Toorak’s average income has dropped, according to new figures

Toorak may be one of Melbourne’s wealthiest suburbs, but new figures reveal the suburb may be on the slide.

Toorak’s average income has dropped, according to new figures. Picture: Andrew Henshaw

Locals in Toorak have been doing it tough with the suburb’s average income dropping, according to the latest income data released by the Australian Tax Office.

The average income in Toorak – an area widely considered one of Melbourne’s richest suburbs – dropped more than 8 per cent in 2019-20 compared to the year before.

The average resident in Toorak took home just $184,939, down from $201,926 in 2018-19.

Glen Iris and Hawthorn also took income hits, with the average income dropping several thousand dollars in both postcodes.

Meanwhile, the average income in many battler suburbs were up.

Sunshine saw an increase to earn an average of $48,010, while Frankston, in Melbourne’s southeast, climbed from $55,391 to $57,165.

Sunshine, which is considered a “battler” suburb recorded growth. Picture: Ian Currie.

Lorne was also a winner, with average income jumping from $54,495 to $67,724, up $13,229.

More than 20 Melbourne suburbs cracked the $100,000 figure that year, but it’s not yet clear how much incomes would have changed since the pandemic.

Across Australia, the average taxable income was $63,882, up 2.1 per cent on the year prior.

Brighton, Portsea, Albert Park, Black Rock, and Macedon were in the 20 Victorian suburbs and towns to crack the $100,000 mark of average income.

Portsea suffered a hit of over $10,000 to the average income, still standing tall at $164,813.

The lowest recorded average income in Victoria was $34,093.