Suburb Profile Report for Richmond VIC (3121)

Richmond House: Median price $1,205,000, Annual capital growth 8.91%, Number of sales 237, Weekly median advertised rent $620

Richmond Unit: Median price $543,500, Annual capital growth 3.75%, Number of sales 330, Weekly median advertised rent $430

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

Source: CoreLogic

  • House Report
  • Unit Report

VIC has seen average median house prices change by 7.68% which means that Richmond, 3121 has done well for property investors by showing a capital gain of 9.55% over the last year

Taking the average capital gain, or increase in median house value, Richmond,3121 has racked up an average of 9.55% over the period. This ranks it number 650th in the whole country for real estate investors looking at median house price increases.

Property buyers and investors in Richmond 3121 should be seeing an average reduction in asking price of around -7.01% . This means that Richmond is holding prices well when compared to other suburbs in VIC.

At number 1464 in a list of fastest selling suburbs, Richmond is in the TOP 40% of suburbs in Australia with an average of days on market 72.7 for properties listed there.

Advertised rents are around the $620 mark per week – giving a return of 2.68% based on the median price in Suburb

Investment property in Richmond has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -1.18%

Taking the average capital gain, or increase in median house value, Richmond,3121 has racked up an average of -1.18% over the period. This ranks it number 1420th in the whole country for real estate investors looking at median house price increases.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.14% offered to property buyers. Sellers in Richmond itself are offering an average vendor discount of -4.40% to real estate investors.

Residents and property investors in Richmond have been waiting around 73.86 days to sell a property.

Situated 3.11km from the CBD, Richmond is one of Yarra localities in the postcode 3121.

HOUSE UNIT
$1,205,000 $543,500
0.42% -1.18%
9.55% -1.18%
8.91% 3.75%
$620 $430
237 330
2.68% 4.11%
72.7 73.86

Source: CoreLogic

DSR Score for property investment : Very 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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