Suburb Profile Report for Richmond VIC (3121)

Richmond House: Median price $1,240,000, Annual capital growth 8.68%, Number of sales 252, Weekly median advertised rent $630

Richmond Unit: Median price $549,200, Annual capital growth 3.61%, Number of sales 372, Weekly median advertised rent $440

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

Source: CoreLogic

  • House Report
  • Unit Report

Investment property in Richmond has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 12.73%

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Richmond has increased when compared to the 5 year average annual rate.

At number 473th of VIC’s most discounted properties, Richmond is in the TOP 30% of the state/territory when listing in order of most discounted to least.

At number 1219 in a list of fastest selling suburbs, Richmond is in the TOP 40% of suburbs in Australia with an average of days on market 65.83 for properties listed there.

Using the current median advertised rental of $630 and the average annual increase in value of a median property of 8.68%, investors should hope to achieve an overall return of 2.64%

Property value increases in Richmond have tracked just lower than the VIC average of 3.49% over the last 12 months.

Richmond,3121 was ranked 639 in Australia by increase in median property value over the quarter.

LACK OF BUYER INTEREST may well be the reason that Richmond is offering property investors an average of -5.13. This rate of discount on properties puts Suburb at number 199th in terms of most discounted suburbs in VIC

In the last year 372 properties changed hands in Richmond, which puts it as the 9th most active market in VIC when comparing the number of sales per suburb.

Richmond, 3121’s gross rental yield is 4.17%

Metrics i HOUSE UNIT
$1,240,000 $549,200
1.64% 1.52%
12.73% -0.28%
8.68% 3.61%
$630 $440
252 372
2.64% 4.17%
65.83 71.02

Source: CoreLogic

DSR Score for property investment : Above average (U), Above average (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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