The richest streets in Sydney, revealed

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 $20,000-25,000 per year).

The difference in salary between the richest (2028) and poorest (2308) postcodes in NSW two is a shocking $221,374 per year.

Here are the 6 postcodes that Sydney’s richest call home.

2028 (Double Bay)

Double Bay

Average income: $242,428

Number of individuals: 3,517

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 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.

2027 (Darling Point, Edgecliff, Rushcutters Bay, Point Piper)

Sydney Darling Point

Average income: $198,828

Number of individuals: 6,139

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 $13.025 million sale property sale), its 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.

2023 (Bellevue Hill)

Sydney Bellevue Hill

Average income: $193,440

Number of Individuals: 7,513

Bellevue Hill has consistently come up on top as one of Sydney’s richest postcodes, landing itself in the top five for highest income earners for the past eight consecutive years.

The postcode is yet another prestigious harbourside neighbourhood which is full of sprawling estate homes and expensive cars.

2110 (Hunters Hill, Woolwich)

Sydney Hunters Hill

Average income: $177,615

Number of Individuals: 6,264

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.

Not only does the 2110 postcode make the list of richest areas, it’s also the safest suburb in Sydney.

From July 2018 to June 2019, the NSW Bureau of Crime Statistics and Research recorded only 455 major incidents.

There were no robberies, with or without a weapon and there are also low levels of assault and general theft.

2088 (Mosman, Spit Junction)

Sydney Mosman

Average income: $171,904

Number of Individuals: 20,331

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 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.

2063 (Northbridge)

Sydney Northbridge

Average income: $169,142

Number of Individuals: 4,338

The median property prices for Northbridge in the lower north shore sat at $3.4 million for houses to $1.2 million for units in the past year.

And it’s attracting Australians with the paypacket to match.

Why?

Because it’s safe, quiet and has lots of amenities. Not only is the area a short distance to the city for professionals, 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.

Other notable wealthy suburbs in Sydney

While only six 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 flowing.

2030 (Vaucluse, Dover Heights)

Sydney Vaucluse

Population: 9,335

Median property price: $5.355 million

Vaucluse is known for being an incredibly affluent area with peninsular and harbour views unlike any other and sky-high house prices.

2026 (Tamarama)

Sydney Tamarama

Population: 1,627

Median property price: $5.95 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.

The median house price is a whopping $5.95 million and the incomes are high enough to match.

2021 (Centennial Park)

Sydney Centennial Park

Population: 2,372

Median property price: $5.6 million

Centennial Park is in the south-east of Sydney, only four kilometres away from the CBD, and has many Federation and Victoria-style homes with an expensive $4.1 million median price.

Now is the time to take action and set yourself for the opportunities that will present themselves in the Sydney property market as it moves on

Metropole

If you’re looking to buy your next home or an investment property in Sydney, you can trust the team at Metropole to provide you with directionguidance and results.

In “interesting” times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3.5 Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.
icon-podcast-large

Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Kate Forbes

About

Kate Forbes is a National Director Property Strategy at Metropole. She has 15 years of investment experience in financial markets in two continents, is qualified in multiple disciplines and is also a chartered financial analyst (CFA).
Visit Metropole Melbourne


'The richest streets in Sydney, revealed' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*


Copyright © Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts