Top 10 Richest Cities In Australia 2020

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. Recently, Australia was named as the country with the largest median wealth per adult. 

But what are the cities with the most wealth, making up the bulk of the money reflected in the nation’s GDP figures? That is what we want to find out in this article. Here we find out where the richest citizens in Australia live, and where most of the best personal connections and quality of life are.

Top 10 Richest Cities In Australia 2020

1. Coasters Retreat, Currawong Beach, Palm Beach 

    • State: New South Wales
    • Average Taxable Income: $230,330

Coasters Retreat is the richest city in Australia presently, a getaway city in Ku-ring-gai Chase National Park. It is not a residential area per se but was built as a resort. Apparently, that resort has become the ideal residence for some very wealthy people. 

The recorded average taxable income there is $230,330; which is the highest in the country. Many of the residents are rich people trying to avoid the hustle and bustle of city life, while others just do not want to interact with people. So, they make their way to this set of fifty-holiday houses built in the bush and beside the beach. 

The town is not entirely cut off, however; it uses Palm Beach Ferry Service for transport; the town also has two wharves and a rural fire brigade. Adjoining areas are Currawong Beach, Palm Beach.

2. South Yarra, Hawksburn, Toorak

    • State: Victoria
    •  Average Taxable Income: $193,904

South Yarra is an inner suburb of Melbourne, Victoria, in the country of Australia. The town is located 4 km from Melbourne’s Central Business District. South Yarra had a population of 25,147 at a recent Census. Most of the Residents of the town are businessmen or professionals working in Melbourne’s Central Business District. 

The city of South Yarra goes big on retail shopping; the main shopping region of South Yarra runs along Toorak Road and Chapel Street. Here you find exclusive shops, malls, restaurants, nightclubs, and cafes.

3. Darling Point, Edgecliff, Point Piper 

    • State: New South Wales
    • Average Taxable Income: $187,769

Darling Point is a suburb of in the east of Sydney, facing the harbor and currently the third richest city in Australia. The town is 4 kilometres east of the Sydney Central Business District. The average taxable income in Darling Point is $187,769. Well, this is because most residents of Darling Point are businessmen or professionals who work in the Sydney Central Business District. Most of them are also sailing enthusiasts or amateur fishermen. 

Darling Point is shares borders with Sydney Harbour to the north, Double Bay to the east, Edgecliff to the south, and Rushcutters Bay to the west. Darling Point is famous for its beautiful and expensive houses. It is regarded as one of the most exclusive residential areas in Australia.  

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

    • State: New South Wales
    • Average Taxable Income: $178,282

Dover Heights is a suburb of Sydney located in the east. Dover Heights is a little further down away from the central business district; 9 kilometres away. Interestingly, it seems that Dover Heights is a convergence of wealthy people from other countries who choose to live in Australia. 14.8% of residents come from South Africa, 3.6% from England. Many other people recorded are from Russia and Israel. 

Dover Heights is the place with the highest Jewish population in Australia. As mentioned above, the area is quite exclusive, and so housing is not cheap there; on the average, people there spend $4000 dollars monthly on their mortgage.

5. Northbridge 

    • State: New South Wales
    • Average Taxable Income: $169,365

Northbridge is a city in Perth, Western Australia, and one of the wealthiest cities in Australia. The city is on the inner part of Perth, historically separated and connected with Perth’s central business district by the railways. The average taxable income in Northbridge is $169,365. 

This area was developed during the gold boom of the 1890s, as it attracted the construction of many hotels for the accommodation of prospectors. The attorney general at the time lived here, along with many others from the top elite of the country.

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 an area in Sydney, it is right on the harbourside on the east and the seveth richest city in Australia. The city is 4 kilometres east of the Sydney central business district. Most of the residents are professionals or businessmen, working in the central business district, and the average taxable income in the city is $160,378.

It is said that the name Double Bay comes from the fact that most people living here make double what other people make.

There is a bustling commercial area around New South Head Road, and there you find hotels and upscale shops, restaurants, supermarkets, and coffee places. 

8. Mosman, Spit Junction 

    • State: New South Wales
    • Average Taxable Income: $158,897

Mosman is an area in the Lower North Shore of Sydney. The city is located 8 kilometres north-east of the Sydney central business district. This is home to some of Sydney’s fast-rising business executives and has an average taxable income of $158,897. 

Mosman’s shopping centre is the city’s main commercial hub and features many boutiques, cafes, and restaurants. This shopping centre redistributes money between most of the households in the area; the median weekly household income last recorded was $2,522, which is almost 1000 dollars above the national average. 

9. Portsea 

    • State: Victoria
    • Average Taxable Income: $156,079

Portsea is a seaside town in the urban section of Melbourne and one of Australia’s wealthiest cities. Portsea is the westernmost town on the Mornington Peninsula, very beautiful, and attractive to both sailing enthusiasts, and just people who want to live in a peaceful and serene environment. 

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 an upscale area on the Lower North Shore of Sydney. Hunters Hill is located 9 kilometres north-west of the Sydney central business district. Most of the residents here are businessmen and professionals operating in the central business district of Sydney. However, the town is located on a hill between two rivers and is mainly accessed by bus or by ferry. 

Related: 

Closing On The Richest Cities In Australia

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 top 10 richest 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.

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