“They want the harbour views, but the homes have to be near the best schools. That's really important.” One of the more popular areas for China's new rich, in addition to the old money suburbs of Vaucluse, Bellevue Hill and Point Piper, is Hunters Hill.
It is a common story across Australia's top-tier neighbourhoods. From Toorak and Canterbury in Melbourne to Darling Point and Point Piper in Sydney, wealthy Chinese rank among the country's most prolific buyers of high-end real estate.
Bellevue Hill — $8,750,000
Living in the most expensive area in Sydney comes with a hefty price tag and the median sits at an eye-watering $8.75 million, whereas units average $1.637 million. If you would like to rent a home in Bellevue Hill, get your money bags ready.
Australians of full or partial Chinese origin form the majority of the population of the Australian external territory of Christmas Island.
Where do the upper class live in Sydney? Double Bay, which is also appropriately nicknamed 'Double Pay' has sweeping views across the water to Darling Point and Sydney Harbour Bridge and is home to some of Australia's most affluent people.
Description. As at 2002, Wolseley Road was the most expensive residential road/street in Australia with 16 of the top 100 most expensive houses in Sydney being located on it.
Shenzhen, a city in southeastern China, is one of the billionaire capitals of the world. The city is home to some of China's wealthiest people, many of whom founded massive tech companies.
The southern Chinese factory hub has 113 billionaires, edging out New York's 110 billionaires and placing it among the top three preferred cities globally for billionaires to live, with Beijing and Shanghai taking first and second place, respectively, said Shanghai-based Hurun Research Institute.
1. Sydney: The largest Chinatown. Sydney's Chinatown is Australia's largest and is defined by its distinctly oriental architecture, streetlamps and archways.
Chatswood is a very affluent suburb, being on the north shore. Ray Martin lives there. The only areas as affluent/possibly more so would be the eastern suburbs and northern beaches.
Chinese and Indian Australians, particularly second and third generation immigrants, are present in large numbers in Sydney and Melbourne, with Chinese Australians constituting Sydney's fourth largest ancestry group.
For the youngest generation, $428,474 is needed to classify yourself as rich. That's more than six times greater than the median personal income of $52,338, according to the Australian Bureau of Statistics.
Wealthy Individuals within Australia are generally deemed to be those with net investible assets (NIA) over $1M (or net of over $2.5M including the family home) and earning more than $250,000 per annum. Having said this, the ATO categorise 'Wealthy Individuals' as those who control a net wealth of $5M or more.
The NSW town of Gurley (postcode 2398) had Australia's lowest average taxable income or loss of -$23,484. It was closely followed by the NSW postcodes 2386 (Burren Junction, Drildool, Nowley) with an average taxable income or loss of -$17,794, and the postcode 2405 (Boomi, Garah) with -$14,763.
Analysis of the ancestry responses of the population in Chatswood in 2021 shows that the top five ancestries nominated were: Chinese (10,837 people or 42.4%)
North America
San Francisco is the largest Chinatown outside Asia, and New York has a Diaspora community which has witnessed the fastest increase in numbers over the last decade, with an overall population of 150,000 (Tébar Arjona, 2013).