Finance Property Toorak tops Australia’s suburban rich list

Toorak tops Australia’s suburban rich list

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Where in Australia is the best place to snag a rich squeeze?

With the average Joe taking home more than $150,000 a year, Melbourne’s blue chip suburb of Toorak is the nation’s wealthiest area, according to the Australian Bureau of Statistics (ABS).

Residents from Sydney’s Mosman ($142,773) and Double Bay-Bellevue Hill ($141,544) were not far behind in the list of the top earning regions in Australia.

Mining hubs Karratha and Port Hedland in Western Australia recorded the highest average income outside the capital city regions, with the average worker earning more than $85,000 annually.

Across Australia the average income of everyday workers was $52,240 in 2010/11.

ABS director of rural and regional statistics Lisa Conolly said while the ACT and Western Australia had the highest average income of all states and territories, South Australia had several areas which saw enormous annual income growth.

“Looking at the average annual income growth rates from 2005/06 to 2010/11, several regions in and around the Eyre Peninsula in South Australia are emerging,” Ms Conolly said on Tuesday.

“Overall, South Australia contributed seven of the top 10 areas nationally, in average annual growth rate terms.”

In 2010/11, the total income of Australians aged 15 and over was $646.9 billion.