High Income Correlates To Prestige House Prices

November 22nd, 2013

Income data released by the Australian Bureau of Statistics (ABS) sourced from the Australian Taxation Office (ATO) showed average annual incomes of $100,000 plus for 20 suburbs across Australia between 2010-2011, with a high correlation between high income earners and prestige property prices, according to Property Observer.

The ABS data revealed 12 of the top 20 high income earning suburbs are located in Sydney, with four in Melbourne and four in Perth.

A growing trend of rising property prices was revealed in those suburbs with heavily concentrated wealth, derived from mining worker incomes.

The suburb of Toorak in Melbourne recorded the highest average annual income of $150,548 followed by Mosman in Sydney with $142,773 and Double Bay-Bellevue Hill ranked third with $141,544 recorded. These suburbs recorded correspondingly high property prices.

In regional areas, mining towns recorded the highest annual incomes. In Western Australia the towns of Karratha and Port Headland recorded top incomes of $86,828 and $86,079 respectively.

In Queensland the coal mining centre of Moranbah recorded a top income of $83,257 with regional towns such as Singleton in New South Wales recording strong income growth.