Richmond is a large suburb in Victoria within the Yarra local government area (postcode 3121). With a population of 28,587, the suburb has a mix of young professionals and families with a median age of 34. Households earn a median income of $117K per year, with an average household size of 2 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are English, Australian, Irish.
The median house price in Richmond is $1.4 million, having dipped slightly 0.4% over the past year. Units have a median price of $571,000 (-4.2% YoY). The current median weekly rent is $620. This gives a gross rental yield of approximately 2.3%. The median monthly mortgage repayment is $2,292.
Richmond is served by 9 schools, including 4 primary, 4 secondary, 1 special. The average ICSEA score is 1050, which is above the national average of 1,000. Public transport access includes 8 rail stations, 61 bus stops. Healthcare facilities include 3 private hospitals. The crime rate in the Yarra LGA is higher than average at 15,436 incidents per 100,000 population.
From an investment perspective, Richmond offers a gross rental yield of 2.3%, rated as low yield. Property prices are above the state median ($1.4M/$875K), placing it in the premium segment. The price-to-income ratio of 11.9x is considered stretched. House prices have moved -0.4% year-on-year.
Richmond is a large suburb in Victoria within the Yarra local government area (postcode 3121). With a population of 28,587, the suburb has a mix of young professionals and families with a median age of 34. Households earn a median income of $117K per year, with an average household size of 2 people. The most common occupations are professionals, managers, clerical & administrative. The top ancestries reported are English, Australian, Irish.
The median house price in Richmond is $1.4 million, having dipped slightly 0.4% over the past year. Units have a median price of $571,000 (-4.2% YoY). The current median weekly rent is $620. This gives a gross rental yield of approximately 2.3%. The median monthly mortgage repayment is $2,292.
Richmond is served by 9 schools, including 4 primary, 4 secondary, 1 special. The average ICSEA score is 1050, which is above the national average of 1,000. Public transport access includes 8 rail stations, 61 bus stops. Healthcare facilities include 3 private hospitals. The crime rate in the Yarra LGA is higher than average at 15,436 incidents per 100,000 population.
From an investment perspective, Richmond offers a gross rental yield of 2.3%, rated as low yield. Property prices are above the state median ($1.4M/$875K), placing it in the premium segment. The price-to-income ratio of 11.9x is considered stretched. House prices have moved -0.4% year-on-year.