St Andrews surprises as second on ATO's country's highest earners list
The small Victorian town of St Andrews, 36 kilometres north-east of Melbourne, has been identified as the second richest postcode in Australia.
According to figures released by the Australian Tax Office (ATO), residents in postcode 3761 earned more than those in all other postcodes but one, Sydney's 2027. The Sydney suburbs housing Australia's top earners – Darling Point, Edgecliff, Point Piper and HMAS Rushcutters – are no surprise. The area is home to some of Australia's richest individuals, and most expensive properties.
But after a 300% increase in earnings in the last year, St Andrews has joined the ranks of Australia's richest, with an average annual taxable income of $148,967. The top Sydney postcode of 2027 has an average annual income of $177,514. The result makes St Andrews the suburb with the highest average earnings of anywhere in Victoria, over Toorak and Hawksburn ($142,000), and Portsea ($138,800).
It is unclear what is responsible for St Andrews' recent income boost, but with just 655 residents (compared to 5,980 in postcode 2027 or 6,945 in Bellevue Hill), a big increase in a single family or individual's income over the year could have distorted the average figure.
Certainly, the St Andrews' properties currently on offer aren't approaching prices as high as those in Sydney's Bellevue Hill, Victoria's Toorak or Western Australia's Cottesloe, which all had lower average annual earnings.
One of the most expensive homes currently on offer in St Andrews is at 40 Charlber Lane (pictured above), listed with a price guide of $1.95 million to $2.2 million.
The 20 acre property has a four bedroom house with travertine marble floors, under-floor hydronic heating, and a kitchen and dining area with 4.5 metre ceilings. Too few properties sold in recent months to calculate an accurate median price for the area.
Real estate agent Ian McDougall of Mason White McDougall Hurstbridge told 3AW this morning that most homes in the area sell for between $500,000 and $1.2 million. He said the most expensive house he's sold in the area was for $2.5 million.
The top 10 highest earners list:
Source: ATO