Top 10 Richest Cities In Australia (2023)

Posted on Author Olaide Waheed

Australia is a highly developed market economy, the richest cities in Australia are among the wealthiest in the world. That means that people can afford to spend money. Its GDP was estimated at A$1.89 trillion. 

The good thing about the wealthiest cities in Australia is that rather than the wealth being constituted by a few wealthy individuals; the prosperity in the city is very obvious for everyone to see. This is a country with a sound economy where everything in the country is designed to work in the interest of the people. This safe and beautiful country will no doubt attract wealthy people from all corners of the world; people come to Australia to invest.

Australia is also attractive to working-class people; jobs and economic opportunities abound in this fine country, which is why people pour in from all over the world with their skills and talents; thus contributing to the already wealthy cities in Australia.

Top 10 Richest Cities In Australia 2023

1. Coasters Retreat, Currawong Beach, Palm Beach 

State: New South Wales

Average Taxable Income: $230,330

Coasters Retreat is a place where the wealthy comes to stay away from the not-so-wealthy. This town was intended as a relaxation centre tucked away in the Ku-ring-gai Chase National Park. With all the rich people coming together to live in luxury houses in the woods, and the kind of money they spend and control from that secluded location, there is little doubt that Coasters Retreat is the richest city in Australia.

Coasters Retreat is a cut-off from the mainland; so poor people can’t get in. The residents of this town come and go by boat, and some of those boats are very expensive. Aside from transport; the residents enjoy sailing and fishing as a favorite pastimes.

Residents of Coasters Retreat obviously come to live in this town to get away from the hustle and bustle of city life. Plus from their porches they can get a good view of the city because the houses are set on a hill.

The average taxable income in Coasters Retreat is $230,330; which is the highest in the country. Real Estate in this town is very expensive, and most of the residents have many sources of wealth both on and off the island.

2. South Yarra, Hawksburn, Toorak

State: Victoria

 Average Taxable Income: $193,904

South Yarra is a city in Melbourne, Victoria, Australia. The strength of the town is not in its number there are only about 25,147 residents. However, those 25,147 people make an average taxable income amounting to about $193,904 per year.

South Yarra is a great place for young and ambitious professionals, as well as businessmen; it is only 4 km from Melbourne’s Central Business District, which means short drives to and from work every day.

The city is complete with shopping centers, exclusive shops, restaurants, and nightclubs. The towns of Hawksburn and Toorak have a comparable economy to South Yarra and are therefore statistically put together.

3. Darling Point, Edgecliff, Point Piper 

State: New South Wales

Average Taxable Income: $187,769

Darling Point is an affluent suburb of Sydney. This is one of the richest cities in Australia; it attracts rich people because it is naturally beautiful, cool with the sea breeze, and has all the attractions that make a city attractive to young people.

Darling Point is located only 4 kilometres east of the Sydney Central Business District, so it is a great place for the young professional who works or does business in the city center because there is no need for unnecessarily long commutes to and from work.

Darling Point is close to the sea which makes it a great place for sailing. Not surprisingly, most of the residents of this town enjoy sailing. On weekends and holidays, the harbor-side is full of small sailing boats going into the sea. Sailing is a rich man’s pastime in Darling Point, and a great way to make connections with the city’s crème de la crème.

Edgecliff and Point Piper are other towns with similar economies and are usually put together when measuring the finances of Sydney. People who cannot find houses they like in Darling Point are usually happy to live in Edgecliff or Point Piper.

4. Dover Heights, Rose Bay North, Vaucluse, Watsons Bay 

State: New South Wales

Average Taxable Income: $178,282

Dover Heights is a beautiful and wealthy suburb of Sydney. Dover Heights, as the name can give away, is located on a hill, and very attractive to rich, educated, working-class people who are businessmen or professionals working in the city center because it is only about 9 kilometres away from the Sydney Central Business District, in New South Wales, Australia.

This enclave located on a cliff overlooking the Tasman Sea is very attractive to rich people from all over the world. About 14.8% of its residents come from South Africa, while 3.6% of its residents come from England, and then others come from Russia and Israel. Dover Heights is a place of Jewish culture and language; it has the highest population of Jewish people in Australia.

5. Northbridge 

State: New South Wales

Average Taxable Income: $169,365

Northbridge is a rich people’s community in Perth, Western Australia. Northbridge was founded in the 1860’s during the gold boom; it was the gold prospectors who built this fine city. Now, this city with less than 10,000 people is one of the most prosperous in the country; even though it is not very exclusive, or designed as a collection of mansions and opulent residences.

The city has all kinds of real estate, commercial buildings, residences, shops, and offices. The average taxable income of the city is $169,365, and it is attractive to young people who have a lot of living to do.

6. Bellevue Hill 

    • State: New South Wales
    • Average Taxable Income: $169,334

Bellevue Hill is a rich people’s abode in Sydney. It is on the east side, facing the waterfront. The area is located 5 kilometres east of the Sydney central business district. The average taxable income in the area is $169,334, which is no problem because most of the residents here work in the central business district of Sydney.

The area is located within the Division of Wentworth electorate, which is well known for being the richest in Australia. This area has been the living area of Australia’s most notable billionaires for a long time. The median price of a house here is $5.4 million, which is the highest in Australia. 

7. DOUBLE BAY

State: New South Wales

Average Taxable Income: $160,378

Double Bay is one of the richest suburbs of Sydney. The name is actually given because it is located on the bay side; but colloquially, the area is called Double Pay; as a reference to the fact that it is mostly inhabited by rich people who sometimes pay double for the things they buy.

Double Bay is located about 4 kilometres east of the Sydney central business district; which makes it an ideal location for professionals and business people who need to be close to their offices.

The average taxable income in the city is $160,378, and real estate is quite pricey here. The city has hotels, restaurants, supermarkets, and coffee places.

8. Mosman, Spit Junction 

State: New South Wales

Average Taxable Income: $158,897

Mosman is a beautiful area in the Lower North Shore of Sydney, New South Wales, Australia. The city is located about 8 kilometres away from the Sydney central business district.

Mosman has a population of 28,475, and a good number of the residents make the daily commute to and from the Central Business District. While most of the houses are residential, you will also find a shopping centre, as well as boutiques, cafes, and restaurants.

Mosman is usually put together with Spit Junction because they have similar economies. The average taxable income of $158,897. 

9. Portsea 

State: Victoria

Average Taxable Income: $156,079

Portsea is a beautiful seaside town in Melbourne, Australia. As is natural for an affluent port side enclave; it is a hub for high net worth individuals, most of who enjoy sailing as a pastime. Portsea has many beautiful houses where the millionaire residents live; although some of them spend as much time in their luxury boats. 

This is one of the areas with the highest average taxable incomes in Australia; with the fat figure of $156,079.

10. Hunters Hill 

State: New South Wales

Average Taxable Income: $156,069

Hunters Hill is located in the Lower North Shore of Sydney and is just 9 kilometres away from the Sydney central business district. It is a hub for wealthy people who are accomplished and wish to enjoy life at a reduced pace. This hilltop town has plenty of trees and shrubs and direct access to the waters in the Sydney Harbour.

Many residents of the town enjoy walking, sailing, and fishing. The community life here is very good.

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Closing

The cities are well planned, and they also have all the facilities that make great cities. Interestingly, the richest cities are not all exclusive retirement communities; they are made up of a mash-up of demographics; which shows that Australia’s economy is beneficial to the young people as well.

In most places in the world, you find that rich people tend to converge in areas where the poor cannot live. Australia is no different in this regard, and the ultra-wealthy, as well as the Nouveau Riche all, converge in small cities, where they live in lavish houses. That is basically the story of the wealthiest cities in Australia, with some cities having an average mortgage of 4000 dollars, and other cities having an average cost of houses as high as 5 million dollars, and some houses costing as much as 60 million.