Richmond, VIC 3121: Suburb Profile & Property Report

Market Report

House report
Unit Report

In Richmond, the median property price for a house is currently $1,375,000 with annual capital growth of -3.34% . There were 318 house sales in the past 12 months. On average, houses spend 34 days on market.

If you're thinking about buying an investment property in Richmond, consider that rental yields for houses are currently 3.15% with an average median rent of $750 weekly. Houses have seen -1.79% growth in the past quarter, and -3.34% growth in the past 12 months.

The size of Richmond is approximately 4.4 square kilometres. It has 20 parks covering nearly 4.9% of total area. The population of Richmond in 2011 was 23,814 people. By 2016 the population was 27,711 showing a population growth of 16.4% in the area during that time. The predominant age group in Richmond is 20-29 years.

Households in Richmond are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Richmond work in a professional occupation. In 2011, 43.2% of the homes in Richmond were owner-occupied compared with 40.8% in 2016.

In Richmond, the median property price for a unit is currently $615,000 with annual capital growth of 3.27% . There were 420 unit sales in the past 12 months. On average, units spend 29 days on market.

If you're thinking about buying an investment property in Richmond, consider that rental yields for units are currently 5.02% with an average median rent of $580 weekly. Units have seen -4.28% growth in the past quarter, and 3.27% growth in the past 12 months.

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Key Market Data	House	Unit
Median price	$1,375,000	$615,000
Quarterly growth	-1.79%	-4.28%
12-month growth	-3.34%	+3.27%
Average annual growth	+3.19%	+0.21%
Weekly median rent	$750	$580
Gross rental yield	3.15%	5.02%
Number of Sales (12m)	318	420
Avg. Days on Market (12m)	34	29

Jump to Market Trends

Key Demographics	2011	2016
Total population	23,814	27,711
Population change (5y)	+5.95%	+16.40%
Median household income (p/w)	$1,725	$1,971
Household income change (5y)	+35.08%	+14.26%
Median age of persons	34	34

Jump to Demographics Trends

Market Trends

Houses

Units

The Median Sale Price in Richmond is $1,375,000 for houses and $615,000 for units.

The Median Growth in Richmond over the past 12 months is -3.34% for houses and 3.27% for units.

Over the past 12 months there were 318 houses sold and 420 units sold in Richmond. On average, houses spent 34 days on market and units spent 29 days on market.

In the past 12 months up to September 2024 there were 318 houses sold and 420 units sold in Richmond. On average, houses spent 34 days on market and units spent 29 days on market.

1 Year 5 Years 10 Years

Houses

Units

The Median Rent in Richmond is $750 for houses and $580 for units.

The Rental Yield in Richmond is 3.15% for houses and 5.02% for units.

1 Year 5 Years 10 Years

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Demographic Trends

Better understand demographic trends by reviewing the latest suburb demographic data below.

Age groups Country of Birth Religious Affiliation Household Income Occupations Education Level Qualification Level

The population of Richmond was 27,711 in 2016, a +16.40% change compared to 2011.

The predominant age group in Richmond is 20-29 years.

The population of Richmond was 27,711 in 2016, a +16.40% change compared to 2011.

The predominant age group in Richmond is 20-29 years.

Most of the population in Richmond were born in Australia.

Most of the population in Richmond report their religion as No Religion.

Most of the population in Richmond report their income range as between $78,000 and $130,000 .

The median household income in Richmond was $1,971 in 2016, a +14.26% change compared to 2011.

Most of the population in Richmond report their income range as between $130,000 and $182,000 .

The median household income in Richmond was $1,725 in 2011, a +35.08% change compared to 2006.

Most of the population in Richmond work as Professional.

The chart below demonstrates the various levels of education in Richmond.

Most of the population in Richmond reached a qualification level of Bachelor.

2011 2016

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