Suburb Profile Report for Richmond VIC (3121)

Richmond House: Median price $1,199,000, Annual capital growth 9.11%, Number of sales 254, Weekly median advertised rent $610

Richmond Unit: Median price $550,000, Annual capital growth 4.32%, Number of sales 322, Weekly median advertised rent $430

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

At number 578th in the list of Australian suburbs ordered by increase in median house value over the last year, Richmond, 3121 is in the top 20% with a property value increase of 13.92% recorded in median house prices.

Comparing Richmond,3121 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

LACK OF BUYER INTEREST may well be the reason that Richmond is offering property investors an average of -6.04. This rate of discount on properties puts Suburb at number 282th in terms of most discounted suburbs in VIC

Using the current median advertised rental of $610 and the average annual increase in value of a median property of 9.11%, investors should hope to achieve an overall return of 2.65%

Richmond has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -1.18% to date .

The five-year average increase in median property values for Richmond,3121 has given property investors a potential capital gain of 2.80% across each of those five years.

Richmond, 3121 is offering VIC ‘s 227th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 40% of discounts offered by this VIC.

Residents and property investors in Richmond have been waiting around 74.31 days to sell a property.

A $430 per week rent on the median house gives suburb investors a gross yield of circa 4.07%, without taking into account capital value appreciation, which has been averaging out at 4.32%.

HOUSE UNIT
$1,199,000 $550,000
4.03% 0.00%
13.92% -1.18%
9.11% 4.32%
$610 $430
254 322
2.65% 4.07%
62.75 74.31

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
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Demographics
Total population 23814
Median household income ($/weekly) 1697
Median age of persons 33
Median housing loan repayment ($/monthly) 2383
Average household size 2.1
  • Census Count Percent(%)
    20-24 years 1977 8.3
    25-34 years 7395 31.1
    35-44 years 4007 16.8
    45-54 years 2555 10.7
    55-64 years 2166 9.1
    Others 5714 24.0
    Age Group
    Census Count Percent(%)
    Not Married 9944 53.1
    Registered Married 5728 30.6
    Defacto Relationship 3065 16.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 14307 65.0
    Papua New Guinea 728 3.3
    United Kingdom 1001 4.5
    Viet Nam 1335 6.1
    Other 1405 6.4
    Others 3233 14.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 1859 8.8
    Christianity 10411 49.2
    Hinduism 239 1.1
    Islam 299 1.4
    No Religion 8057 38.1
    Others 277 1.3
    Religious Affiliation
  • Census Count Percent(%)
    $1,500-$1,999 1054 11.3
    $2,000-$2,499 806 8.7
    $2,500-$2,999 1288 13.8
    $3,000-$3,499 697 7.5
    $4,000 or more 802 8.6
    Others 4664 50.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 10339 52.3
    Not in the labour force 4879 24.7
    Employed, worked part-time 3202 16.2
    Employed, away from work 700 3.5
    Unemployed, looking for work 649 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 2328 16.3
    Professionals 5626 39.5
    Community & personal service workers 1087 7.6
    Clerical & administrative workers 1935 13.6
    Sales 1128 7.9
    Others 2142 15.0
    Occupation
    Census Count Percent(%)
    Infants/Primary 863 19.5
    Secondary 652 14.7
    Technical or Further Educational Institution 540 12.2
    University or other Tertiary Institutions 1845 41.6
    Other type of educational institution 296 6.7
    Others 239 5.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 8020 37.1
    Separate house 7061 32.7
    Semi-detached, row or terrace house, townhouse 6405 29.7
    House or flat attached to a shop, office 106 0.5
    Improvised home, tent, sleepers out 4 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 5555 55.2
    Being purchased 2436 24.2
    Fully owned 2018 20.1
    Other tenure type 50 0.5
    Tenure Type
Census 2011, ABS
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