Suburb Profile Report for Richmond VIC (3121)

Richmond House: Median price $1,230,000, Annual capital growth 8.04%, Number of sales 252, Weekly median advertised rent $650

Richmond Unit: Median price $550,000, Annual capital growth 3.45%, Number of sales 424, Weekly median advertised rent $440

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

Source: CoreLogic

  • House Report
  • Unit Report

At number 2111th in the list of Australian suburbs ordered by increase in median house value over the last year, Richmond, 3121 is in the BOTTOM 50% with a property value increase of 5.94% recorded in median house prices.

While Richmond,3121 ranked number 609th in VIC for increase in median house value (annualised) increase, it is ranked 213th over the last 5 years.

Our latest figures would indicate that property sellers in Richmond are currently offering property investors an average price cut of -4.00% below the asking price at the moment.

Situated 3.49km from the CBD, Richmond is one of Yarra localities in the postcode 3121.

If you compare the increase in value of investment property in Richmond, 3121 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was -1.79%.

Over the longer term, Richmond has seen property prices show investors a 0.00% return over the last 3 years. This is worse than over the last 12 months

Vendor discounting in Richmond is giving property investors an average Vendor Discount of around -4.56%. This puts suburb at number 162th in VIC when ranking the most discounted suburbs.

Richmond, 3121’s gross rental yield is 4.16%

Metrics i HOUSE UNIT
$1,230,000 $550,000
-1.20% 0.00%
5.94% -1.79%
8.04% 3.45%
$650 $440
252 424
2.75% 4.16%
63.03 70.47

Source: CoreLogic

DSR Score for property investment : Good (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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Recent sales & rentals