What are the richest suburbs in Melbourne and Victoria?

Melbourne Property

Melbourne richest suburb, which one? Today we are looking at the richest suburbs in VIC. To gauge which suburbs are the wealthiest we have handpicked a number of major suburbs in metropolitan Melbourne and regional VIC.

How do we measure the wealthiest suburbs?

To understand which suburbs re the richest we have used the earnings per week data. In this instance we have measured percentage of people earning over $3,000 per week compared to overall population of the suburb. This means that the higher the percentage of people earning over $3,000 the wealthier we believe the suburb becomes. Now do you think Toorak is Melbourne richest suburb? Read on!

Melbourne is a beautiful and quirky city. With amazing property opportunities. Find out Melbourne richest suburb!
Melbourne is a beautiful and quirky city. With amazing property opportunities.

What is the richest suburb in Melbourne?

We have handpicked a number of major suburbs, and out of all the suburbs we looked at Brighton as a clear leader. This means Brighton is by far the wealthiest suburb in Melbourne and VIC. For example, Brighton has over 35% of the population earning above $3,000 per week. This indicates to us majority of people in this suburb are high income earners.

What is the poorest suburb in Melbourne?

We have handpicked a number of major suburbs, and out of all the suburbs we looked at Frankston as a clear underperformer. This means Frankston is by far the poorest suburb in Melbourne and VIC among the suburbs we picked. For example, Frankston has just over 3% of the population earning above $3,000 per week. This indicates to us majority of people in this suburbs are low income earners.

What is the list of the suburbs by wealth?

The suburbs listed by wealth are as follows:

  1. Brighton the clear leader with 35% of people earning above $3,000. A wealthy and affluent suburb.
  2. Toorak is in the second place with over 34% of people earning above $3,000 per week. This is yet another example of a wealthy suburb.
  3. Canterbury is in third spot by wealth at 33% of people earning above $3,000 per week.
  4. Hawthorne is in the spot number 4. This indicates over 22% of people earning above $3,000 per week.
  5. Melbourne is the fifth. This is where over 13% of people earning above $3,000 per week.
  6. St. Kilda at number six with 11% of people earning above $3,000 per week.
  7. Geelong at 11%.
  8. Bendigo at almost 11%.
  9. Box Hill and Ballarat are at 9%
  10. Coburg at almost 8.5%
  11. Ringwood and Croydon are 5.5%
  12. Werribee is at 4.6%
  13. Frankston is at 3%.
Comparison of rich and wealthy suburbs in Victoria to poorer suburbs.  Brighton is Melbournes richest suburb.
Comparison of rich and wealthy suburbs in Victoria to poorer suburbs.

Methodology

To compare suburbs by wealth we have aimed to pick a suburb that is representative of a wider area. By this we mean a central hub within a wider area. For example, we believe that Geelong is a good example for overall West Melbourne area. Frankston is a representative of the South west and so on.

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