Richmond
Richmond's structural identity is captured in one number: 6,452 residents per sq km, almost 3x Mount Waverley's middle-ring density (2,327/sqkm). Only 15.7% of dwellings are separate houses; 53.1% are apartments and 30.7% semi-detached, the inverse of Mount Waverley's 68.6% house stock. The yuppie-tech overlay shows up as 63% university-educated (32.9 pp above national) and median family income of $3,096/week, sitting at the 84.8th percentile nationally. Yet the suburb still wears its old skin: crime rate 133.4 per 1,000 is 2.3x Mount Waverley's 58.3, and 14.9% vacancy signals turnover, not scarcity.
Population
28,587
Median Age
34.0
Household IncomeiMedian weekly household income (ABS Census)
$2,245/wk
DAs (12 months)iDevelopment Applications lodged in the past year
121
Richmond buyers face a $1.35M median house (2024) that is down 9.6% from its 2021 peak of $1.49M, the inverse of Brunswick-style inner-north resilience. Mortgage commitment $2,292/month consumes 23.6% of household income, a softer ratio than Mount Waverley's 29%, because Richmond's median household pulls $2,245/week (84.8th percentile). Stock skews tiny: 23.1% are 1-bed or studios and 44.3% are 2-bed, leaving only 6.3% as 4-bed family homes. That bedroom mix prices out family upgraders and channels demand toward semi-detached terraces (30.7% of stock), which carry premium pricing because they're the only path to a backyard inside 4km of the CBD.
For Buyers
Richmond buyers face a $1.35M median house (2024) that is down 9.6% from its 2021 peak of $1.49M, the inverse of Brunswick-style inner-north resilience. Mortgage commitment $2,292/month consumes 23.6% of household income, a softer ratio than Mount Waverley's 29%, because Richmond's median household pulls $2,245/week (84.8th percentile). Stock skews tiny: 23.1% are 1-bed or studios and 44.3% are 2-bed, leaving only 6.3% as 4-bed family homes. That bedroom mix prices out family upgraders and channels demand toward semi-detached terraces (30.7% of stock), which carry premium pricing because they're the only path to a backyard inside 4km of the CBD.
For Investors
56% of Richmond is renting, more than double Mount Waverley's 24.8%, generating a structural tenant pool of roughly 16,000 residents at $441/week rent. But 14.9% vacancy is the warning flag: nearly 2x Mount Waverley's 7.7% and far above the 4-5% sweet spot, reflecting apartment oversupply built during 2015-2020. Rent-to-income at 19.6% is surprisingly affordable for an inner suburb, suggesting landlords have lost pricing power. Development pipeline is moderate (39 permits in 12 months vs Mount Waverley's 66), mostly section-72 amendments to existing approvals rather than new builds, signaling developer caution. Yield-focused investors should expect rental softness; capital gains require waiting out the apartment glut.
Development Activity
Total DAs
148
Last 12 Months
121
YoY ChangeiYear-over-year change in DA lodgements
+764.3%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Richmond iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Richmond Primary School
Prep-6 · 316 students
Melbourne Girls College
7-12 · 1531 students
Yarra Primary School
Prep-6 · 249 students
Richmond West Primary School
Prep-6 · 281 students
Trinity Catholic School
Prep-6 · 213 students
Demographics
32% born overseas (10.4 pp above national 21.6%) is below Mount Waverley's 49.3%, but the composition tells the gentrification arc. English (9,351), Irish (4,060), and Scottish (3,045) ancestry now dominate, with Chinese ranked 5th (2,086) and Vietnamese absent from the top five despite Victoria Street's reputation. Greek leads non-English languages (460 speakers), a residue of the post-war wave, ahead of Mandarin (277) and Cantonese (159). Median age 34 sits 6 years below national; 43.2% of families are couples without children, signaling a transient professional cohort. Turnover rate 38.5% means roughly 11,000 of 28,587 residents have moved in within five years, the demographic engine of yuppification.
Age Distribution
Bedrooms
Dwelling Structure
15.7%
Houses
30.7%
Townhouse
53.1%
Apartment
Tenure
Price trajectory: $900k (2013) to $1.49M peak (2021) to $1.35M (2024), yielding 3.4% CAGR over 12 years and -9.6% from peak, weaker than Mount Waverley's 4.7% CAGR over 14 years. Tenure mix is the inverse of middle-ring Melbourne: 56% rent, 24.8% mortgage, only 19.2% own outright (vs 42.9% in Mount Waverley). Apartments are 53.1% of stock and semi-detached terraces 30.7%, leaving 15.7% as separate houses, the scarcity premium driving the $1.35M median. Bedrooms confirm density logic: 23.1% are 0-1 bed, 44.3% are 2-bed, only 6.3% are 4-bed+, locking out larger families and reinforcing the childless-couple share at 43.2%.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,292
Rent / wk
$441
HH Size
2.0
Personal Income / wk
$1,356
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
14.9%
Unoccupied
2,329
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
19.6%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
23.6%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
43.2%
Couples, no children
16,768
Total families
Economy & Employment
Professional/Tech leads at 20.5% of jobs (3,101 workers), well above Mount Waverley's 16% Professional/Tech share, reflecting Richmond's post-2010 capture of agency, fintech, and software firms along Bridge Road and Cremorne. Healthcare 14.7% (2,230 workers) is anchored by Epworth and Bridge Road clinics; Education 9.4% and Finance 7.9% round out a service-economy mix. Professionals comprise 8,028 of employed (45%), Managers 3,498 (20%), with full-time rate at 74.9% and unemployment 3.7%, both stronger than Mount Waverley's 63% full-time and 5.7% unemployment. SEIFA deciles are unavailable in brief, but income percentile (84.8th) and university rate (63%, top decile nationally) confirm the affluent-professional skew.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
74.9%
Part-time
21.4%
Participation
71.2%
Employed
17,709
Occupations
Top Industries
University
63.0%
Postgraduate
17.0%
Born Overseas
32.0%
Dwellings
13,284
Transport to Work
Transport is the genuine inner-city profile: 24.3% walked or cycled (vs Mount Waverley's 2.6%), reflecting 4km CBD proximity, three train lines, and the Yarra Trail. Car driver share 65.1% remains high but is 20 pp below Mount Waverley's 85%. Schools cluster at solid mid-tier ICSEA: Richmond Primary 1,150, Melbourne Girls College 1,142 (1,531 enrolments, the major secondary destination), Yarra Primary 1,134, all above the national 1,000 mean but below Mount Waverley's 1,142-1,201 range. Crime rate 133.4 per 1,000 is 2.3x Mount Waverley's 58.3, with property/deception offences (2,587 of 3,814) the dominant category, a function of foot traffic on Bridge Road and Victoria Street rather than violent crime (430 incidents).
Drive
65.1%
Public Transport
7.2%
Walk / Cycle
24.3%
Work from Home
N/A
Safety & Crime
Total Offences
3,814
Year ending June 2024
Rate per 1,000 People
133.4
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Richmond compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Richmond a good suburb to live in?
Yes for childless professionals and renters seeking 4km CBD proximity. 63% university-educated (32.9 pp above national), 24.3% walk-cycle commuting, and median household income at 84.8th percentile signal strong urban amenity. Caveat: crime rate 133.4 per 1,000 is 2.3x Mount Waverley's, and only 6.3% of homes are 4-bed, restricting family suitability.
What is the median house price in Richmond?
$1.35 million (2024), down 9.6% from the 2021 peak of $1.49M. CAGR over 12 years is 3.4%, weaker than Mount Waverley's 4.7%. Mortgage commitment around $2,292/month consumes 23.6% of median household income. Rent: $441/week, with rent-to-income at 19.6%.
What schools are in Richmond?
Seven schools, all government except Trinity Catholic Primary. Top: Richmond Primary (ICSEA 1,150, 316 students) and Melbourne Girls College (secondary, ICSEA 1,142, 1,531 students). Yarra Primary (1,134) and Richmond West (1,075) round out government primary options. Richmond High (1,049, 476 students) is the major mixed secondary. All exceed national ICSEA mean of 1,000.
Is Richmond safe?
Crime rate 133.4 per 1,000 residents is 2.3x Mount Waverley's 58.3, but composition matters: property/deception offences are 2,587 of 3,814 incidents (68%), driven by Bridge Road and Victoria Street foot traffic. Crimes against persons: 430 (11%). Standard inner-city precautions apply; violent crime is not the dominant pattern.
Is Richmond good for property investment?
Mixed. 56% renter share generates structural demand, more than double Mount Waverley's 24.8%, but 14.9% vacancy rate is nearly 2x Mount Waverley's 7.7%, reflecting apartment oversupply. Rent-to-income at 19.6% suggests landlords have lost pricing power. House submarket (only 15.7% of stock) holds value better; apartment investors should expect yield softness.
How is Richmond's population changing?
Population 28,587 with 38.5% turnover rate over 5 years, meaning roughly 11,000 residents are recent movers. Median age 34 (6 years below national) and 43.2% childless-couple families signal a transient professional cohort that exits when children arrive. Density 6,452/sqkm caps growth structurally given the 4.43 sq km footprint.
What languages are spoken in Richmond?
32% born overseas (above national 21.6%). Greek leads non-English languages with 460 speakers, a post-war residue, ahead of Mandarin (277), Cantonese (159), Italian (110), and French (81). Vietnamese, despite Victoria Street's reputation as Melbourne's pho district, no longer ranks in the top 5 spoken languages, evidence of demographic turnover.
What development is happening in Richmond?
39 permits lodged in 12 months, fewer than Mount Waverley's 66 despite higher density. Most are section-72 amendments to existing approvals rather than fresh proposals, signaling developer caution amid 14.9% apartment vacancy. Pipeline favors infill and reconfiguration over new towers, consistent with a suburb absorbing prior cycle's supply.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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