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Fresh data released by the Australian Taxation Office (ATO) has revealed the nation’s wealthiest suburbs – and a coastal Victorian postcode has snatched the crown from Sydney’s eastern suburbs for the very first time.
Home to 787 residents, the stunning seaside suburb of Portsea on Victoria’s Mornington Peninsula, recorded Australia’s highest average taxable income at $321,988 in 2023-24. That's more than four times the national average income of $74,727 in the same financial year.
Another wealthy Victorian postcode, 3142 – encompassing Toorak and Hawksburn – ranks as Australia’s second richest place to live. Home to 9,933 residents, the leafy neighbourhood recorded an average income of $277,708. This marks only the second time that a NSW postcode hasn't ranked first, with the list typically topped by harbourside giants in Sydney.
Despite losing out on the top spot, NSW still dominated the leaderboard, claiming seven of the top ten postcodes. Five of them are in Sydney’s eastern suburbs, including Bellevue Hill in third with an average income of $250,899, then the 2030 postcode (Vaucluse, Dover Heights, Rose Bay and Watsons Bay) in fourth at $246,732. Meanwhile, postcode 2027 (Darling Point, Point Piper and Edgecliff) slipped to sixth place after topping the national rankings just a year earlier.
Western Australia was the only other Australian state to make the list, with the 6011 postcode (Cottesloe and Peppermint Grove), landing in fifth place with an average income of $239,013. You can see the full top ten wealthiest postcodes in Australia below.
The 10 wealthiest postcodes in Australia
- Portsea, VIC (3944) – $321,988
- Toorak + Hawksburn, VIC (3142) – $277,708
- Bellevue Hill, NSW (2023) – $250,899
- Vaucluse, Dover Heights, Rose Bay + Watsons Bay, NSW (2030) – $246,732
- Cottesloe + Peppermint Grove, WA (6011) – $239,013
- Darling Point, Point Piper + Edgecliff, NSW (2027) – $238,954
- Woollahra, NSW (2025) – $214,893
- Hunters Hill + Woolwich, NSW (2110) – $214,626
- Double Bay, NSW (2028) – $212,209
- Mosman + Spit Junction, NSW (2088) – $208,097