Sydney, the capital of New South Wales and one of the largest cities in Australia, is home to many world-famous landmarks, including the Sydney Opera House.
It also boasts some of the country’s richest suburbs, such as Darling Point, Point Piper, Dover Heights, Woollahra, and Bellevue Hill, where residents earn more than 150,000 AUD.
But Sydney’s richest suburb, which also happens to be the wealthiest suburb in Australia, is Double Bay.
According to the Australian Taxation Office’s most recent data list, residents earned an average of 202,541 AUD (about 140,000 USD).
This is more than double the country’s full-time salary of 89,000 AUD.
Table of Contents
- What are the most common jobs in Double Bay?
- How much is the cost of living in Double Bay?
- Has the cost of living in Sydney been growing significantly?
- What’s the demographic composition of Double Bay?
- Are there poor people in Double Bay?
- Which city in Australia has the most millionaires?
- What cities are also among the richest in Australia?
- What is Australia’s poorest city?
Previously a hub for older generations, Double Bay has been attracting young wealthy crowds over the past decade.
This transition from old money to the nouveau riche has changed this area in a myriad of ways.
James Dunn, a partner at Richardson & Wrench, says that the suburb is now teeming with new restaurants and bars – and a “young hip crowd.”
And this trend is projected to continue for many years to come.
According to Double Bay’s occupation statistics, 23.2% and 43.5% of its residents work as managers and professionals (this includes engineers, lawyers, teachers, accountants, bankers, consultants, etc.), respectively.
This accounts for 68.7% of the suburb’s total working population. A significant portion of workers can also be found in clerical and administrative positions (11.3%).
Combined, the residents’ earnings put them at the very top of the list when it comes to the average income in Australia.
Other Sydney suburbs, such as Darling Point, Point Piper, and Dover Heights, follow closely behind.
It should come as no surprise that Double Bay’s cost of living is significantly higher than the national average.
The average weekly rental price is 750 AUD (around 515 USD), which is substantially higher than New South Wales’ average of 480 AUD (330 USD) and Australia’s average of 436 AUD (300 USD).
Homebuyers can also expect to pay enormous amounts of money when purchasing real estate.
With an average real estate price of 1,173,164 AUD (roughly 8,000,000 USD), Double Bay comes in at 10th place for real estate prices in Australia.
These expensive unit prices are largely due to the suburb’s close proximity to the city and the harbor, as well as its stunning water views.
The demand for lifestyle in Sydney’s suburbs has skyrocketed over the years, and Double Bay is no exception.
With Double Bay’s boutique, upscale restaurants, bars, and shopping options, people can expect to spend much more when going out than they would in almost any other suburb throughout the country.
According to Oiyo, the average cost for a night out in Double Bay is 68.50 AUD (47 USD), compared to St. Mary’s 48.25 AUD (33 USD).
The demand for lifestyle in Sydney’s suburbs has accelerated, bringing in droves of young professionals and driving up prices.
This includes the cost of living.
One area that’s seen a dramatic increase is real estate. Only five years ago, one-bedroom units were listed at around 630,000 AUD while two-bedroom units were being sold for 960,000 AUD.
Nowadays, they’re selling for 1,015,000 AUD and 1,600,000 AUD, respectively, almost doubling their prices from five or six years ago.
This trend shows no signs of slowing down. Interest rates have continued to soar, and new developments, including new construction projects, are underway.
In addition to adding new flair to the housing market, they will increase prices in the area even more.
According to the Australian Bureau of Statistics’ 2016 report, there were 4,642 people in Double Bay, 43.8% of which were male and 56.2% of which were female.
Double Bay is largely made up of young professionals and retirees, giving us an average age of 39 years, which is slightly above the national average of 37 years.
The 2016 Census report says that 49.5% of the suburb’s residents had a bachelor’s degree as their highest level of educational attainment.
Compare that to 23.4% and 22% of the population of New South Wales and Australia as a whole, respectively.
While roughly 30% of the population reported that they had no religious affiliation, others identified as Catholic (20.3%), Anglican (14.7%), and Jewish (11.2%).
There isn’t much data about poverty in Double Bay, but, according to NCOSS, the rate of children living in households experiencing poverty in the area is 6%.
This is somewhat higher than Sydney suburbs like Wahroonga (3.3%) and Glenhaven (4.1%) but notably lower than suburbs like Wiley Park (24.4%) and Surry Hills (25.6%).
It appears that Double Bay has a comparatively low poverty rate when you look at other suburbs throughout Sydney and the rest of New South Wales.
As the cost of living surges in the area, however, the value of real wages and savings can erode, leading to households becoming poorer.
But whether this will actually take place in Double Bay remains to be seen.
The town of Port Lincoln, with an estimated population of 16,418, had the most millionaires per capita in the country in June 2019.
It also lays claim to the title of Australia’s “Seafood Capital,” so it should be no surprise that this fishing town has become a haven for seafood lovers from all over the country and the world.
While Port Lincoln has the most millionaires per capita, Sydney has one of the biggest millionaire immigrant populations in Australia.
In 2015, the city drew the world’s highest number of millionaire immigrants, with 4,000 of them calling Sydney home.
But Sydney isn’t the only city that has experienced a “Millionaire Migration.” Melbourne, too, saw an influx of millionaires – about 3,000 of them – that same year.
This brought the millionaire total to 66,800 in the city.
Still, Sydney is the winner in terms of the number of millionaires. As of 2016, there were 95,400 millionaires in Sydney, putting it well above Victoria’s capital city.
These postal codes are home to the highest-paid Australians:
- Double Bay, Sydney – 202,541 AUD – As we’ve already established, Double Bay is the highest-earning suburb in all of Australia. Its views and vicinity to Sydney make it an attractive destination for retirees and young professionals alike.
- Toorak and Hawksburn, Melbourne – 201,926 AUD – An inner suburb of Melbourne, Toorak and Hawksburn are also synonymous with “wealth” and “luxury.” They have some of the most expensive real estate in Melbourne, and they’re also some of Australia’s priciest suburbs to live in.
- Darling Point and Point Piper, Sydney – 199,813 AUD – Known for their yacht clubs, mansions, and impressive views of the Sydney skyline and harbor, Darling Point and Point Piper, which are mostly residential areas, are famous for being some of Australia’s most expensive suburbs.
- Dover Heights and Vaucluse, Sydney – 197,886 AUD – Celebrated for their old-school charm, these areas have neighborhoods sitting atop the cliffs that overlook the Tasman Sea. So, people looking for a luxury lifestyle in addition to spectacular clifftop views will feel right at home at Dover Heights and Vaucluse.
- Woollahra, Sydney – 183,418 AUD – Located in the Eastern Suburbs of Sydney, Woollahra is just 5 kilometers (about 3 miles) east of Sydney, making this small, charming suburb ideal for young wealthy professionals.
A 2016 report by the Australian Taxation Office shows that Mungallala is the poorest town in Australia, with an average yearly income of a little over 3,000 AUD.
This town, which has a population of 150, has gone through its fair share of challenges throughout the years.
In 2007, a fire severely damaged its sawmill. Because the sawmill is the town’s largest employer, many of its residents were left jobless.
In 2013, the sawmill’s owner, NK Collins, underwent liquidation, resulting in more job losses.
In addition, the community has been suffering from drought-related challenges, adding to the town’s already-extensive list of problems.
Despite all the hard times, the town boasts a low crime rate as well as a fairly strong sense of community.