburb's tree-lined streets is known for its heritage style Sydney sandstone buildings and is also home to private boys' school St Josephs College.

In 2010-11 5,711 taxpayers reported a combined taxable income of $780.3 million - an average annual individual taxable income of $136,550, which is only $200 behind their North Shore Mosman neighbours.

5. Vaucluse, Sydney, New South Wales

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Making up part of Sydney's Eastern Suburbs, 9,510 Vaucluse-based taxpayers posted a combined taxable income of $1.273 billion in 2010-11.

The average individual income for the year was $133,892.

A suburb with stunning harbour views, Realestate.com.au reports the median price for a four bedroom home is $3.2 million.

6. Portsea, Melbourne, Victoria

Image: Simon Thomsen.

In the 2010-11 financial year 385 taxpayers in the Victorian seaside suburb of Portsea reported a combined taxable income of $51.4 million or an average individual taxable income of $133,605.

Positioned at the end of the Mornington Peninsula, near the entrance to Port Philip Bay, Portsea is where many of Melbourne's elite spend their weekends boating and scuba diving.

According to Realestate.com.au the median price of a four bedroom home in the resort-style suburb is $1.42 million.

7. Bellevue Hill, Sydney, New South Wales

The private boys school Scots College is located in Bellevue Hill.

Also in Sydney's Eastern Suburbs, the affluent neighbourhood of Bellevue Hill is characterised by the estates which line its streets and some of the big personalities who call it home. Both the Packer and Murdoch families have resided in the suburb as well as the late stockbroker Rene Rivkin.

In 2010-11 6,730 taxpaying residents reported a combined taxable income of about $878 million and a average individual taxable income of approximately $130,000.

8. Cottesloe, Perth, Western Australia

Image: Shutterstock.

Perth's beach side suburb of Cottesloe is famous for spectacular Indian Ocean sunsets and its recently restored beach front pavilion.

Each March Cottesloe hosts the Sculpture By The Sea exhibition which originally got its start on the east coast at Bondi Beach.

The average taxable income of Cottesloe taxpayers in 2010-11 was $128,252, off the back of a total combined taxable income of $814 million.

9. Northbridge, Sydney, New South Wales

View from Sydney's North Shore. Photo: Shutterstock.

Characterised by its historic sandstone bridge, Northbridge on Sydney's North Shore is about 10 kilometres from the CBD.

According to Realestate.com.au the median price for a four bedroom home in the $2.3 million.

The neighbourhood's 4,065 residents reported a total combined taxable income of $496 million in 2010-11. Its average individual taxable income in the same year was $122,075.

10. Woollahra, Sydney, New South Wales

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Being Australia's tenth richest suburb isn't shabby, the taxpaying residents of Sydney's Woollahra reported an average taxable income of $119,946 in 2010-11.

The affluent suburb also hosts the German, Russian, and Polish consulates.

11. Mosman Park, Perth, Western Australia

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With the Swan River on one side and the Indian Ocean on the other, Perth's western suburb of Mosman Park is about 14 kilometres from the CBD.

Its neighbouring suburb Cottesloe came in at number eight on the list.

Its 5,060 taxpaying residents recorded a combined taxable income of $642.7 million in 2010-11 and had an average taxable income of $117,397.

12. Nedlands, Perth, Western Australia

Swan River. Photo: Shutterstock.

Stretching along the banks of Perth's Swan River, Nedlands is just 7 kilometres from Perth's CBD.

The 11,265 taxpayers in Nedlands reported a combined taxable income of $1.315 billion in 2010-11. The average taxable income for the suburb was $116,819 for the year.

13. City Beach, Western Australia

Image: Shutterstock.

WA's town of City Beach is known for its contemporary homes and white sandy beach.

Popular with surfers, the suburb is about 10 kilometres north of Perth's CBD.

Its 4,380 taxpaying residents posted a total combined income of $503 million and an average individual taxable income of $114,191 in the 2010-11 financial year.

14. Manmanning, Western Australia

Image: Google Maps.

The rural town of Manmanning in Western Australia's wheatbelt just missed out on the top ten list but a total of ten individuals reported a combined taxable income of $1,141,909 in 2010-11, and the average of $114,191 was just $2,628 below the annual average taxable income of individual taxpayers in Nedlands, WA.

According to The Australian Bureau of Statistics 2011 census data 61% of Manmanning's population work in agriculture.

15. Brighton, Victoria

Image: Shutterstock

Brighton is famous for its exuberantly coloured bathers cottages which line the beach side town's bay front.

Bathing Box number 38 was sold for $172,500 in February 2014, which is a pretty big price tag when you consider none of the bathing boxes have running water or electricity and are usually just the one room.

Bathing boxes aside, Brighton is home to many of Melbourne's wealthy with the suburb's 15,290 taxpayers posting a combined total taxable income of $1.688 billion in 2010-11, equating to an average taxable income of $110,066.

16. Palm Beach, Sydney, New South Wales

Image: Shutterstock

The playground of the rich and famous, located at the end of the Northern Beaches peninsula Palm Beach is plastered with luxe holiday homes.

With the Tasman Sea on one side, Pittwater on the other and a golf course straight down the middle it's a popular holiday spot for Sydney's Eastern Suburb folk in the summer months and the odd celebrity with Rolling Stone Mick Jagger and actress Nicole Kidman both previous guests.

The Packer family also have a holiday house on the beach front and model Megan Gale's home is high up on the hilltop. The well-to-do also have plenty of upmarket dining options including Dunes and Jonahs restaurants.

The 1,255 taxpaying residents of Palm Beach reported a total combined income of $138 million in 2010-11, equating to an average individual taxable income of about $110,000.

17. Albert Park, Melbourne, Victoria

Image: Shutterstock

Albert Park in South Melbourne is known for its cafe culture, boutique shopping experiences and the expansive lake which sprawls through the middle of the suburb. Channel 9's renovating show The Block has been madly building four luxury apartments in Albert Park for its 2014 series.

In the 2010-11 financial year, 6,745 Albert Park taxpayers recorded a total taxable income of $734 million and an average individual taxable income of $108,807.

18. Double Bay, Sydney, New South Wales

Image: Flikr/Daniel Peckham

With luxury cars lining its streets, upmarket eateries and luxury brands filling the shopfronts Double Bay is where the rich show off their wears. It's a place to be seen.

The 3,235 taxpaying residents in the eastern Sydney suburb accumulated a combined total taxable income of $351,990,440 million in 2010-11, making the average individual's taxable income $108,807 for the financial year.

19. Malvern, Melbourne, Victoria

Image: Google Maps

South of Melbourne's CBD, the suburb of Malvern is known for its parks, gardens and high-end shopping.

In 2010-11 the 7,715 taxpaying residents of the historic suburb had an average annual taxable income of $105,932.

20. Killara, Sydney, New South Wales

Image: Belle Property.

Another suburb on Sydney's North Shore, Killara's wide, leafy streets, proximity to the city and also to some of Sydney's most prestigious private schools, it attracts many affluent family types.

In 2010-11 Killara's 8,105 taxpaying citizens recorded an average annual taxable income of $103,254.

21. Centennial Park and Paddington, Sydney, New South Wales

Image: Bresic Whitney

Just outside the city, Centennial Park is a lifestyle suburb, with expansive parkland, an elite pony club and sprawling heritage homes.

Neighbouring suburb Paddington is widely regarded as a trend setting suburb, with narrow streets made up of terrace homes and renovated workers' cottages.

Paddington's shopping strip is also one of Sydney's best with international designers and local boutiques both vying for attention.

In 2010-111 the average annual income for the 2021 postcode was $102,634.

22. North Sydney, New South Wales

Image: Realestate.com.au

On Sydney Harbour's foreshore, the north side of the bridge has stunning views looking back towards the CBD. North Sydney, which includes Lavender Bay, McMahons Point and Waverton has some incredible properties, fancy schools, and top notch restaurants.

Back in 2010-11 the 9,590 North Sydney based taxpayers racked up a combined total taxable income of $983,358,553 and had an average annual individual income of $102,540.

23. Roseville and Castle Cove, Sydney, New South Wales

Image: Realestate.com.au

Located on Sydney's Upper North Shore, Roseville is characterised by its Federation homes, manicured gardens and tree lined streets. The suburb also one of Sydney's last remaining independent cinemas. Roseville Cinema was originally built in the early 1900s and regularly screens art-house films.

Castle Cove is a suburb which lives up to its name, it has a castle and waterfront status. The sandstone Innisfallen Castle is a heritage listed 21 hectare estate, was last offered up for sale in 2011.

The 8,780 taxpaying residents of Roseville and Castle Cove had an average annual taxable income of $102,371 and a combined total taxable income of $898.8 million.

24. Balmain, Sydney, New South Wales

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In Sydney's inner west, Balmain is known for its fantastic restaurants, cafe culture, and prime boutique shopping options. In 2010-11 Balmain's taxpaying residents had an average annual income of $102,356.

25. Canterbury, Melbourne, Victoria

House on Mont Albert Road. Image: onthehouse.com.au

Just scraping into the top 25 richest suburbs in Australia, the streets of Canterbury in Melbourne's south east are framed with deciduous trees and established residences.

According to Realestate.com.au the median price for a four bedroom home in the suburb is $2.1 million. The suburb's millionaire's row, Mont Albert Road is often called 'The Golden Mile' and is back-to-back mansions.

In 2010-11 5,535 taxpayers recorded a total combined taxable income of $565.6 million and the average annual income was $102,204.

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