It takes a lot of hard work to acquire and maintain a sought-after property. A large estate in an expensive town, with all the conveniences of modern living, is just a far-fetched dream for some. However, some people have managed to turn their dreams into reality and are now residing in these affluent suburbs.
Written by Jean Natividad.
Late last year, the Australian Bureau of Statistics revealed the country’s most affluent suburbs. Residents’ average total income from salaries, wages, businesses, investments, and superannuation were analysed to select Australia’s highest earners. Today, we give you a rundown of the top five locations you’ll envy:
Toorak residents are serious money-makers, averaging an income of $150,548 a year. The area also ranks 12 in RP Data’s 2013 list of Most Expensive Suburbs around Australia. Toorak has long been associated with Melbourne’s elite and is famous for housing some of Australia’s wealthiest. Most residents are entrepreneurs and many are involved in the finance and property industry.
The average income of Mosman residents is $142,773 per annum. Properties in this suburb are exclusive and expensive. Mosman is known for its harbour beaches (Cobblers Beach, Balmoral, and Chinamans, to name a few), and other attractions such as the Taronga Zoo and Bradleys Head. In Mosman, one can find a rich mix of Federation era houses, apartment buildings, and townhouses.
Bellevue Hill, Sydney
Another suburb considered synonymous to Australia’s elite is Bellevue Hill, with residents averaging a total income of $141,544 per year. Mansions here sell for millions of dollars and are generally owned by affluent business owners, politicians, and celebrities. Some of the buildings worth seeing are Caerleon, Cranbrook, Villa d’Este, Trahlee, and Bonnington.
DOUBLE BAY, Sydney
Double Bay residents make an average of $141,544 in a year, thus allowing them luxuries like fine dining and shopping. This suburb is also known as Sydney’s most expensive fashion district. As enviable as it may sound, keeping up with the lavish lifestyle in this part of the city requires a significant amount wealth.
Hunders Hill, Sydney
In Hunters Hill, the developments are mostly residential (home to those who make an average $138,007 per year). Here, household incomes and mortgage payments are considered one of the highest in Australia. Their commercial district can be found around the intersection of Ryde Road and Gladesville Road. Amongst the buildings listed in the Register of the National Estate are the Town Hall, St Ives, The Chalet, Woolwich Dock, and the Anglican Church of All Saints. (View from Hunters Hill pictured above.)
Aside from merely knowing where the country’s richest residents are located, this list is just as good for motivation. The next time you get back to the grind, think of your dream location and what it will take to get you there.
Excerpted from an article originally published in issue 3 of Property Inc. magazine.