Apologises but more FYI

From: Michael Croft

So what do you think guys; income up, housing more affordable (interest rates low), bullish economic forecasts from the reserve bank and consumer confidence (today) very high. How are your crystal balls as far as property is concerned?

Room with a view a sign of wealth
Feb 13 14:01

Australian taxpayers are on average wealthier now than they were in the mid-1990s, but the richest are still likely to have an address with a view of Sydney Harbour.

The average income of Australian taxpayers rose by almost 20 per cent in the five years to 1998-99 to an average $34,000, the latest data from the AMP-NATSEM Income and Wealth Report shows.

But the rich were getting richer fastest - especially those living around Sydney Harbour.

Seven out of Australia's 10 richest postcodes were in Sydney's eastern suburbs and on the lower north shore.

Darling Point's postcode, 2027, topped the list again, with an average taxable income of $94,000, rising 35 per cent since 1994-95.

The only non-Sydney postcode in the top 10 was Melbourne's Toorak, climbing from third position to No. 2 with an average taxable income of $84,000.

After that, the top 10 is all Sydney, with all but Killara and Pymble near Sydney Harbour, including 2023, Bellevue Hill, which houses Australia's wealthiest man, Mr Kerry Packer.

The top 10 postcodes increased their taxable incomes by almost $20,000 since 1994-95.

At the other end of the scale, the bottom 10 postcodes (which were not listed) only increased average incomes by $3,600.

The postcode at the bottom of the list was 5301, from the small town of Geranium in south-eastern South Australia, with a population of 82 and an average taxable income of $23,000.

However the report's author, Ms Ann Harding from the National Centre for Social and Economic Modelling, pointed out that the poorest areas in Australia were probably not in the report because the figures only take into account taxable incomes.

They don't include welfare payments, people whose incomes are too low for tax and other non-taxpayers, Ms Harding said.

The report also doesn't take into account the different costs of living across Australia.

The state that has grown wealthier at the quickest pace since the mid-1990s was the Australian Capital Territory, with a 26 per cent hike in average taxable incomes to an average $39,000.

Tasmania was again the poorest state, with an average taxable income of $31,000.

Wealthiest suburbs

Ranking Postcode Suburb State Taxable income

1. 2027 Darling Point NSW $93,620

2. 3124 Toorak VIC $84,399

3. 2088 Balmoral NSW 79,197

4. 2023 Bellevue Hill NSW $76,498

5. 2110 Hunters Hill NSW $74,298

6. 2063 Northbridge NSW $72,406

7. 2030 Vaucluse NSW $70,709

8. 2071 Killara NSW $68,076

9. 2025 Woollahra NSW $68,022

10. 2073 Pymble NSW $66,848
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Reply: 1
From: Bydntsel .

Well it is the 13 th.

That’s maybe why they missed all the RE investors using a team.
That is Accountant, Solicitor, RE agent etc .
Cause we all know most of them pay very little or no tax.


“Things are rarely what they seem to be”
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Reply: 2
From: Colin Mills

Expect 100 to 150 point rate rise this side of Christmas. RBA are still focusing on inflation and will pre-preempt any possible long term resurgence.
Sydneys market is flat and the rental market there has ratcheted down sharply (see my post a couple of days ago for a first hand account of a 20% drop) while Melbourne is ludicrously over-priced. Brisbane has one more leg up to go. Brisbane is favoured with a low vacancy rate and rents are certainly stable if not increasing. Anticipate Brissie will appreciate around 10 to 15% this year. Brisbane is still under priced compared to Syd/Melb.
I've got my money where my month is and am settling on a house next week to add to my Brisbane portfolio. Only $325k for a 800 sq m block with a 3 br Qlder. house that requires no work! (I'm splitting the block) What a joke compared to Syd/Melb prices. In Sydney you would be lucky to buy a dinky 2 br unit for that money in a similar inner city position.
My outlook for Sydney is flat to minus 5% this year (I suspect the rental market will firm as rates rise towards the end of the year which should provide some support to prices) while Melbourne is heading for a fall. No ifs, buts or maybes. Prices down there have risen too fast, too much. Big shake out later this year, say 10 to 20%.

COLINS HOT TIP FOR 2002: Buy Brisbane inner city character houses.
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