Toorak tops list of country's wealthiest suburbs

Australia’s wealthiest suburbs have been revealed.

According to a new Australian Bureau of Statistics publication, residents of Toorak in Melbourne’s inner-east made an average total income of $150,548 each from wages and salaries, investments, businesses, and superannuation.

Toorak was followed by three Sydney Suburbs. Mosman residents were on $142,773 a pop, Double Bay/Bellevue Hill’s wage-earners took home $141,544 on average, while residents of Hunters Hill/Woolwich sat on $138,007.

Rounding out the top five wealthiest suburbs was Cottesloe in western Perth, where residents made $125,441 on average.

The report also broke down average incomes by state, finding that residents of the Australian Capital Territory had the highest incomes in Australia, with an average of $61,608 per annum.

This was followed by Western Australia where average incomes stood at $58,291, followed by the Northern Territory, with $54,794, with New South Wales close behind on $54,110 and Victorian residents on $51,398.

Residents of Queensland on average made $49,853, South Australians made $47,853, while Tasmanians made $44,018 on average.

Residents in Australia’s cities tended to record substantially higher incomes than those in regional Australia.

If metropolitan areas are stripped out, the highest-paid regional workers were those in the mining centres of Karratha and Port Hedland in Western Australia, who earned $86,826 and $86,079 on average.

Between 2005-6 and 2010-11, average incomes in Australia grew 4.9%.

Western Australia and the Northern Territory recorded the highest levels of income growth, with 6.7% and 5.3% growth respectively.

Incomes in Queensland and South Australia were just above the national average, both growing 5% per annum over the period.

Residents of the Australian Capital Territory and Tasmania saw their income grow at levels just below the national average – 4.8% per year and 4.7% per year on average.

This article first appeared on SmartCompany.


Income correlates to prestige house price, with mining towns the major ABS blow-ins

"The enduring global financial crisis fallout means many of these well-heeled residents aren’t actually any the wealthier from house price gains given the top end property market still hasn’t recovered."

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