Where Australia’s richest young people live

Do you want to identify the most popular places of the nation?

Just look at where our money-rich youth live, experts say.

Exclusive data from Stop Renting Australia revealed the top destinations for the wealthiest under-35s – those who earn more than $3000 a week, or take home more than $156,000 a year.

Stop Renting Australia marketing manager Tabitha Greaves said those looking to pick the most popular investment properties need only follow the money.

“If you want to understand where the demand for housing will be stronger in the next ten years, follow the young people who earn the most and where they choose to live,” he said.

“If they can earn and earn well, they have the opportunity to influence where they live and influence others to live in that area, and it creates a negative effect on local housing markets, and I think they are able to shape what the demand for housing looks like tomorrow.”

In New South Wales, the report highlighted 10 areas including, Bondi Beach – North Bondi, Surry Hills, Erskineville – Alexandria, Manly – Fairlight, and Potts Point – Woolloomooloo.

Another 10 were identified in Queensland, with the top five being Newstead – Bowen Hills, Moranbah, South Brisbane, New Farm and Brisbane city.

The five best places in Victoria are Richmond (South) – Cremorne, Phraan – Windsor, South Yarra – North, Richmond – North and Docklands.

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

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In SA there were five selected areas.

The city of Adelaide is home to the largest share of young people’s wealth, with 330 residents making up 27.39 per cent of the state’s share of the wealthiest under-35s.

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

Goodwood – Millswood, and Roxby Downs round out the top five, with 206 and 203 respectively, representing 17.1 per cent and 16.85 per cent of the mix.

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Ms Greaves said lifestyle does not always have an impact on where young earners live, especially in areas that are fueled by mining or resources.

“These suburbs are close to major centers of employment, transportation, economic opportunities, and I think that’s the reason,” he said.

“All over the country we see high-income young people congregating in areas that not only provide a way to live and travel but to find a job – it has social infrastructure, and if they choose these suburbs it’s for long-term positions.

“It’s about the long-term benefits of living in that city and it’s not just a trend, it’s not just a 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 they’re going to influence these places.”

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

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Thomas Crawford of Crawford Doran, who sells in Brompton, SA, said he has seen a clear demographic change in the area in the 11 years he has been selling there.

“Historically, the majority of buyers have been Boomers looking for affordable investment properties close to the city,” he said.

“Today, Brompton’s open trials are largely dominated by the under-35s.”

He said young buyers are looking for affordability and convenience.

“In terms of low-maintenance living, proximity to downtown, easy access to public transportation, and nearby lifestyle amenities like fitness parks and social cafes and restaurants.

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

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

“We don’t have children yet, so it’s good that there are many things we can go to here, such as restaurants and bars, and various events,” she said.

“We planned to stay there for a while so I saw it as an investment saying yes, we have to pay more money, but maybe I get another 40 minutes out of my day because I don’t have to spend another 20 minutes commuting.”