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Sydney Morning Herald
19-05-2025
- Business
- Sydney Morning Herald
What you need to earn to be in the top 1 per cent in your Perth suburb
The top 1 per cent of income earners in a ring of Perth waterside suburbs take home more than $2 million a year on average, while in another dozen neighbourhoods across the city the best-paid 1 per cent make more than $1 million. Analysis of official personal income data by this masthead has revealed a cluster of ultra-high earners in Perth's wealthy western suburbs. Topping the list was Cottesloe where the highest paid 1 per cent had an average annual income of $16.1 million, the highest in Australia. The 1 per cent in the adjacent neighbourhood of Mosman Park-Peppermint Grove was next with an average annual income of $4.3 million. Third was the 1 per cent living in Nedlands-Dalkeith-Crawley with $3.9 million. Across the whole of Greater Perth, the average income of the top 1 per cent was $811,000 in 2021-22. That compares with an average annual income for all earners in the city of $79,500; the median income (the middle value of all earners) was $60,360. The analysis used Australian Bureau of Statistics personal income figures, which draws on Tax Office records for the 2021-22 financial year, the most recent available. The data only covers individual pre-tax income; it does not include assets owned by individuals such as housing and shares. Suburbs where the top 1 per cent have especially high incomes correlate closely with house prices. Cottesloe had the city's second-highest median house price of $3.2 million in Domain's latest House Price Report. The Dalkeith area, which was second on the 1 per cent income list, had the highest median house price at $3.3 million. While suburbs with the highest average incomes for the top 1 per cent were mostly near the Swan River and along the coast, one was located in the Perth Hills with Gidgegannup sitting at $1.3 million. Strategic Property Group managing director Trent Fleskens said the figures showed just how concentrated wealth was in the western suburbs and added high incomes in these pockets were subsequently driving up local property prices.
The Age
19-05-2025
- Business
- The Age
What you need to earn to be in the top 1 per cent in your Perth suburb
The top 1 per cent of income earners in a ring of Perth waterside suburbs take home more than $2 million a year on average, while in another dozen neighbourhoods across the city the best-paid 1 per cent make more than $1 million. Analysis of official personal income data by this masthead has revealed a cluster of ultra-high earners in Perth's wealthy western suburbs. Topping the list was Cottesloe where the highest paid 1 per cent had an average annual income of $16.1 million, the highest in Australia. The 1 per cent in the adjacent neighbourhood of Mosman Park-Peppermint Grove was next with an average annual income of $4.3 million. Third was the 1 per cent living in Nedlands-Dalkeith-Crawley with $3.9 million. Across the whole of Greater Perth, the average income of the top 1 per cent was $811,000 in 2021-22. That compares with an average annual income for all earners in the city of $79,500; the median income (the middle value of all earners) was $60,360. The analysis used Australian Bureau of Statistics personal income figures, which draws on Tax Office records for the 2021-22 financial year, the most recent available. The data only covers individual pre-tax income; it does not include assets owned by individuals such as housing and shares. Suburbs where the top 1 per cent have especially high incomes correlate closely with house prices. Cottesloe had the city's second-highest median house price of $3.2 million in Domain's latest House Price Report. The Dalkeith area, which was second on the 1 per cent income list, had the highest median house price at $3.3 million. While suburbs with the highest average incomes for the top 1 per cent were mostly near the Swan River and along the coast, one was located in the Perth Hills with Gidgegannup sitting at $1.3 million. Strategic Property Group managing director Trent Fleskens said the figures showed just how concentrated wealth was in the western suburbs and added high incomes in these pockets were subsequently driving up local property prices.
Sydney Morning Herald
19-05-2025
- Business
- Sydney Morning Herald
‘House of the Year' with swim-up bar, golf simulator snapped up for cool $14m
A Gold Coast trophy home with its own golf simulator, inbuilt trampoline and swim-up cocktail bar has smashed the Mermaid Waters house price record, after a local buyer – who first saw the house 24 hours earlier – dropped $14,005,000 under the hammer. The unnamed buyer outmuscled eight registered bidders, five of whom were active, and paid about $1 million over the reserve. The previous house price record for Mermaid Waters was $7.7 million. Set on a 1113-square-metre block at 24 Winch Court, the five-bedroom, four-bathroom residence was crowned National Contract Home and Gold Coast House of the Year in 2024. Spanning four levels and boasting 46 metres of lake frontage, it features a resort-style pool with built-in day beds, a five-car basement garage and a hydraulic lift. Bidding opened at $6.5 million and surged to $9 million in million-dollar jumps before slowing to $500,000 increments. It paused at $12 million and was called on the market at $13 million – about the reserve – before reaching its final price after 48 bids. 'The buyer only saw it 24 hours before the auction as he had been travelling but he just fell in love with it. He not only appreciated the quality but also what Mermaid Waters has become,' said co-selling agent Jamie Harrison, of Kollosche. According to Domain's latest House Price Report, the median house price in the suburb rose 7.6 per cent to $1.7 million over the past year, and a staggering 105.1 per cent over the past five years. There were 124 scheduled auctions in south-east Queensland over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 43 per cent from 89 reported results, while 19 auctions were withdrawn.
The Age
19-05-2025
- Business
- The Age
‘House of the Year' with swim-up bar, golf simulator snapped up for cool $14m
A Gold Coast trophy home with its own golf simulator, inbuilt trampoline and swim-up cocktail bar has smashed the Mermaid Waters house price record, after a local buyer – who first saw the house 24 hours earlier – dropped $14,005,000 under the hammer. The unnamed buyer outmuscled eight registered bidders, five of whom were active, and paid about $1 million over the reserve. The previous house price record for Mermaid Waters was $7.7 million. Set on a 1113-square-metre block at 24 Winch Court, the five-bedroom, four-bathroom residence was crowned National Contract Home and Gold Coast House of the Year in 2024. Spanning four levels and boasting 46 metres of lake frontage, it features a resort-style pool with built-in day beds, a five-car basement garage and a hydraulic lift. Bidding opened at $6.5 million and surged to $9 million in million-dollar jumps before slowing to $500,000 increments. It paused at $12 million and was called on the market at $13 million – about the reserve – before reaching its final price after 48 bids. 'The buyer only saw it 24 hours before the auction as he had been travelling but he just fell in love with it. He not only appreciated the quality but also what Mermaid Waters has become,' said co-selling agent Jamie Harrison, of Kollosche. According to Domain's latest House Price Report, the median house price in the suburb rose 7.6 per cent to $1.7 million over the past year, and a staggering 105.1 per cent over the past five years. There were 124 scheduled auctions in south-east Queensland over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 43 per cent from 89 reported results, while 19 auctions were withdrawn.
The Age
09-05-2025
- Business
- The Age
The sought-after Sydney suburb where property prices just jumped $500k
Unit prices in a string of Sydney's eastern suburbs have soared over the past year, led by a jump of more than $500,000 in Bellevue Hill, as first home buyers and downsizers compete for the limited supply of homes available. Bellevue Hill's median unit price rocketed to $2 million, a 37.7 per cent annual change or an increase of $547,500, based on Domain's House Price Report for the March 2025 quarter. Little Bay followed at $1.44 million (a 23.1 per cent increase, or $270,000). Woollahra, Rose Bay, Coogee and Paddington also saw price growth of at least 10.2 per cent, or six-figure surges. Unit prices jumped in suburbs across Sydney including Parramatta, Botany, Canterbury, Strathfield, North Sydney and Penrith too, up by double digits in the past year, but the east accounted for six of the top 25 performers. Domain chief of research and economics Dr Nicola Powell said there was a shortage of quality low-rise apartments in the east, as well as strict height caps. 'There are strict height caps on what can be developed,' she said. 'Overall completions are well below buyer demand, and that will help to create that premium and push prices higher.' Powell said the price gap between houses and units was pricing many buyers out of purchasing a house, and when you add in downsizers in suburbs such as Bellevue Hill, this helps to push up prices. 'They're cashed-up downsizers selling their multimillion-dollar houses, and they want to stay in the suburb for reasons such as community and walkability. That will cause prices to go up.'
