Where Australia’s richest young earners live revealed – realestate.com.au

Want to identify the country’s real estate hotspots?

Just look at where our moneyed youth live, experts say.

Exclusive data from Stop Renting Australia has revealed the best suburbs for the richest people under 35 – those who earn more than $3000 a week, or take home more than $156,000 a year.

Stop Renting Australia marketing and brand manager Tabitha Greaves said those looking for investment hotspots just need to follow the money.

“If you want to understand where housing demand will be strongest over the next decade, follow high-income young people and where they want to live,” she said.

“If they can make a good living, they have the opportunity to influence where they live and in turn influence others to live in that area. This also creates a ripple effect on local housing markets, and I think they have the ability to determine what housing demand looks like tomorrow.”

In New South Wales, the report highlighted ten areas: Bondi Beach – North Bondi, Surry Hills, Erskineville – Alexandria, Manly – Fairlight and Potts Point – Woolloomooloo.

A further ten were identified in Queensland, with the top five being Newstead – Bowen Hills, Moranbah, South Brisbane, New Farm and Brisbane City.

The top five suburbs in Victoria are Richmond (South) – Cremorne, Prahran – Windsor, South Yarra – North, Richhmond – North and Docklands.

Perth’s top five are Karratha, Scarborough, Perth (West) – Northbridge, Innaloo – Doubleview and Subiaco – Shenton Park, while Tasmania’s top five were Sandy Bay, Hobart, West Hobart, Kingston Beach – Blackmans Bay and Howrah – Tranmere.

MORE NEWS

Australia’s home loan record of $660,000 is forcing first-home buyers to reconsider

The statistic that should terrify all homeowners

Southern Ocean Lodge link to Adelaide development revealed

Shocking result as the council forcibly sells 57 properties to recoup unpaid rates

How much did this £100 Adelaide house just sell for?

How a simple change in the supermarket can get you home faster

Five areas were selected in South Africa.

The city of Adelaide is home to the highest share of young wealth, with 330 high-income residents making up 27.39 percent of the state’s share of wealthy under-35s.

Unley – Parkside was not far behind with 244, or 20.25 percent of the mix, while Hindmarsh – Brompton came in third with 222, or 18.42 percent of the mix.

Goodwood – Millswood and Roxby Downs completed the top five, with 206 and 203 respectively, representing 17.1 percent and 16.85 percent of the mix.

MORE NEWS

How much you need to save to buy in each Australian suburb

How much did this £100 property just sell for?

Block fever causes a mad rush to dilapidated houses

Property on an Aussie island is selling for a bargain, but there’s a catch

Ms Greaves said lifestyle was not always a factor in where wealthy young people lived, especially in areas fueled by mining or resource activities.

“These types of suburbs are close to major employment hubs, transportation and economic opportunities, and I think that’s the driving factor,” she said.

“Across the country, we’re seeing high-income young people congregating in suburbs that not only offer lifestyle and walkability, but also access to employment. You have social infrastructure, and if they choose these types of suburbs, it’s long-term career positioning.”

“It’s about the long-term benefits of living in that particular suburb and it’s not just about trendiness, it’s not just about lifestyle, but I think they’re playing the long game and I think it’s really encouraging to see young people thinking about the future and in turn influencing these suburbs.”

Thomas Crawford of Crawford Doran Real Estate. Photo: Matt Loxton

---

Thomas Crawford of Crawford Doran, who sells in Brompton, SA, said he had seen a clear demographic shift in the suburb in the 11 years he had been selling there.

“Historically, most buyers were boomers looking for cost-effective investment properties close to the city,” he said.

“Today, open inspections in Brompton are heavily dominated by under-35s.”

He said young buyers were looking for a balance between affordability and convenience.

“Convenience means low-maintenance living, proximity to the city, easy access to public transport and nearby lifestyle amenities such as parks for fitness and cafes and restaurants for the social scene.

Sarah Allen with her partner Kija Smith outside their home in Brompton. Photo: Eleni Tzanos

---

Doctor Sarah Allen, 34, and partner Kija Smith, who is in her 40s, have just bought a house in Brompton through Mr Crawford and Ms Allen said it had everything Adelaide and North Adelaide workers were looking for and they were willing to pay more to get the lifestyle they wanted.

“We don’t have kids yet, so it’s nice that there’s a lot to do here, like restaurants and bars, and different events,” she said.

“We plan to stay there for a while, so I saw it as an investment. Yes, we have to pay more, but I probably get an extra 40 minutes in my day because I don’t have to spend an extra 20 minutes traveling back and forth.”