Looking to fast-track your way into home ownership?
New data has revealed the nation’s top-earning towns, allowing you to slash the time you need to save a deposit.
Australian Bureau of Statistics figures have revealed the top 10 areas with the highest median personal income for 2022-23, and in what will come as a surprise to no one, the nation’s mining and resource areas dominated the list.
Ashburton in Western Australia is home to the nation’s wealthiest residents, with an average median personal income of $112,881.
Mining town Roxby Downs came in second at $106,845, with Weipa in Queensland coming in third with $96,818.
The township of Roxby Downs.
Andrews Property owner and Director Warren Andrews, whose company sells and rents in Roxby Downs, said the town had been a hive of activity, which, in the mining industry, can translate to big incomes.
“Knowing how busy that town is and how lucrative that whole BHP zone seems to be up there, I’m not terribly surprised,” he said.
“Then you’ve got all the supporting contractors that support the mines, and some of those contractors support the mines and then have their own businesses they run in between shifts as well.”
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He said Roxby Downs homes represented good buying due to their relative affordability, solid rental yields and low vacancy rates – meaning a smaller blow to the hip pocket, and more money in it after the fact.
“It’s a good time to get in,” he said.
“Vacancy rates have fallen dramatically over the past 60 to 90 days and I think our portfolio is down to under 5 per cent at the moment.”
Bulk iron ore carriers at Port Hedland. Picture supplied by the Pilbara Ports Authority.
Western Australia’s Port Hedland has the fourth most wealthy residents at $92,947, just beating out Karratha, also in Western Australia, with $92,657.
WA’s Peppermint Grove ($90,000), New South Wales’ North Sydney ($88,760), Woollahra ($88,612), and Lane Cove ($85,425), and WA’s Cottesloe ($83,861) rounded out the top 10.
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Stop Renting Australia founder Shawn Waugh said the high incomes paid to workers in mining towns were particularly evident in Western Australia, which dominated the list.
Shawn Waugh of Stop Renting Australia.
“WA’s mining towns are a clear example of how income patterns can reshape entire property markets,” he said.
“When higher wages in certain industries lift the local average, property prices rise to match.
“That can make it harder for lower-income earners to get a foothold, even in towns that might appear affordable on paper.”
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