Richmond

POSTAL CODE: VIC, 3121

HOUSE

UNIT

Based on its average 5-year and quarterly capital gains, the suburb saw average decrease in the long term.

The suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $1,355,000.

The downward trend in home prices in RICHMOND, 3121 averaged -0.99% per annum over a 3-year period.

Average weekly rents on listings have reached the $850 mark, reflecting a 3.26% increase in returns based on the current median price in RICHMOND.

An average of 25.5 real estate transactions take place per month in RICHMOND which translates to 306 per annum.

306 properties were sold in RICHMOND in 2016, making it the 337th most active market in VIC based on total real estate transactions.

RICHMOND, 3121 places 567th in Australia based on median property value growth during the quarter.

The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $630,000.

Average median unit prices in VIC have risen as a whole, pulling RICHMOND, 3121 values up and netting property investors a capital gain of 5% for the past year.

Investors saw the median home price rise to $630,000.

The upward trend in home prices in RICHMOND, 3121 averaged 1.96% per annum over a 3-year period.

RICHMOND now ranks at the 145th place on a list of fastest growing suburbs in the territory.

Figures from the previous quarter show that capital gains for real estate buyers in RICHMOND are high, as opposed to average gains per annum over the past five years.

Real estate investors could earn a rental income of $600 based on current median home prices for the suburb.

It is expected for properties to spend some time on the market prior to a successful sale. In RICHMOND, homes and units usually stay on listing for an average of 44.3 days.

470 properties were sold in RICHMOND in 2016, making it the 119th most active market in VIC based on total real estate transactions.

Surburb overview

Richmond is an inner-city suburb located approximately 3 kilometres east of Melbourne's Central Business District. According to the 2021 Census, its population is 28,587, with a median age of 34.

The suburb is well-served by public transportation, including multiple train stations, such as Richmond, East Richmond, North Richmond, and West Richmond. These stations provide residents with convenient access to various parts of Melbourne. Additionally, several tram routes traverse the area, enhancing connectivity.

Richmond offers essential establishments, including numerous retail outlets, dining options, and healthcare facilities. The suburb is known for its vibrant shopping precincts along Bridge Road and Swan Street, which feature a mix of boutiques, cafes, and restaurants. Victoria Street, also known as "Little Saigon," is renowned for its various Vietnamese eateries.

Richmond offers diverse recreational activities, with several parks and green spaces available for residents. Citizens Park and Barkly Gardens offer open areas for leisure and sports, while the Yarra River trails provide cycling, jogging, and walking opportunities. The suburb is also home to the iconic Melbourne Cricket Ground (MCG) and the nearby sporting precinct, making it a prime location for sports enthusiasts.

In terms of housing, the median property price for a house in Richmond is approximately $1,350,000, with an annual capital growth of -4.59%. Rental yields for houses are currently around 3.16%, with a median weekly rent of $750.

Richmond offers a blend of residential living with access to essential services and recreational opportunities, all close to Melbourne's city centre.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$1,355,000	$630,000
Growth Report
Median Quarterly	-1.67%	2.02%
Median 12 month	-2.87%	5%
Median 3 years	-2.97%	5.88%
Median 5 years	-0.22%	-3.82%
10 years average annual	2.8%	1.54%
Weekly media advert. rent	$850	$600
Time on Market	47.7 days	44.3 days
Gross Rental Yield Percent	3.26%	4.95%

Demographics (Median Values)*

Total Population 30499

Weekly Household Income 2015

Household Size 2.10

Average Age 33

Monthly Loan Repayment 2200

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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