Richmond is a suburb located east of Melbourne’s Central Business District. Over the last 10 years, Richmond has recorded an average Capital Growth of 7% p.a. Since the early 1990s, Richmond has seen an increase in property values as a result of gentrification. Richmond is still well positioned for Capital Growth by the continuation of urban renewal by medium density development, enhanced business district and a dynamic local government all with mandates to enhance valuations.
The increase in property value in Richmond have been recorded as higher than the Victorian average of 5.65% over the last 12 months. Property purchases and investors in Richmond should be seeing an average reduction in the asking price of property of around -4.59%. These results show that Richmond is holding prices well when compared to the remaining suburbs in Victoria.
Median Property Prices:
- Purchase: $900,000
- Rent: $580 PW
- Purchase: $571,500
- Rent: $420 PW
Source: Residex, REA August 2014
Buyers agent Melbourne: Speak to one of our expert staff about how we can help you secure the right property in Richmond. Our buyer’s agents are highly trained and ready to help.
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