All About Richmond, Yarra, VIC, 3121

Richmond is a suburb of Melbourne, Victoria. An incredibly diverse and culturally rich suburb, Richmond has undergone significant gentrification in recent years, beginning in the early 1990s. The suburb is hugely multifaceted, featuring a blend of accommodation ranging from modern high-rise flats to Victorian terraced houses, interspersed throughout a popular retail sector. Well known for its Little Saigon region, a centre of Vietnamese culture in Australia, the name Richmond comes from a region in London known as Richmond Hill. Richmond features a number of schools and colleges, along with several hospitals and sports clubs.

Richmond lies just 3 kilometres from Melbourne’s Central Business District, making it excellent for commuters and professionals working in the city’s heart. Richmond is incredibly well serviced by public transport systems; there are 5 train stations spread throughout the municipality. The proximity and connections to the centre of the city, coupled with the retail sector that permeates much of Richmond and the high density and variety of housing found throughout the suburb, all combine to create a vibrant urban suburb full of excitement and promise, right in the heart of Melbourne.

Richmond Real Estate Market Outlook

Thinking about buying in Richmond? Now could not be a better time, with 24321 residential properties there's certainly plenty to choose from. The average property price in this area is in the region of $1,390,000 with prices in this suburb ranging from $72,000 to $13,818,000. Richmond is located fairly close to the coast at just 3Km so as well as great views of the ocean and access to beaches, demand and valuations are likely to be a bit higher here.

Good balance between supply and demand ensures a range of affordable options within budget limits. Recent increases in listings may provide buying opportunities. Low average incomes in Richmond is reflected in smaller and lower quality accommodation. Over time this may change providsing long-term returns but in the short to medium term, prices are likely to be less than state averages. A mix of professions and above average income earners in Richmond provides good demand. The lower than average housing turnover of these people also means fewer regular listings leading to periodic large price increases. Lower than average population density constrains growth in Richmond to an extent. However, where buyers are willing to compromise on housing and lifestyle choice, there are affordable options. Lower than average industry presence in Richmond we believe will be less of a negative impact than it has in the past. Post-COVID and the growth in working from home has lessened the demand for local employment options. This may make Richmond a better buying opportunity than it may have been in the past.

Instant Property Valuation

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Public Transport

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General Points of Interest

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Nearby Suburbs

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