In this Buyers Advocate Melbourne post, Luxton Property will explore the hip inner city of Richmond that has been widely sought after by young professionals and mature aged couples.
Bridge Road, Richmond
Right on the outskirts of Melbourne CBD, Richmond is a busy and bustling area with a laid-back charm. It gives off a community vibe because of its diverse population of people from different ethnic, cultural and religious backgrounds. Its diversity also gives Richmond a neighbourly feel that isn’t often experienced in the inner city and has made it one of the most vibrant places to live in Melbourne.
|Property data for Richmond||Houses||Units|
|Median House Price:||$1,230,000 (May 2017)||$550,000 (May 2017)|
|Price Per Square Metre:||$7,917|
|Annual Capital Growth:||10.31%||-1.79%|
|Average Annual Growth:||8.52%||3.36%|
|Capital Growth Since 2012 (5 years):||42.90%||17.20%|
|Median Advertised Rent:||$650/week (May 17)||$440/week (May 17)|
|Gross Rental Yield:||2.75%||4.16%|
|Demographics Of Richmond|
|Municipality:||City of Yarra|
|Total Population:||26,121 (2011)|
|Median Household Income:||$1,697/week|
|Median Housing Loan Repayment:||$2,383/month|
|Average Household Size||2.1|
|Dominant Country of Birth||Australia|
|Percentage That Work||72%|
|Dominant Occupation||39.5% Professionals, 16.3% Managers|
|Household income||29.9% earning above $2500 (weekly)|
|Dominant dwelling type||37.1% flat, unit or apartment|
|Property Buying Information for Richmond|
|Most Expensive Pocket/s:||Richmond Hill area bordered by Bridge Road, Church Street, Richmond Terrace and Punt Road.|
|Most affordable pocket/s:||Area bordered by Victoria Street, Lennox Street, Highett Street and River Street|
|Transport||Train: Richmond Station, West Richmond Station, North Richmond Station|
|Tram: Bridge Road #78, Swan Street #70|
|Popular Shopping hubs||Victoria Gardens Shopping Centre, Bridge Road, Swan Street, Church Street and Victoria Street|
|Popular Schools||Trinity Catholic School, Melbourne Girls College, St Kevins College Waterford, Yarra Primary School|
|Popular Restaurants||Meatmother, French Baguette Cafe, Bahari, Cochin, Kong BBQ, Minamishima|
|Popular Attractions||Melbourne Cricket Ground, Yarra River walking & bike trails, Corner Hotel|
The Corner Hotel, Richmond
Victoria Gardens Shopping Centre, Richmond
Richmond has undergone steady urban renewal and gentrification since the 1990s. What was once a struggling working class area with factories has now been transformed into a dynamic neighbourhood. Richmond’s housing development is an eclectic mix of warehouse conversions, timber cottages and new apartment and townhouse developments, resulting in a diverse residential mix of low and high-income professionals.
Victoria Street, Richmond
Richmond has a wonderful mix of cultures which translates into the food it offers. It’s known for its pub scene and abundance of cafes, restaurants and other drinking options. It is ideal for buyers who are looking to escape the city but still be amongst all the action. It has become a popular living area amongst young professionals and mature aged couples because of its great access to amenities, social and sporting events. This up-and-coming area hosts a variety of shopping centres, factory outlets, entertainment venues, pubs and popular Vietnamese restaurants and takeaways. It’s also well known for its three main commercial strips (Bridge Road, Swan Street & Victoria Street) where you will be spoilt for choice from its diverse range of shops, cafes, restaurants, markets and a variety of supermarkets. It’s also home to one of Melbourne’s biggest football teams, the Richmond Tigers.
We know the intricate details of Richmond as well as most suburbs in the Inner City of Melbourne to ensure we buy the best property for our clients at the best price. The above is just a brief insight in to how thorough we are with our property research, which in turn assists our clients to make the right decision with their next purchase. You see the more information we have, the better our buying strategy. This ensures our client’s needs are always met and their expectations are always exceeded.
At Luxton Property Group we specialise in purchasing property for investors and premium home buyers. You might just be starting out in the property market or be a seasoned property investor looking for an edge. The above is just a small glimpse in to what we do and how we use our local market knowledge to buy our clients the best property at the best price. We have been buying property for over a decade and have a superior buying service at a more affordable price. If you’re thinking about living in Richmond, Request a call today to speak to one of our property buying experts for a no obligation discussion on how we can assist you with your next purchase.