Get a property report and suburb profile for any property in Richmond

Richmond is an inner-eastern Melbourne suburb with a lively urban character where Victorian terrace rows sit alongside converted warehouses and modern apartment towers. Its bustling retail strips on Bridge Road and Swan Street, a strong café and pub scene, riverside parks along the Yarra, transport hubs and frequent trams make day-to-day life convenient, and major sporting precincts and cultural venues on the suburb's edge bring crowds on event days. The suburb has 28,587 residents, a median age of 34 and a median household income of $2,245 a week (about $116,740 a year), with long-term locals, young professionals and families all represented.

Households are dominated by couple families, and renting is the most common tenure at 56.0% while 44.0% are owner-occupiers. The council and state are active locally, with a Victoria Street Revitalisation Plan, consultations on changes to Rowena Parade, renewal work and a business case for Richmond Library, public housing redevelopment sites and advocacy for a new North Richmond community services hub. Whether Richmond suits you will come down to how much you value city-fringe convenience, event-day activity and a mixed renting-and-owning community.

Buying and renting tell different stories in Richmond 3121. A median house price of $1,315,500 is about 11.3 times a typical local annual household income at the last Census (median weekly household income $2,245, which is $116,740 a year), which sits well above what local households earned then. By contrast, a median unit price of $518,000 is about 4.4 times a typical local year's household income, putting unit buying somewhat above local incomes at the last Census.

For renters, $900 a week for a house would take about 40.1% of a typical local household's weekly income at the last Census, a large share, while $600 a week for a unit would take about 26.7%, a moderate share. Which of these figures matters most depends on whether you plan to buy or rent, and whether they feel expensive will depend on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Over the past 12 months the two sides of Richmond's market moved differently. Median house values fell 5.0% while house rents rose 5.9%, so on the house side capital value moved down as rental income moved up. Units recorded modest gains, with median unit values up 3.3% and unit rents up 3.4%.

If rental income is your primary concern the 5.9% rise in house rents is the most relevant figure; if capital growth matters more the unit side showed modest value increases. Whether that balance suits you depends on your own goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.