Have you ever wondered where Sydney’s richest people live?
Recent data from the Australian Taxation Office (ATO) has revealed Sydney’s highest-earning postcodes where average individual incomes easily fetch three zeros, the houses are bigger and the suburbs are more elite.
In fact, the data highlights the stark divide between the richest and poorest Sydneysiders with workers in the city’s richest postcodes earning more than 10 times the salary of our lowest-income earners (who have an average income as low as $10,000-20,000 per year).
The difference in salary between the richest (2028) and poorest (2387) postcodes in NSW two is a shocking $201,696 per year.
Here are the 7 postcodes that Sydney’s richest call home.
1. Double Bay (2028)
Average income: $202,598
Number of individuals: 3,572
The ritzy and exclusive harbourside suburb, full of upscale boutiques, popular cafes and took the crown not only as the richest postcode in Sydney but also in the whole of Australia.
Double Bay, which is also appropriately nicknamed ‘Double Pay’ has sweeping views across the water to Darling Point and Sydney Harbour Bridge and is home to some of Australia’s most affluent people.
2. Darling Point, Edgecliff, Rushcutters Bay, Point Piper (2027)
Average income: $198,813
Number of individuals: 6,052
With Point Piper’s Wolseley Road highly regarded as one of the most expensive streets in Sydney, where 100% of properties sell for over $1 million (and the record so far this year was a $40 million property sale), it’s unsurprising the 2027 postcode places second on Sydney’s rich list.
The area, which comprises Darling Point, Edgecliff, Rushcutters Bay and Point Piper, is another harbourside postcode where only the rich can afford to live.
3. Vaucluse, Dover Heights (2030)
Average income: $197,886
Number of individuals: 9,870
Dover Heights is an affluent neighbourhood that hugs the top of the cliffs overlooking the Tasman Sea, meanwhile, Vaucluse is known for being an incredibly affluent area with peninsular and harbour views unlike any other.
The entire suburb is home to some of Sydney’s highest property prices and largest pay packets.
4. Woollahra (2025)
Average income: $183,418
Number of individuals: 5,252
The affluent suburb of Woollahra houses no shortage of lawyers, bankers, doctors and management consultants, all of whom earn more than double the average Australian wage.
The suburb also has some of the world’s elite streets and expensive houses to boot.
5. Bellevue Hill (2023)
Average income: $173,278
Number of Individuals: 7,404
Bellevue Hill has consistently come up on top as one of Sydney’s richest postcodes, landing itself in the top five for the highest income earners for the past eight consecutive years.
The postcode is yet another prestigious harbourside neighbourhood that is full of sprawling estate homes and expensive cars.
6. Mosman, Spit Junction (2088)
Average income: $171,135
Number of Individuals: 20,304
With historical buildings, breathtaking views and plenty of amenities, it’s not hard to see why wealthy Sydneysiders are flocking to Mosman and Spit Junction.
The area has a huge variety of property – from grand period homes to newly-designed luxury townhouses – with a median price of $4.9 million, according to Realestate.com data.
With the coastline on three sides, the water views are plentiful, the lifestyle is luxurious and locals’ pockets are appropriately deep.
7. Northbridge (2063)
Average income: $168,891
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Number of Individuals: 4,395
The median property prices for Northbridge in the lower north shore sat at $4.65 million for houses to $1.36 million for units in the past year.
And it’s attracting Australians with the pay packet to match.
Because it’s safe, quiet and has lots of amenities. Not only is the area a short distance to the city for professionals, but the schools are mostly private and also expensive.
So for those who want a great place to live and raise a family, and have the money to throw at one of the extravagant houses, Northbridge looks like a great choice.
The rest of the best
While only 7 Sydney suburbs made the ATO’s list of Australia’s richest postcodes, we’ve looked closer at the data (with the help of realestate.com.au and Domain Group) and identified some other sought-after areas where the paychecks are high and the money is
Hunters Hill, Woolwich (2110)
Average income: $177,615
Number of Individuals: 14,962
Over on Sydney’s lower north shore, Hunters Hill and Woolwich are situated on a small peninsula that separates the Lane Cove and Parramatta Rivers.
Aside from some of Sydney’s richest, the area is also home to a number of heritage buildings and impressive houses. While the average income for the area is high, monthly mortgage payments are also steep.
Median property price: $9.3 million
If you’re hoping to live close to Bondi, the waterfront suburb of Tamarama is close by with only a few, very expensive homes – which are usually modern and art deco buildings with gorgeous views – for sale.
Tamarama’s median house price reached $9,300,000 for houses at $2,400,000 for units over the past year.
Centennial Park (2021)
Median property price: $7.46 million
Centennial Park is in the southeast of Sydney, only four kilometres away from the CBD, and has many Federation and Victoria-style homes with an expensive $7.46 million median price.
What's ahead for Sydney property prices in 2022?
We have now entered the next phase of the Sydney property cycle, one where the market is cooling and prices are adjusting.
And while property prices will correct in some locations, they will hold steady in others - you see...there is not one "Sydney property market."
And there will not be a property “crash” of Sydney property prices as some commentators are predicting.
For house prices to “crash”, you need to have forced sellers and nobody there to buy their properties.
This only happens at time of high unemployment, but currently anybody who wants a job to help to get a job and with rising wages, it’s unlikely that we will see many distressed sellers forced to sell.
Sure some recent buyers will find high mortgage costs a financial challenge, but there is likely to be little mortgage stress in Australia as 50% of homeowners have no mortgage on their home at all and most of the other homeowners – those who bought more than a year or two ago – will have substantial equity in their properties and are months in advance of their mortgage payments
However, some who recently purchased a property and haven’t experienced market cycles will find the current market conditions are concerned.
They should take comfort in the fact that property corrections tend to be short lived, and the Reserve Bank doesn’t want to crash the housing market – it wants that about as much as it wants another strain of coronavirus.
These property owners should remember that property values are once again going to rise substantially over the long-term, underpinned by our rising population at a time of significant undersupply of properties and the increasing wealth of our nation meaning we’ll be able to pay more for our homes.
And the situation will only be exacerbated with the opening the floodgates for migrants who don’t bring a home with them when they come to Australia.
Over the past 42 years, Sydney has enjoyed an average annual price growth of +7.8% for houses and there is no reason to think this trend won't continue in the future.