richmond

3121, Victoria

Real Estate & Property Information

Median
Price Rank
66

richmond Suburb Profile & Review

Industrial, urban, and trendy, Richmond personifies Melbourne's diversity. Heritage listed terrace houses share narrow streetscapes with converted warehouse apartments and high rises. Young professionals live side by side with old Vietnamese and Greek families.

Victoria Gardens Shopping Centre is a home decorating mecca due to its Kmart, Freedom and IKEA stores, while Swan Street offers an endless supply of pubs, restaurants, cafes, fashion retailers and furniture stores. The fashion hungry roam Bridge Road for bargains in the factory outlets, before they stop over for coffee and brunch in popular cafes such as Gypsey & Musquito or Cafe Azul.

Footy fanatics visit Punt Road Oval during the AFL season to watch the Tigers play, while a stroll over to the MCG, Olympic Park or Rod Laver Arena presents a pick of sporting events and concerts.

You will never be stranded in Richmond - its four train stations (Richmond, West Richmond, East Richmond and North Richmond), seven tram lines and extensive bus routes make this nigh on impossible. But for the energy conscious, you can cycle into the city along the Main Yarra Trail and the Capital City Trail.

richmond Demographic Data

$ 824,000 Median House Price

11 Minutes Average Commute

33 Median Age

23,814 Population

51.39 % Female

48.61 % Male

5625 NO OF FAMILIES

1.6 AVG CHILDREN PER FAMILY

0.9 AVG MOTOR VEHICLE PER DWELLING

What this means

The following data, without any explanation, is just that, raw data. So in order to help you research the property market, we have outlined what this demographic and real estate information means and how it can be interpreted to help you make a smarter decision when buying or selling your next house or unit in richmond, Victoria.

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richmond Demographic Data

The demographic data below has been supplied by the Australian Bureau of Statistics (ABS), which is a government body. It is based on Census data collected every 5 years on the Australian population. Although it is dated 2011, this is the latest data available and should give property investors, property buyers and sellers a very good idea when researching or reviewing their suburb.

It’s important to note when looking at this data that you don’t just use it on its own. Consider this demographic and real estate data as a whole and seek advice from a professional when thinking of buying or selling your next property.

richmond Median House Prices

  • 2008 $ 688,000
  • 2009 $ 680,000
  • 2010 $ 705,000
  • 2011 $ 860,000
  • 2012 $ 824,000

What this means

Median values are the most accepted measure of property values in the real estate industry in Australia. The median is the midpoint (the middle) figure when all the sold property prices over a particular period of time are ordered from their lowest to their highest value.

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richmond 5 Year Median House Prices

Here we have outlined the median value for all sales for each year over a period of 5 years. This is a more realistic timeframe when gauging how houses and units in richmond have performed, and it usually indicates how they will perform in the future.

Median values less than 3 months old are often not always accurate (due to incomplete data) and therefore cannot be relied upon for long-term richmond property price predictions.

richmond Market Property Types

  • 29 % Seperate House
  • 28 % Semi Detached
  • 42 % Flat or Unit
  • 1 % Other Dwelling

What this means

The property type in your suburb will help you identify the density of the area. The greater the number of flats, units and apartments, the more likely it is the suburb has a higher density of living and occupants are more reliant on public transport, cafes, restaurants, convenience stores and amenities, infrastructure and less reliant on their own vehicle for transport.

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richmond Market Property Types

Typically, inner city suburbs within 10km of the CBD are comprised of apartments and semi-detached homes, while middle ring suburbs have semi-detached and detached properties. Rural properties would most likely fall under the “other” category.

This ABS Property Type data combined with Population Density and Family Composition figures gives a good indication of the type of people living in an area and therefore what type of property (1-2 bed apartment or house) would be an ideal investment or property to live in.

richmond Income & Mortgage Stats

  • $ 1,697 Median Weekly Household Income
  • $ 2,383 Median Monthly Mortgage

What this means

This is one of the most compelling statistics in this section because it has a profound impact on real estate prices. It should always be considered when buying or selling property in richmond

Experts believe mortgage stress occurs in real estate when property owners are spending over 30% of their gross income on their mortgage repayments. These figures show weekly income and monthly mortgages.

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richmond Income & Mortgage Stats

To calculate the percentage of income paid towards a mortgage for the suburb of Melbourne, multiply the mortgage payment (e.g. $2450) by 12 then divide this figure by the weekly income (e.g. $1200) multiplied by 52 (weeks) to look like this ($2450 x12/$1200 x 52) x 100 = 47%

Any figure above 30% usually indicates that the suburb you intend to buy in may have property owners with a high incidence of mortgage stress. In terms of maintaining or growing property values in the future and trying to secure a strong property price when selling, this could have an impact, especially in an economic or local industry downturn.

richmond Sold Property Prices

richmond Real Estate Experts

In each suburb we have identified real estate agents who are active local experts. Our goal is to have a network of real estate agents that have been reviewed by previous clients for future buyers and sellers to rely on when making their next property move or even when they just wanting real estate advice.

richmond Related Local Blog Posts

Immigrants Are Pushing House Prices Higher

Much of Australia’s history and success has been built on the back immigration but are the current intake levels too high and how are they impacting prices?

Hangover Stock Brings About Buying Opportunities

This week Melbourne’s auction market has been tested with over 1200 properties reportedly going under the hammer over the weekend. Although both Domain and the REIV show clearance rates at nearly 70%, this on the surface seems good but in actual fact is 10% down for the same time last year. Speaking to a number of agents around town confirms….

Where is The Property Market Heading?

There has been a lot of “white noise” surrounding the Sydney and Melbourne property market over the last few months and it has taken me a while to determine which way things were actually going to go. Is the Australian property market heading down the gurgler or is this just a glitch?

Property Market Trends in Melbourne Which Could Affect Prices

In this final edition we look at what how the Melbourne property market has fared and what whether we are likely to see any changes in property prices, demand for property and economic drivers.

New Research Shows Consumers Who Don’t Own A Home Could Be Worse Off in Retirement

New Research released last week by Roy Morgan shows that people who don’t own a home have become worse off in terms of their net wealth and are jeopardising their retirement.

Is Australian Housing Heading for a Hard Landing or a Financial Cliff?

From my experience and talking with real estate agents the Melbourne market has softened no doubt, but are we heading towards a financial cliff?

richmond Restaurants

  • Vlados61 Bridge Roadrichmond VIC 312103 9428 2189
  • Vinh Vinh387 Victoria St richmond VIC 312103 9429 5260
  • Union Dining270 Swan Street richmond VIC 312103 9428 2988

richmond Cafes

  • Almost French138 Swan Strichmond VIC 312103 9429 2080
  • Sparks Cafe424 Bridge Roadrichmond VIC 312103 9429 4409
  • Rowena Parade Corner Store44 Rowena Paraderichmond VIC 312103 9421 3262

richmond Schools

  • St. Kevins College Waterford Campus20 Darlington Paraderichmond VIC 3121(03) 9421 4319Private School
  • Carringbush Adult Education415 Church StreetÊrichmond VIC 3121(03) 9421 2392Adult Multicultural Education Service
  • Trinity Primary School57-59 Davison Streetrichmond VIC 3121(03) 9428 7180Catholic Primary School

richmond Childcare

  • ABC Learning Centre319 Church Strichmond VIC 3121
  • Acacia Indochinese Childrens Centre13 Belgium Averichmond VIC 3121
  • Alpha Childrens Centre8 Corsair Streetrichmond VIC 3121

richmond Kindergarten and Preschools

  • Acacia Indochinese Childrens Centrerichmond VIC 3121
  • Boroondara Kindergartenrichmond VIC 3121
  • Bridge Road ELC624-628 Bridge Roadrichmond VIC 3121

richmond Sporting Centres and Clubs

  • Richmond HarriersCitizens Parkrichmond VIC 3121Athletics Club
  • Richmond Unionrichmond VIC 3121Bowling Club
  • Richmondrichmond VIC 3121Netball Club

Find out How Much your House is Worth in richmond

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