Richmond, VIC — Investment Profile 2021
Based on ABS Census 2021 data · AI-generated insights — for informational use only
Richmond
VICCensus 2021 · Population 28,582
Richmond, VIC is a vibrant suburb with a population of 28,582 and a median age of 34, younger than the Victorian average of 38. The area is characterized by a high percentage of young professionals, with 43.1% working in professional occupations. The suburb has a diverse cultural mix, with 64.7% of residents born in Australia and significant communities from Vietnam and England. Housing in Richmond is predominantly apartments, which make up 53.0% of the dwellings, reflecting its urban setting.
Key Highlights
- Highly educated population - 52.6% hold bachelor degrees (vs VIC 29.2%)
- High median personal weekly income of $1356 (vs VIC median household $1759)
- Renter-heavy market with 54.7% rented properties
- Significant work-from-home culture at 45.9% (vs VIC 25.7%)
- Diverse cultural background with 64.7% born in Australia
Things to Consider
- Higher rental market may limit home ownership opportunities
- Predominance of apartments may not suit families seeking separate houses
- High median weekly rent of $441 could be a barrier for some
- Limited public transport usage despite availability
- High percentage of mental health conditions at 10.5%
What's it like living here?
Daily life in Richmond is dynamic, with a significant portion of the population (45.9%) working from home, which is considerably higher than the Victorian average of 25.7%. The community has a strong rental market, with 54.7% of properties rented, providing flexibility for those not looking to buy. The suburb offers convenient public transport options, though only 8.6% of residents use it for commuting, possibly due to the high work-from-home rate.