Business
Incomes in Sydney’s richest suburbs growing at twice the rate of poorest – Sydney Morning Herald
Cheap interest rates have delivered huge capital gains of more than $500,000 to a few hundred residents in Double Bay.
The average incomes are heavily affected by capital gains. In Double Bay, 419 residents declared net capital gains worth $221 million or $527,000 each in the 2017-18 tax year. Four years earlier, the average capital gain in the suburb was just $73,000.
In Auburn, 249 people declared net capital gains totalling $5.1 million or $20,500 each in 2017-18.
SGS Economics and Planning partner Terry Rawnsley said the gulf between the rich and poor of both Sydney and Melbourne had been growing for the p…
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