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Seaside village richest in the land
Sid Marris and Carmel Egan
April 16, 2005

THE Victorian seaside village of Portsea has crept its way up to being the richest postcode in Australia, while a farming community on South Australia's Eyre Peninsula has seen years of hardship turn into a financial bonanza.

Always in the shadow of the rich Sydney suburbs of Darling Point and Point Piper, and Melbourne's exclusive Toorak, Portsea is now the most exclusive tax address in the nation.

The Australian Tax Office's annual measure of postcodes has recorded a 20per cent surge in Portsea's taxpayer population, with people who previously lived there only on weekends now listing it as their permanent home. The mean taxable income of the 234 people living in Portsea in 2002-03 was $119,788.

However, the standout performers are the sheep- and grain-farming towns centred on Warramboo on the Eyre Peninsula, 700km west of Adelaide where a growing trade in tourism and granite mining are adding to the regional economy. Down in the bottom 10 for the state in 1998, last year the 351 income taxpayers enjoyed a change in fortunes, taking them to the top of the South Australian list with a mean taxable income of $72,975.

The top 10 is still dominated by well-known pockets of wealth -- Sydney's eastern suburbs and lower north shore and Melbourne's leafy Toorak. The third-richest Victorian suburb, Brighton, with a mean taxable income of $82,449, slips in just before NSW's No8, Double Bay, with $82,253.

Queensland's best, Doomben and Hamilton, at $69,893, rate the same as Victoria's seventh, Albert Park and Middle Park, but behind Western Australia's leaders, Cottesloe and Peppermint Grove, $72,860.

Portsea has long been the favoured retreat of Melbourne's oldest, most glamorous families.

Sandwiched between Sorrento and the Point Nepean national park, entry to ownership on Portsea's fringe is more than $2million, while the price of a pile atop the cliff begins at $4million.

The Baillieus, the Brockoffs (of biscuit fame), the Nicholas family who inherited the Aspro fortune, and the Laycocks of the Laconia Woollen Mills, still maintain mansions there.

More recent arrivals include Computershare director Michele O'Halloran, who paid $8million for a 31-room 1920s mansion. Trucking magnate Lindsay Fox recently completed an $8million clifftop house.


Not bad for somewhere 100km (55km as the crow flies) from the CBD.

6,511 Posts
Absoloutley love Portsea, The Pub rocks during the summer months, the beaches are awsome and the views from those stunning homes are amazing, the bay on one side and the ocean beaches on the other, just seeing those homes perched on the cliffsides is pleasure enough when going down there.

Champagne Socialist
12,781 Posts

Income tide lifts Portsea
By Josh Gordon
Economics correspondent
April 16, 2005

Portsea has pipped Toorak to be Victoria's wealthiest postcode area, as the ageing rich head for a sea change.

The 3944 postcode is the nation's most affluent, with an average taxable income almost $10,000 higher than its closest rival - 2027 - covering the exclusive Sydney suburbs of Darling Point and Point Piper.

The Australian Tax Office breakdown by postcode of tax paid suggests Victoria's wealth has been shifting south.

Although it only has a small number of taxpayers, the seaside town had an average taxable income of $119,788 in 2002-03, compared with $109,554 for Toorak, now Australia's third-wealthiest postcode area.

Warrick Anderson, a real-estate agent for R. T. Edgar, works from offices in Portsea and Toorak. He believes people are reclassifying holiday homes as their primary residence, partly to avoid state land taxes and because they are living in them three to four days a week.

"I've seen it happen over 10 years, gradually," Mr Anderson said.

"Technology means people are able to conduct their business removed from the CBD."

Portsea and Toorak taxpayers, combined, claimed deductions for company tax paid worth $71.7 million. Claims in Tasmania amounted to $68.3 million.

Real Estate Institute of Victoria chief executive Enzo Raimondo said it was likely the wealthy were shifting from Toorak to Portsea for lifestyle reasons, particularly as they got older.

"Indicative of this is the large amount of development around golf courses," Mr Raimondo said.

Apart from the Portsea, Darling Point and Toorak postcodes, only Sydney's Bellevue Hill had an average taxable income above $100,000.

That was a far cry from the area around Monash University, postcode 3800, with an average taxable income of $23,264, and Lascelles in Victoria's north-west, postcode 3487, with an average taxable income of $24,642.


can anyone find Sorrento & Blairgowrie's figures? would be interesting to see the drop the further you get away from the National Park.

Proud "Pricktorian"
558 Posts
now I know why lynsey fox and all tried to develop on point napeon....

so glad they didnt, that place is a national tressure, especially fort napeon.
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