Suburb Profile Report for Richmond VIC (3121)

Richmond House: Median price $1,235,000, Annual capital growth 8.72%, Number of sales 256, Weekly median advertised rent $623

Richmond Unit: Median price $543,500, Annual capital growth 3.74%, Number of sales 358, Weekly median advertised rent $435

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

Source: CoreLogic

  • House Report
  • Unit Report

With a capital gain of 11.76% for the last 12 months, Richmond, 3121 has performed for property investments than its average annual 8.72% property growth over the last 5 years.

While Richmond,3121 ranked number 277th in VIC for increase in median house value (annualised) increase, it is ranked 69th over the last 5 years.

Property investors looking for a bargain in Richmond should be aiming for at least -4.82% off the asking price, which is the average vendor discount being achieved at the moment.

At number 1399 in a list of fastest selling suburbs, Richmond is in the TOP 40% of suburbs in Australia with an average of days on market 70.26 for properties listed there.

Over the last year, property investments in Richmond, 3121 have given investors a capital gain of -1.54%. This compares badly with the 2.98% for VIC as a whole.

Across a shorter period, Richmond, 3121 has seen a median price increase of -0.50% over the last quarter.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.08% offered to property buyers. Sellers in Richmond itself are offering an average vendor discount of -4.26% to real estate investors.

HOUSE UNIT
$1,235,000 $543,500
2.60% -0.50%
11.76% -1.54%
8.72% 3.74%
$623 $435
256 358
2.62% 4.16%
70.26 71.36

Source: CoreLogic

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