Question 1

Is Richmond a nice place to live?

Accepted Answer

Richmond is an inner-west Adelaide suburb with a compact, residential character. Early 20th century cottages sit alongside low-rise infill and modern townhouses in tree-lined streets with modest gardens; many homes have been renovated while smaller units provide rental options. The suburb is handy to the city and the airport, with regular buses and main roads nearby. Local life centres on Richmond Oval, neighbourhood parks and small shopping strips, and larger dining and retail precincts in the inner west are within easy reach. There are no significant new public infrastructure or civic-amenity projects reported at this time, and the suburb is home to the Sports College South Australia operated by the West Adelaide Football Club.

About 3,474 people live in Richmond and the median age is 36. Couple families are dominant, with couples with children the largest single group at 39.5% and couple families together making up about three in four families (75.9%). Homes are mostly owner-occupied (55.0%) while renters make up 45.1% of dwellings. That mix of established owners, a substantial renting sector, parks and sporting facilities means Richmond will suit people seeking an inner-west residential suburb with a strong family presence; whether it fits you depends on what you want from a neighbourhood.

Question 2

Is it expensive to live in Richmond?

Accepted Answer

Buying looks particularly stretched in Richmond (SA 5033). With a median house price of $1,175,000, a house works out to about 16.3 times a typical local annual household income at the last Census, which places buying well above what households there earned at the last Census.

Renting also takes a large slice of income. A house renting for $650 a week is about 47.0% of a typical local household's weekly income at the last Census, while a unit at $495 a week is about 35.8%. If you're renting rather than buying, those rent shares are the figures that matter.

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

Question 3

Is Richmond a good place to invest?

Accepted Answer

The clearest movements in Richmond over the past year are a solid 8.0% rise in median house values and a sharp 10.0% jump in unit rents. House rents edged up 0.8% over the same period, so for houses capital growth outpaced rental income, while unit rents have been the stronger rental performer this year.

If you're weighing Richmond as an investment, the 8.0% increase in house values is the figure that speaks to capital growth, and the 10.0% rise in unit rents is the number rental-focused buyers will pay most attention to. Whether that mix suits your goals and circumstances is something only you can decide.

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.

	Houses	Units
Median price Past 3 months	$1.18M	N/A
Change in value Past 12 months	8.0%	N/A
Sold Past 3 months	17	4
Median days on market Past 12 months	56	N/A
Average rent Past 12 months	$650	$495
Change in rent Past 12 months	0.8%	10.0%

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