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Learning about the richest suburbs in Australia is both indulgently fascinating and devastatingly disheartening. Fodder for fantasising, but also a stark reminder that, for most of us at least, a waterfront mansion with a private pool is about as achievable as a casual swim to New Zealand. But, if you’re curious, fresh data from the Australian Taxation Office (ATO) has revealed the country’s highest-earning postcodes, and Victoria has officially entered the chat.
For the first time ever, a Victorian postcode has bumped Sydney's eastern suburbs and taken out the top spot, with the Mornington Peninsula’s Portsea clocking an eye-watering average taxable income of $321,988. That’s more than four times the national average.
Portsea is, in many ways, the ultimate escape suburb. About a 90-minute drive from Melbourne (yep, it's still considered part of Greater Melbourne), it’s where the city’s wealthiest quietly retreat to. Think sprawling coastal estates, private beaches and generational holiday homes à la The Summer I Turned Pretty. It’s stunning, no doubt – but for most Victorians, it’s a place you visit (if you’re lucky), not somewhere you accidentally end up browsing rentals.
Closer to the CBD, the 3142 postcode – covering Toorak and Hawksburn – lands in second place with an average income of $277,708. Toorak is the name that tends to carry the most cultural weight: it’s shorthand for old money, luxury cars and mansions hidden behind gilded gates. But Hawksburn, its slightly more low-key neighbour, offers a different flavour of affluence – all boutique-lined streets and excellent coffee.
As you’d expect, even within these postcodes, the gap between the headline figures and everyday reality is vast. The national average income sits at $74,727 – a number that feels increasingly out of step with rent, groceries and basically everything else. So while Portsea and Toorak might dominate the rankings, they represent a very small slice of Victorian life. Still, there’s a certain intrigue in peeking behind the perfectly manicured hedges.
And if nothing else, it’s a reminder: you don’t need a $300k salary to enjoy Melbourne. Some of the city’s best bits – its gloriously bootleg wine bars, late-night dumplings and slightly chaotic charm – live well outside these glossy postcodes.
The 10 wealthiest postcodes in Australia:
- Portsea, VIC (3944) – $321,988
- Toorak and Hawksburn, VIC (3142) – $277,708
- Bellevue Hill, NSW (2023) – $250,899
- Vaucluse, Dover Heights, Rose Bay + Watsons Bay, NSW (2030) – $246,732
- Cottesloe and Peppermint Grove, WA (6011) – $239,013
- Darling Point, Point Piper and Edgecliff, NSW (2027) – $238,954
- Woollahra, NSW (2025) – $214,893
- Hunters Hill and Woolwich, NSW (2110) – $214,626
- Double Bay, NSW (2028) – $212,209
- Mosman and Spit Junction, NSW (2088) – $208,097
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