Melbourne is home to two of the richest postcodes in Australia – new data reveals

Believe it or not, Melbourne has one of the highest populations of millionaires in the world.

But it has also been named one of the most unaffordable cities in the world to buy a home.

And a recent report from the Australian Taxation Office revealed that two of the richest suburbs in Australia are in Melbourne.

The richest postcodes in Australia

The first Melbourne postcode on the list is 3142 - Toorak and Hawksburn.

This postcode places fourth in the ATO's top ten richest suburbs.

The average income in this postcode for the 2021-22 financial year was $266,020.

The next postcode is 3944 - Portsea, which ranks seventh on the list, with an average income of $221,867.

Here's the complete list from ATO:

1. Double Bay (NSW - 2028): $354,308
2. Cottesloe, Peppermint Grove (WA - 6011): $295,283
3. Darling Point, Point Piper, Edgecliff (NSW - 2027): $269,777
4. Toorak, Hawksburn (VIC - 3142): $266,020
5. Bellevue Hill (NSW - 2023): $245,728
6. Vaucluse, Dover Heights, Rose Bay, Watsons Bay (NSW - 2030): $239,974
7. Portsea (VIC - 3944): $221,867
8. Palm Beach, Coasters Retreat, Currawong Beach, Great Mackerel Beach (NSW - 2108): $216,262
9. Hunters Hill, Woolwich (NSW - 2110): $215,456
10. Woollahra (NSW - 2025): $215,123

The poorest postcodes in Australia

Despite Melbourne 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:

1. Callaghan, Newcastle University (NSW - 2308): $20,878
2. University of NSW (NSW - 2052): $20,892
3. Copeville, Galga, Mantung, Mercunda, Perponda (SA - 5308): $21,049
4. Marshlands, Mondure (QLD - 4611): $27,461
5. Glenmorgan, Tellba (QLD - 4423): $27,875
6. Jericho (QLD - 4728): $28,889
7. Bellbird Creek, Bemm River, Cabbage Tree Creek, Club Terrace (VIC - 3889): $29,050
8. Muttaburra (QLD - 4732): $30,307
9. Borrika, Halidon, Mindarie, Sandalwood (SA - 5309): $30,788
10. Bellata, Jews Lagoon, Millie (NSW - 2397): $31,972

A final note for investors

As I always say, when it comes to property investment, the focus should be on investment-grade properties in A-grade locations.

Never follow a trend or buy in hotspots or growth areas because these won’t give you the long-term growth that you’re looking for.

I’m talking about areas and properties which hold their value over the long term, rather than benefit from an uptick in demand.

About Joseph Ballota Joseph is a Senior Wealth Strategist at Metropole. He focuses on ensuring all clients grow, protect, and pass on their wealth by assisting them in the strategic selection, financing, acquisition, and management of their investment properties. Being an investor himself for over 20 years, Joseph is able to give clients a detailed perspective for their strategic property plan