Richmond sits in Melbourne’s inner east — a suburb that runs diverse, sporty, food-obsessed. Here’s what the numbers and the locals actually say about the property and rental situation.
Rental Prices — Richmond 2026
| Property Type | Weekly Rent | Monthly | Annual |
|---|---|---|---|
| 1-bedroom unit | $553/wk | $2396/mo | $28,756/yr |
| 2-bedroom unit | $757/wk | $3280/mo | $39,364/yr |
| 3-bedroom house | $890/wk | $3856/mo | $46,280/yr |
Rents in Richmond have held relatively steady compared to 2025. The vacancy rate sits at 3.2%, which is relatively comfortable — take your time choosing.
Property Prices
| Property Type | Median Price | 12-Month Change |
|---|---|---|
| House | $1,522,229 | +2.7% |
| Unit/Apartment | $674,741 | +3.1% |
Gross rental yield: 4.5% (units tend to yield higher than houses in Richmond).
Who Lives Here
Richmond attracts mostly families with some younger renters. The suburb is known for Victoria Street Vietnamese, Bridge Road, MCG proximity.
Average resident profile:
- Age: Predominantly 25-35
- Household: Mix of singles, couples, and families
- Income: Around metro median
Renting Tips for Richmond
Apply fast. Good properties in Richmond get 20-40 applications. Have your documents ready: 100 points of ID, recent payslips, rental history, references.
Inspect in person. Photos lie. Check water pressure, phone reception, natural light at the time of day you’d actually be home. Open the cupboards. Flush the toilet.
Look beyond Bridge Road. The main strip has more foot traffic but also more noise. One or two blocks back, you get the same proximity for less money.
Know your rights. Victorian tenancy law caps rent increases to once per 12 months. Your landlord must give 60 days notice. Urgent repairs must be addressed within 24 hours (blocked toilet, no hot water, gas leak).
Budget beyond rent. Factor in: utilities ($150-250/month), internet ($70-90/month), contents insurance ($15-25/month), and transport (Richmond station, trams on Bridge/Swan/Victoria).
Investment Outlook
Richmond is a mature market — don’t expect explosive growth, but it’s stable and liquid. The 4.5% gross yield is above the metro average.
Key factors:
- Transport: Richmond station, trams on Bridge/Swan/Victoria
- Schools: Mix of public schools and nearby private colleges
- Infrastructure: Cycling infrastructure improvements coming 2026-2027
Suburb Character & Lifestyle
Richmond runs diverse, sporty, food-obsessed. The main commercial strip along Bridge Road is where most of the daily life happens — cafes, restaurants, and essential services within walking distance for those who live close. The neighbourhood is known for Victoria Street Vietnamese, Bridge Road, MCG proximity, which drives both rental demand and property values.
The housing stock is a blend of period homes near the centre and newer estates towards the edges. For renters, the most common options are 1-2 bedroom apartments in newer builds along the main road. For buyers, the entry point is typically a 2-bedroom terrace needing renovation at the lower end of the market.
Transport reality: Richmond station, trams on Bridge/Swan/Victoria. The commute to the CBD is realistic for daily workers, and most residents report using a combination of public transport, cycling, and driving depending on the trip.
Cost of Living Snapshot
| Expense | Typical Cost |
|---|---|
| Coffee | $5.00-5.50 |
| Brunch | $22-32 |
| Dinner out | $35-55 pp |
| Pint of beer | $13-15 |
| Cocktail | $22-28 |
| Groceries | $178/wk (couple) |
| Utilities | $166/mo (1br) |
| Internet | $70-90/mo (NBN) |
The Bigger Picture
Richmond has seen consistent demand from owner-occupiers and investors alike, driven by lifestyle amenity and transport links. The suburb is diverse, sporty, food-obsessed, which attracts investors looking for reliable yield in an improving area.
5-year outlook: Stable — mature market with predictable returns. The fundamentals — location, transport, lifestyle amenity — are strong.
What to watch: New cycling infrastructure — check council planning portal for details.
Nearby
Last updated: March 2026. Data sources: Domain, REA Group, SQM Research.
Keep Exploring
More in this area:
- Community Guide in Richmond
- Coworking Guide in Richmond
- Council Services in Richmond
- Library Guide in Richmond
- Playground Guide in Richmond
Nearby suburbs:
Useful tools:
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