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The Canberra Times
The Canberra Times
National
Lanie Tindale

Surprise suburbs in Canberra's richest postcodes

New tax data has revealed the ACT's richest postcodes, with some unexpected suburbs in the top five spots.

Canberrans will be unsurprised to see postcode 2603 - home to the well-heeled residents of Forrest, Griffith, Manuka and Red Hill - has the city's richest occupants.

The median taxable income of individuals in the postcode is nearly $82,000 a year, the Australian Taxation Office found.

It is the 13th wealthiest postcode in the country.

Postcode 2600, which includes suburbs Barton, Deakin and Yarralumla, has taken the second spot with a median income of nearly $79,000.

The postcode is the 22nd richest in Australia.

These two postcodes may also have the most millionaires in the city, with a huge disparity between median and average incomes.

The average is found by dividing incomes by the population, while the median finds the middle salary.

The median calculation stops the number from being skewed by extremes - for example, super-rich millionaires in Red Hill or Yarralumla.

The average income of 2600 is more than $126,000. It is nearly $119,500 for 2603.

Sneaking into the rich list

Canberra's glamorous inner-south makes up the city's three wealthiest suburbs, with 2604 (Kingston, Narrabundah, Causeway) coming in third in the ACT and 24 nationwide.

However, two new northside suburbs are the secret home of the rich - even beating out the trendy inner-city postcode of Turner and Braddon.

In number four are suburbs Crace and Mitchell.

Residents of 2911 have a median taxable income of just over $70,000 and an average salary of nearly $94,000.

Affluent Canberrans have seemingly flocked to young suburb Crace, embracing the opportunity to build dream homes on new parcels of land.

And while the inner-north tracks as a desirable location for its proximity to the city, culture and nature, postcode 2602 is only 10th on the ACT rich list.

It is beat out by postcodes in suburbs like Duffy, Amaroo, Fadden and Monash.

Top 5 richest suburbs ACT

  1. Forrest, Griffith, Manuka, Red Hill (2603)
  2. Barton, Canberra, Capital Hill, Deakin, Duntroon, Fairbairn, Parkes, Russell, Yarralumla (2600)
  3. Causeway, Kingston, Narrabundah (2604)
  4. Crace, Mitchell (2911)
  5. Braddon, Campbell, Reid, Turner (2612)

Other side of the tracks

Residents of Canberra's poorest postcode - 2601 - make nearly half of those in the wealthiest.

This may be explained by many ANU students living in places such as Acton or the city.

Despite a low median income of nearly $46,000, the postcode is still wealthier than about half nationwide. It comes number 1161 out of 2271 Australian suburbs.

Gungahlin residents are also less well-off than the rest of Canberra, with a median income of $51,500.

Belconnen-ites are the fourth poorest, with occupants of suburbs like Bruce, Evatt, Giralang, Kaleen and McKellar earning a median of nearly $56,000 a year.

How rich are Canberrans?

The ACT has the wealthiest occupants in Australia.

Census data shows residents earn the highest median income of any state or territory at $1203 per week.

However, the territory's top postcodes don't quite crack the 10 richest ones in the country, even accounting for both median and average incomes.

Seven of the 10 highest earning postcodes in Australia are in WA.

Residents in 6716, home of wealthy enclaves Cottesloe and Peppermint Grove in Perth, make a median of $122,719 a year.

When looking at average incomes - which do not account for extremes in wealth - Sydney harbourside suburbs are the country's most affluent.

Postcode 2027, which includes Darling Point, Edgecliff and Point Piper, has an average income of $205,957.

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