If you’re curious about the wealthiest postcodes in Sydney, you’re not alone. Sydney is known for its high cost of living, and its affluent neighborhoods are no exception.
According to recent data from the Australian Bureau of Statistics, all of the top 10 most socio-economically advantaged postcodes in Australia, and 42 of the top 50, are located in Sydney. The eastern suburbs and north shore dominate the top 10, with four postcodes each.
Therefore, what are the wealthiest postcodes in Sydney? Double Bay (postcode 2028) takes the crown, with an average income of $202,598 and a population of 3,572 individuals.
This ritzy harbourside suburb is full of upscale boutiques and popular cafes. It’s not just the richest postcode in Sydney – it’s the richest in the entire country.
Other wealthy Sydney postcodes include Point Piper, Darling Point, and Edgecliff (postcode 2027). These are home to the most expensive properties in the city.
Key Takeaways
Sydney Suburbs
- Sydney is home to all of the top 10 most socio-economically advantaged postcodes in Australia.
- Double Bay (postcode 2028) is the wealthiest postcode in Sydney and the entire country, with an average income of $202,598.
- Point Piper, Darling Point, and Edgecliff (postcode 2027) are home to the most expensive properties in Sydney.
Richest Postcodes in Sydney New South Wales
If you’re curious about the wealthiest postcodes in Sydney, you’ll find that most of them are located in Sydney’s Eastern suburbs, Sydney’s Northern suburbs, Sydney’s northern beaches, and the North Shore. Here are the top ten richest postcodes in Sydney, based on average taxable income:
Top 10 most affluent postcodes
Top Spot
1.) Double Bay (2028)
With its high-end boutiques, cafes, and restaurants, Double Bay is one of Sydney’s most exclusive shopping and dining destinations. In addition, It’s also home to some of the city’s wealthiest residents.
Second Spot
Point Piper (2027)
This exclusive harbourside suburb is home to some of the most expensive real estate in the country. It boasts stunning views of Sydney Harbour and the Opera House and is popular among wealthy businesspeople and celebrities.
Third Place
Dover Heights 2030
This suburb is located just north of Vaucluse, Dover Heights is another harbourside suburb with breathtaking views. Furthermore, it has a high mix of luxury homes and apartments.
Fourth Place
Rushcutters Bay (2011)
This suburb is located just east of the CBD. it is known for its beautiful parklands and marina. It’s a popular choice for wealthy professionals who want to be close to the action.
Fifth Place
This affluent suburb is located on the Lower North Shore. It is known for its stunning harbour views, upscale shopping and dining, and beautiful homes.
Sixth Place
Darling Point (2027)
Located just east of Point Piper, Darling Point is another affluent harbourside suburb. It has stunning views and a high concentration of luxury apartments and mansions.
Seventh Place
Bellevue Hill 2023
This leafy suburb is located just south of Vaucluse and is home to some of Sydney’s most expensive homes. It’s a popular choice for families who want to live in a quiet, upscale neighborhood.
Eighth Place
Vaucluse 2030
This picturesque suburb is located on a peninsula in Sydney Harbour. It is known for its stunning views, sprawling mansions, and secluded beaches.
Ninth Place
Edgecliff (2027)
Firstly, this suburb is known for its upscale shopping and dining options. Secondly, it is favoured for its proximity to the CBD. Therefore, it’s a popular choice for wealthy professionals who want to be close to the action.
Tenth Place
Woollahra (2025)
This leafy suburb is located just east of Edgecliff. It is known for its beautiful Victorian homes, upscale shopping and dining, and quiet, tree-lined streets.
As you can see, the top ten richest postcodes in Sydney are all located in some of the city’s most desirable neighbourhoods. Whether you’re a wealthy businessperson, celebrity, or just someone who appreciates the finer things in life, these suburbs offer a luxurious lifestyle that’s hard to beat.
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Income Statistics
If you’re curious about the highest-earning postcodes in Sydney, you’re in the right place. According to recent data from the Australian Taxation Office (ATO), Sydney’s eastern suburbs and north shore dominate the list of the top 10 wealthiest postcodes in Australia. Here are some key income statistics for Sydney’s wealthiest postcodes:
- The postcode 2027, includes the suburbs of Darling Point, Edgecliff, and Point Piper. It has the highest average taxable income in Australia, at $242,428 per annum.
- The postcode 2030, encompasses Dover Heights, Rose Bay North, Vaucluse, and Watsons Bay. Comes in second, with an average pre-tax income of $230,597.
- The postcode 2023, which includes Bellevue Hill, has an average taxable income of $192,500.
- The postcode 2021, which encompasses Paddington and Moore Park, has an average taxable income of $175,000.
- The postcode 2088, which includes Mosman and Spit Junction, has an average taxable income of $172,500.
It’s worth noting that these figures reflect taxable income. This means they don’t account for any deductions or offsets that may have been claimed. Additionally, it’s important to remember that income statistics are just one way of measuring wealth. Therefore, it doesn’t necessarily reflect overall net worth.
Sydney’s wealthiest postcodes are home to some of the highest average incomes in Australia. These statistics provide a glimpse into the city’s economic landscape.
Profession and Earnings
If you are looking to earn a high income in Sydney, you might want to consider a career in the medical or legal professions.
Medical Practitioners
According to ATO tax statistics, surgeons are the highest-earning profession in the country, with an average taxable income of $430,128 for men and $227,034 for women. Anaesthetists, internal medicine specialists, and psychiatrists also rank highly on the list of top earners.
Finance Professionals & Engineers
Financial dealers are another well-paid profession, with an average taxable income of $207,834 for men and $126,851 for women. Engineering managers and mining engineers also earn high salaries, with average taxable incomes of $189,940 and $182,862 respectively.
What it means for you
If you are interested in pursuing a career in the legal profession, you might want to consider becoming a barrister or solicitor. Legal professionals rank among the highest earners in the country, with an average taxable income of $185,894 for men and $119,026 for women.
When it comes to specific postcodes, Sydney’s eastern suburbs and North Shore are home to some of the wealthiest Australians. According to the Australian Bureau of Statistics 2021 census data, all of the top 10 most socio-economically advantaged postcodes in Australia, and 42 of the top 50, are in Sydney.
Double Bay is the ritzy harbourside suburb known for its upscale boutiques, beauty salons, restaurants, and cafes, and it took out the top spot with resident taxpayers earning about $202,541 on average.
However, keep in mind that earning a high income often requires years of hard work, dedication, and education.
Comparative Analysis with Other Cities
When comparing the wealthiest postcodes in Sydney to other cities and regions in Australia, it is clear that Sydney dominates the list. However, there are some notable mentions from other areas.
In Melbourne, the postcode of Toorak and Hawksburn (3142) is the second-highest nationally, with an average taxable income of $193,904. This is significantly lower than Sydney’s wealthiest postcode Double Bay (2028), which has an average income of $202,598.
Western Australia’s Cottesloe and Peppermint Grove, both within the 6011 postcodes, easily took first place on the list of high-income postcodes in 2019-20 with an average taxable income of $238,202. This is higher than any postcode in Sydney.
It is interesting to note that while Sydney dominates the list of wealthiest postcodes, there are still some areas in other states and regions that have higher average incomes. However, Sydney’s top postcodes still rank among the highest in the country.
Furthermore, when comparing the wealthiest postcodes in Sydney to other cities and regions in Australia, it is clear that Sydney remains a top contender for high-income earners.
Taxation and Financial Year Overview
Latest taxation statistics
As of the 2020-21 financial year, the Australian Taxation Office (ATO) has released taxation statistics that reveal the postcodes in Sydney with the highest average taxable income. The majority of Australia’s highest earners reside in Sydney’s eastern suburbs, with Double Bay being the top-ranking postcode with an average taxable income of $266,381.
The ATO data also shows that 66 people earned more than $1 million and paid no income tax in 2020-21. These individuals earned an average of $14.5 million, and the ATO has stated that this is due to the use of tax offsets, deductions, and losses.
In terms of the 2016-17 financial year, the ATO’s taxation statistics revealed that Sydney’s 2108 postcode, which covers Coasters Retreat, Currawong Beach, Great Mackerel Beach, and Palm Beach, had the highest average taxable income of $230,330. Melbourne’s 3142 postcode, covering Toorak and Hawksburn, was the second-highest nationally, with an average taxable income of $193,904.
The ATO’s taxation statistics provide a detailed overview of Australia’s tax system. Its impact on individuals and businesses. By analyzing tax returns and taxation statistics, the ATO can identify areas of concern and take appropriate action to ensure compliance with tax laws and regulations.
It is important to note that taxation laws and regulations can change over time. Thus, it is essential to stay up to date with these changes to avoid any potential issues with the ATO.
Impact of Pandemic on Wealth
The COVID-19 pandemic has had a significant impact on the wealth of Australians, including those living in Sydney’s wealthiest postcodes. The pandemic led to significant job losses, business closures, and economic uncertainty, which has affected the financial well-being of millions of people across the country.
According to a report by UNSW Sydney and ACOSS, income and wealth inequality in Australia were rising before COVID-19. The pandemic has only exacerbated these trends, with the majority of those affected by deep income losses being women and young people. The report highlights that the pandemic has disproportionately affected those who were already struggling financially, including people living in poverty and those experiencing homelessness.
The Pandemic’s Impact on Sydney
The impact of the pandemic on Sydney’s wealthiest postcodes has been mixed. While some residents have seen their wealth grow due to rising property prices and investments, others have experienced financial losses due to the economic downturn. In 2023, Bellevue Hill in Sydney’s east, which is one of the wealthiest postcodes in the country, saw a decrease in average taxable income from $218,361 in 2019 to $195,204 in 2020.
The pandemic has also highlighted the importance of having a diversified investment portfolio. Many high-net-worth individuals have seen their investments in industries such as travel, hospitality, and retail take a hit due to the pandemic. However, those who have invested in technology, healthcare, and other sectors that have thrived during the pandemic have seen their wealth grow.
As a result, the pandemic has had a significant impact on the wealth of Australians, including those living in Sydney’s wealthiest postcodes. While some have seen their wealth grow, others have experienced financial losses. The long-term economic impact of the pandemic remains uncertain, and it will take time for the country to recover fully.
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Unique Aspects of Wealthy Postcodes
If you live in one of Sydney’s wealthiest postcodes, you’re likely to enjoy a lifestyle that’s unique and exclusive. Here are a few aspects that set these postcodes apart:
Australia’s Richest People
Luxury homes and properties:
Wealthy postcodes are known for their exquisite homes and properties. These homes are often large and spacious, with high-end finishes and luxurious amenities such as swimming pools, home theaters, and wine cellars.
Exclusive neighborhoods:
Wealthy postcodes are often located in some of the most exclusive neighborhoods in Sydney. These neighborhoods are known for their tree-lined streets, manicured lawns, and stunning views of the city and harbor.
Bankers and finance professionals:
Many of the residents in wealthy postcodes are bankers and finance professionals. These individuals work in high-paying jobs in the city’s financial district and enjoy the benefits of a high-income lifestyle.
Doctors and medical professionals:
Another group of residents in wealthy postcodes are doctors and medical professionals. These individuals work in some of the city’s top hospitals and clinics and enjoy the benefits of a high-income lifestyle.
Richest people in Sydney:
Many of the richest people in Sydney live in these postcodes. These individuals are often entrepreneurs, business owners, or executives who have built successful companies and amassed significant wealth.
Therefore, living in one of Sydney’s wealthiest postcodes offers a lifestyle that’s exclusive, luxurious, and unique. If you’re lucky enough to call one of these postcodes home, you’ll enjoy the benefits of a high-income lifestyle and a community of like-minded individuals.
Let’s Bring It All Together
It’s worth noting that while these postcodes are among the wealthiest in Sydney, they also tend to have a higher cost of living. If you’re looking to move to one of these areas, be prepared to pay a premium for the privilege. However, if you’re looking for a luxurious lifestyle and don’t mind the price tag, these postcodes are worth considering.
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