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%