Richmond

Richmond, situated approximately 3 km east of Melbourne’s Central Business District, is within the City of Yarra. This vibrant and diverse suburb is known for its unique blend of industrial heritage, bustling commercial areas, and a lively cultural scene.

Demographic Profile

• Population: According to the 2021 census, the population of Richmond was 28,587.
• Predominant Age Group: The area is particularly popular among the 20-39 age group, reflecting its appeal to young professionals and singles.
• Median Household Income: Typically higher than the average for Melbourne, indicating the suburb’s popularity among working professionals.
• Occupancy: A mix of homeownership and rentals, trending towards higher-density living in apartments and townhouses.

Real Estate and Growth

• Median House Prices: The median house price in Richmond is around AUD 1,400,000.
• Median Unit Prices: Apartments and units average at about AUD 650,000.
• Rental Market: The median rent for houses is approximately AUD 600 per week, and for units, it’s around AUD 450 per week.
• Market Trends: Richmond’s real estate market is characterised by strong growth, driven by its proximity to the CBD and lifestyle appeal.

Education and Lifestyle

• Schools: The suburb has several schools catering to the local community, including Richmond Primary School and Richmond High School.
• Local Vibe: Known for its vibrant atmosphere, Richmond is a hub for dining, shopping, and entertainment, particularly famous for its Vietnamese cuisine on Victoria Street.
• Community Insights: Residents enjoy the convenience of inner-city living, the suburb’s diverse cultural tapestry, and the blend of modern and heritage architecture.

Transportation

• Public Transport: Excellent public transport options with multiple train stations (including Richmond Station), tram routes, and bus services.
• Accessibility: Well-connected to significant roads and bike paths, offering easy access to the city and surrounding areas.

Notable Features

• Proximity to Melbourne CBD: Its close location to the city centre makes it a prime spot for those seeking an urban lifestyle.
• Recreational Areas: Richmond has several parks, including the famous Yarra Bend Park and sports facilities like the Melbourne Cricket Ground (MCG).

Richmond is a dynamic, culturally rich suburb ideal for those seeking an active urban lifestyle. With its diverse community, range of amenities, and strong real estate market, Richmond is a magnet for professionals, young singles, and families who desire proximity to the heart of Melbourne.