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There is no shortage of idyllic streets, extravagant properties, and exclusive postcodes in Victoria’s capital.
Even despite enduring one of the world’s longest Covid-19 lockdowns, Melbourne’s property market stood firm throughout 2021.
The city might not have seen the same record price increases as in other states, but sky-high demand, low-interest rates, tight supply, and government incentives still kept property prices in some of the most notorious parts of the city at all-time highs.
So it’s unsurprising that recent data from the Australian Taxation Office (ATO) has revealed there are some postcodes in Victoria’s capital that have residents among some of the wealthiest in the country.
Here is where the richest of the rich life.
1. 3142 (Hawksburn, Toorak)
Average income: $201,926
Median house price: $5.38 million
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The average income of residents in the 3142 postcode is the second-highest in Australia at $201,926.
And the suburb is also a long-time frontrunner for Melbourne’s most expensive houses.
Victoria’s 3142 postcode, which comprises Toorak and Hawksburn and sits just five kilometers south-east of Melbourne’s CBD, is home to more of Australia’s richest millionaires and billionaires than any other suburb in the country.
In fact, a whopping 23 of the 250 richest people in Australia live in extravagant and exclusive properties in just one affluent inner-city suburb in Melbourne – Toorak.
The suburbs have large blocks, huge houses and extravagant gardens which are perfect for those who are able to splash their cash and live like a royal.
Median property prices over the last year range from $5.38 million for houses to $897,000 for units in the area, according to realestate.com data.
And it’s clear there is money in the area.
Famous Toorak and Hawksburn residents include Collingwood Football Club President Eddie McGuire, billionaire businessman Lindsay Fox, property developer Tim Gurner and department store founder Sidney Myer.
2. 3944 (Portsea)
Average income: $175,356
Median house price: $3.53 million
Known as a summer destination for affluent Melburnian residents, Portsea sits at the end of the Mornington Peninsula with many private beachside mansions.
The median house price is $3.53 million and the suburb is packed with rich listers among its 456 residents.
Unsurprisingly the suburb has a high-demand property market, of which 94% is owner-occupied by residents averaging 60 years old.
The rest of the best
While only 2 Melbourne suburbs made the ATO’s list of Australia’s richest postcodes, we’ve looked closer at the data (with the help of realestate.com.au and Domain Group) and identified some other sought-after areas where the paychecks are high and the money is flowing.
3002 (East Melbourne)
Median house price: $3.3 million
Median property price: undisclosed
But with an abundance of stunning Victorian-era terrace houses, glamorous apartments, European-style cafes, gorgeous gardens and high-profile amenities, it’s clear why East Melbourne continues to draw attraction from Australia’s wealthiest people.
Median price for houses is $3.3 million while the median unit price in East Melbourne last year was much more affordable at around $758,000.
Median property price: $3.31 million
One of the most expensive suburbs in Melbourne, Brighton, is situated 11km away from the CBD.
The area, known for its beaches and luxury real estate from Victorian and Georgian eras has a median house price of $3.31 million or a median unit price of $1.14 million.
Median property price: $3.3 million
Median property prices over the last year range from $3.3 million for houses to $934,000 for units, according to realestate.com data.
Even renting isn’t cheap at around $895 per week for a house.
Canterbury is regarded as one of Melbourne’s most exclusive suburbs, particularly the “Golden Mile” – Mont Albert Road, running west from Balwyn Road and the avenues that connect it to Canterbury Road, specifically Monomeath Avenue, which is lined by large oak trees and mansions owned by notable wealthy people.
3206 (Middle Park)
Median property price: $3.23 million
Middle Park is a bayside suburb that’s located right outside of the CBD, about 3km away.
There have been development restrictions in the area, driving up the cost of property.
Houses come in at a median of $3.23 million whereas units would cost significantly less at a median of $1.2 million.