Richmond is a colorful inner city suburb in the state of Victoria, just 3 kilometers to the south-east of the Central Business District in Melbourne. This area is known well all over the state for its diversity and vibrancy, and although just close to the shadows of the Melbourne Central Business District, it holds its own by way of overall ambiance and local culture buzz. Most of the residents here enjoy its toned-down urban atmosphere, an area that is active and energetic while at the same time peaceful and homely. This precise combination is what attracts people from all over the country to buy real estate in Richmond, where the sights and sounds won’t bother your home’s comfy vibe.
Richmond Real Estate: By the Numbers
A real estate property in Richmond has a $1,283,750 median house price. A gorgeous 4-bedroom house property will cost $2,051,750 in average, while a 3-bedroom space can be yours for as much as $1,452,500. This median house price was based on last year’s home sales of 250, and compared to the same period from the past five years, Richmond’s median house price sales have steadily increased by 59.5%. This increase amounts to a 9.8% hike in its compound annual growth rate.
Richmond’s median rent is $670 per week. For a 3-bedroom house, the median rent is $788 per week, while with the same daily occupancy a 4-bedroom space will cost $935. Over the past year’s data of 250 house sales and 618 property rentals , the area’s rental yield for its houses is at 2.7%.
Richmond real estate property boasts of high demand, having the influx of city-movers and first-time owners buying a house in the area. The suburb averages 783 visits per property.
(Data from Realestate.com.au)
Why Choose Richmond
Richmond is a diverse area, and this is one of the main factors contributing to its neighborhood feel. The suburb’s sense of community is great, and its energy holding its own against the backdrop of Melbourne’s central business district. Walk along its streets and you will find the amazing street art waiting to be the colorful background to your pictures. There are also hidden bars, art galleries, and outlet shops to keep locals entertained, aside from the microbreweries settled in its intriguing back-alleys.
Housing is also one of its biggest appeals, showcasing different architectural styles that it has seen over the years, most notably award-winning architect Nonda Katsalidis’s apartment conversion called The Malthouse, and James Street’s Bluestone terraces. There is an abundance of lovely small homes along its narrow streets, and numerous Victorian-era terraces parade its corners. It’s past days as a manufacturing centre can still be seen in the vintage factory and warehouse buildings, now converted as high-end, loft-style apartments known for its space and proximity to the station.
Richmond’s sense of community, comfy homes, and urban-lifestyle appeals to many, and its local culture is the cherry on top. Richmond has everything you need in a neighborhood and more. It offers a little bit of everything in the right places, making it one of the most in-demand suburbs in the state.
Other Popular Suburbs in Victoria
Other Regions in Australia
Other locations in Australia are equally as desirable as Victoria. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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