Eloise Pearce accumulated $20,000 in Higher Education Contribution Scheme (HECS) debt studying beauty therapy, but spent just six months working in the industry before realising it wasn’t for her.

When Pearce lodges her tax return next week, she will have finally paid off that HECS debt after 10 years and will close the chapter on a career path she would have rather not taken.

“I’m so excited,” the 41-year-old, who now works in marketing, said. “I’m just glad it won’t be hanging over my head anymore.”

New analysis of student debts nationwide by consultancy firm KPMG reveals Australia’s largest HECS balances are concentrated in affluent, inner-city suburbs. That pattern is also true for Brisbane.

The trendy inner-northern suburbs of Newstead, New Farm, Teneriffe and Fortitude Valley are home to professionals saddled with the highest HECS debts in the city.

There are nearly 7000 residents in those suburbs with an average HECS balance of more than $35,000.

Newstead and Teneriffe also have the highest proportion (80 per cent) of full-time workers in the city.

Herston and Bowen Hills, located on either side of the Royal Brisbane and Women’s Hospital, are also home to professionals with an average student debt exceeding $35,600.

Rawnsley said the data illustrates the “geography of opportunity”, with the highest HECS balances concentrated in suburbs with easy access to universities and, in turn, well-paid jobs.

“It’s also showing that Brisbane is still probably very monocentric with the white-collar jobs,” KPMG urban economist Terry Rawnsley said.

“The Brisbane CBD has got a real pull for younger, early-career professionals – those people who have gone through university, picked up the HECS bill and are staying close to the CBD where they can get the wages which will help them pay off their HECS bill quicker and sooner.”

Outside Brisbane, the data revealed that Mermaid Beach, Mermaid Waters, Broadbeach and Nobby Beach on the Gold Coast were also home to higher HECS debts, with an average balance of $34,588.

“The Gold Coast stands out with one of the largest average HECS balances outside the major capitals, as the city’s economy becomes more diversified and attracts more highly skilled workers,” Rawnsley said.

The Gold Coast, he said, could be retaining more young professionals, who may once have had to move to Sydney or Melbourne for work, but could – in the post-COVID era – do their jobs remotely.

The Australian government provides a HECS loan to eligible university students who then repay their debt through the taxation system. HECS does not attract interest, but is indexed every June to keep pace with inflation.

Under the current student loan repayment threshold, graduates start paying the government back once their income tips over $67,000.

Brisbane’s average HECS debt of $28,700 sits just above the $28,500 national average.

The inner-city Sydney suburbs of Chippendale and Darlington have the highest HECS debt in the country, with 1050 people carrying an average balance of $38,944.

The HECS analysis was captured before the Albanese government followed through on its election promise to wipe 20 per cent off pre-existing student debts.

But it comes as the cost of degrees continues to skyrocket after the controversial Morrison-era Job-ready Graduates Package.

The scheme was designed to steer students away from the humanities and into priority skills areas, such as nursing and teaching. It resulted in the cost of arts and business degrees almost doubling.

Last week, the federal government released university course costings for 2027. Arts, law and communications students starting their studies in 2027 are likely to face degree costs of at least $54,000, while students in double degrees will graduate owing $90,125.

At least one education expert has warned that a “significant minority” of arts graduates will be saddled with their student loans until they die.

The data shows the number of Australians holding a HECS debt has dropped 3.5 per cent since 2021-22.

“The number of people with HECS bills has plateaued over the last few years, it’s probably a combination of the higher fee contributions, a strong labour market and alternatives like free TAFE,” Rawnsley said.

However, he noted that Australia’s HECS system remained one of the most accessible and supportive student loan systems in the world.