Australia has a new richest postcode for the first time in seven years
The postcode that's home to Palm Beach on Sydney's northern beaches has dethroned the one containing Edgecliff, Darling Point and Malcolm Turnbull's Point Piper residence in the city's eastern suburbs, according to Australian Taxation Office statistics released late on Thursday.The 1,279 tax filers in Palm Beach's 2108 postcode reported an average income of $230,330 for 2016/17, while the 6,089 tax filers in Edgecliff's 2027 postcode made an average of $187,769.
Palm Beach's 2108 postcode - which also includes Scotland Island, Coasters Retreat, Great Mackerel Beach and Currawong Beach - hadn't even been on the list of the top-earning postcodes in Australia in the last few years. David Edwards, principal of LJ Hooker Palm Beach and a lifelong resident, said a "substantial trend in the last few years" of turning Palm Beach holiday homes into principal residences could be responsible for the change.
The ATO statistics showed that in 2016/17, 6011 was the richest postcode in Western Australia. The 6,431 tax filers living in Cottesloe and Peppermint Grove on Perth's western suburbs made an average of $155,264.In the ACT, the 2603 postcode was richest, with 6,650 tax-filers in Forrest, Griffith, Manuka and Red Hill earning an average of $110,394.
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