The cost of living is rising but one Sydney suburb is still thriving

The cost of living is rising and plenty of Australians are doing it tough – but one ritzy, harbourside suburb in Sydney’s east is doing just fine.

The cost of living has exploded, and Double Bay in Sydney’s Eastern Suburbs might be one of the only sanctuaries left that isn’t feeling the firm pinch.

The medium house price in Double Bay lingers above $5 million and in 2021 Double Bay snagged the number one spot on the Australian Taxation Office’s data list for the highest paid suburbs.

It is hard to be worrying about pinching your pennies when your handbag is filled with a black American Express card.

The suburb has been scrutinised since Nine’s Today reporter Laura Vella went viral for mocking the suburb and its wealthy residents.

“The community, they’re counting their pennies, they’re counting the stacks of $100 bills that they have strategically placed throughout their penthouses and mansions in case of a rainy day because this is basically class warfare,” Vella mockingly pointed out.

Vella’s TikTok was a runaway success.

Someone commented “Aussie humour is top notch.” And another added: “My favourite type of humour!”

Today reporter Lara Vella took the streets of Double Bay. Picture: TikTok

People cooling off at Redleaf pool, Double Bay. Picture: Damian Shaw

I headed down to the luxury suburb to see how everyone felt about the simmering pressure of the cost of living.

Could they still afford to get their Mercedes serviced? Would they need to pull their children out of their $40,000 a year private schools?

The big questions.

Inflation has just peaked at 7.8 per cent and wage growth is still hovering around the 3 per cent mark.

Australians are doing it tough, but in comparison, people in Double Bay are doing fabulous.

A quick glance around the hub located next to the Woolworths that comes with a walk-in cheese room will tell you that everyone is thriving.

A sea of linen, designer handbags and activewear assault your senses.

The cafes are buzzy and filled with a mixture of yummy mums and self-funded retirees.

Double Bay is thriving. Picture: Supplied

Cafe culture is buzzing in Double Bay. Picture: Instagram

I located myself near the Woolworths exit, figuring I’d be able to catch different types of locals, but funnily enough – they didn’t want to be caught.

My hellos were either greeted by downcast eyes or a quick hand gesture to indicate they wouldn’t be up for chatting.

One woman almost dropped her latte and designer sunglasses while trying to swat me off like an annoying fly.

I arrived at 8.30am, and by 10.15am, and only four people had agreed to chat with me. In fairness to Double Bay, no matter what suburb you are in, most people enjoy ignoring a journalist.

Out of the four people that did stop and speak with me none of them were particularly phased by the cost of living.

When I asked one woman if she felt the cost of living had impacted Double Bay, she practically snorted in response and said, “No, everyone’s rich here.”

Amen, sister.

Another man joked that he was worried about his superannuation getting taxed but then claimed he only had $2.9 million, so he’d be alright.

“I’m buying everything, but it’s costing me more.” he added.

One woman quickly told me she wasn’t “one of those Double Bay people” but added she did live in Double Bay!

“In the Eastern Suburbs, people are just wearing the cost,” a woman in active wear pointed out.

She could be right. At some point in my travels, I spotted someone in a Camilla Kaftan. Wearing a $600 garment on a Tuesday – iconic.

The cost of living may be rising but the people in Double Bay are too busy living their best lives to notice.