Is Richmond a nice place to live?

Richmond has Bridge Road and Swan Street retail strips, riverside parkland by the Yarra and frequent tram routes together with Richmond station. The community includes many renters, with 56.0% of homes rented, and a large share of couples without children at home. Local amenity includes riverside parks, the rail and tram connections and a nearby sporting precinct that brings regular events and evening activity, and a major proposal to redevelop the North Richmond public housing estate is currently in play.

Is it expensive to live in Richmond?

On the figures here, a typical local household earned about $2,245 a week at the last Census. That means the average house rent of $900 a week would take about 40% of a typical local household's weekly income, while the average unit rent of $600 a week would take about 27%. Looking at buying, the median house price of $1,375,000 is about 11.8 times a typical local annual household income, and the median unit price of $533,888 is about 4.6 times annual income. On these figures, buying a house sits well above local incomes, while buying a unit sits somewhat above local incomes. Which side matters more will depend on whether you plan to rent or buy and on your own circumstances. Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Is Richmond a good place to invest?

Over the twelve months to date, Richmond shows a clear split between dwelling types: median house values fell 4.7% while median unit values rose 5.2%. On the rental side, house rents rose 5.9% and unit rents rose 3.4%. Put another way for investment interests, houses in Richmond saw rental income move higher even as capital value eased, while units recorded gains in both rents and values, with unit value growth outpacing unit rent rises. 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.

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Richmond suburb profile

Richmond is an inner-eastern Melbourne suburb with a layered urban character. Tree-lined streets of Victorian terraces sit beside converted warehouses and contemporary apartment blocks, while pockets of low-rise housing and narrow laneways reflect its industrial past and ongoing urban renewal.

Bridge Road and Swan Street are the suburb's long-standing retail and dining strips, and riverside parkland near the Yarra River and Yarra Park provides green space. Richmond station and frequent tram routes run along major streets, and the nearby sporting precinct adds regular events and evening activity.

Richmond property market performance

Current median dwelling price$954,444Past 3 months

Property growth+0.3%Past 12 months

Richmond's median house price is $1,375,000, down 4.7% over the last 12 months, a modest fall, while the median unit price is $533,888, up 5.2% over the last 12 months, a solid rise. Units sold more quickly than houses, at a median 28 days on market.

In Richmond, house rents rose 5.9% over the last 12 months, a notable increase, while house values declined over the same period.

	Houses	Units
Median price Past 3 months	$1.38M	$534K
Change in value Past 12 months	-4.7%	5.2%
Sold Past 3 months	101	109
Median days on market Past 12 months	46	28
Average rent Past 12 months	$900	$600
Change in rent Past 12 months	5.9%	3.4%

5 year median price trend for houses and units

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Richmond demographics

Richmond is a community with many renters, a large share of couples without children at home and incomes above the median for Victoria.

Couples without children make up 54.6% of families and 56.0% of homes are rented. At the 2021 Census, 28,587 people lived in Richmond.

Richmond and Victoria

	Suburb	VIC
Median age years	34	38
Median household income weekly	$2,245	$1,759
Couples with children share of families	28.8%	45.5%
Couples without children share of families	54.6%	37.6%
One-parent families share of families	13.0%	15.2%
Homes owned outright share of homes	19.2%	33.2%
Homes with a mortgage share of homes	24.8%	37.3%
Homes rented share of homes	56.0%	29.5%

Source: ABS 2021 Census. Shares of homes exclude other and not-stated tenure.

Richmond infrastructure, key developments and investment opportunities

Richmond's North Richmond public housing estate redevelopment is the major civic proposal now in play: in 2026 Homes Victoria told Yarra City Council it proposes to increase the estate from about 1,000 to 3,000 dwellings and, for a first stage, to replace 220 dwellings at 139 Highett Street with roughly 800 homes (Homes Victoria signalled an expression of interest process in late 2026).

Separately, the City of Yarra has been running a Coppin Street intersection upgrade pilot since 2023, with a project update in July 2024 that confirmed temporary works and the construction of protected bike lanes between Swan Street and the railway bridge. The Swan Street Bridge upgrade was completed in 2018, when a new fifth lane was opened to traffic.

Suburbs near Richmond

Some popular suburbs near Richmond include:

How does Richmond compare to nearby suburbs?

Median house prices: Richmond’s median house price is 6.2% higher than Abbotsford’s.
Median unit prices: Richmond’s median unit price is 15.9% higher than Abbotsford’s.
House price growth: Over the past 12 months, house prices in Richmond have grown 10.1% higher than in East Melbourne.
Unit price growth: Over the past 12 months, unit prices in Richmond have grown 7.6% higher than in Cremorne.
Selling speed for houses: Properties in nearby Cremorne are selling 6.5% faster than in Richmond.
Selling speed for units: Properties in Richmond are selling 31.7% faster than in Abbotsford.
Investment considerations: In Richmond, the rental yield for house is 41.5% higher than the Melbourne average, while the rental yield for units is 0.8% higher.
House price growth: Over the past 12 months, house prices in Richmond have grown 27.7% higher than the average rate of growth across Melbourne.
Unit price growth:Over the past 12 months, unit prices in Richmond have grown 8.7% lower than the average rate of growth for units across Melbourne.

Common questions about Richmond

Is Richmond a nice place to live?
Richmond has Bridge Road and Swan Street retail strips, riverside parkland by the Yarra and frequent tram routes together with Richmond station.

The community includes many renters, with 56.0% of homes rented, and a large share of couples without children at home. Local amenity includes riverside parks, the rail and tram connections and a nearby sporting precinct that brings regular events and evening activity, and a major proposal to redevelop the North Richmond public housing estate is currently in play.
Is it expensive to live in Richmond?
On the figures here, a typical local household earned about $2,245 a week at the last Census. That means the average house rent of $900 a week would take about 40% of a typical local household's weekly income, while the average unit rent of $600 a week would take about 27%.

Looking at buying, the median house price of $1,375,000 is about 11.8 times a typical local annual household income, and the median unit price of $533,888 is about 4.6 times annual income. On these figures, buying a house sits well above local incomes, while buying a unit sits somewhat above local incomes. Which side matters more will depend on whether you plan to rent or buy and on your own circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
Is Richmond a good place to invest?
Over the twelve months to date, Richmond shows a clear split between dwelling types: median house values fell 4.7% while median unit values rose 5.2%. On the rental side, house rents rose 5.9% and unit rents rose 3.4%.

Put another way for investment interests, houses in Richmond saw rental income move higher even as capital value eased, while units recorded gains in both rents and values, with unit value growth outpacing unit rent rises.

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.

Choose the right real estate agents in Richmond

Currently, there are 233 real estate agents working in Richmond—but not all agents deliver the same results. The right agent could make a huge difference to your final sale price.

Only 5 out of these 233 agents sold 29.6% of all properties in Richmond over the past year. Choosing one of these top-performing agents means tapping into proven expertise for a better sale outcome.

Real estate agents in Richmond typically charge a commission of 1.71% to 2.57%. Negotiating a fair commission rate and the right structure can motivate your agent to work even harder, helping you sell for more and potentially saving you thousands of dollars.