By average taxable income, the richest suburb in Victoria is Portsea, on the Mornington Peninsula. Australian Taxation Office (ATO) figures for 2023 to 2024 put Portsea first in Australia, with Toorak and Hawksburn second. By median house price, Toorak sits well above Portsea, so the answer depends on the measure.
Income: Portsea leads
| Postcode | Suburb | Individuals | Average taxable income |
|---|---|---|---|
| 3944 | Portsea | 656 | $321,988 |
| 3142 | Toorak and Hawksburn | 9,933 | $277,708 |
Source: ATO Taxation Statistics 2023-24, Individuals. Portsea ranked first in Australia and Toorak with Hawksburn ranked second.
House prices: Toorak leads
Median house prices from July 2025 to June 2026, based on realestate.com.au data reported by Canstar:
| Suburb | Median house price |
|---|---|
| Toorak and Hawksburn | $4,675,000 |
| Portsea | $2,935,000 |
Other sources give different Toorak figures, such as $4,070,000 and $4,450,000, because they use different periods and methods.
Why the two measures differ
Income counts what residents earn and report. House price counts what buyers pay for property. Many people who own homes in a holiday suburb such as Portsea may report high taxable incomes, while their homes cost less than those in Toorak. The ATO data covers the postcode and not individual wealth, so read it as a measure of income, not total assets.
A small suburb changes the picture
Portsea has 656 individuals in the ATO data, against 9,933 in Toorak and Hawksburn. A few very high earners move the average in a small suburb. That is one reason to read the figure with care.
Questions people ask next
Is Portsea richer than Toorak?
On ATO average taxable income for 2023 to 2024, yes. On median house price, no.
Which Victorian suburb has the highest house prices?
In the figures above, Toorak and Hawksburn.
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