Demand
Neutral▼ falling
Confidence: Low
Selling times are 2.2% above the five-year norm. Latest reading 38.0 against a five-year average of 37.2.
- Latest
- 38
- 12 months ago
- 41.94
- 5-year average
- 37.2
- 5-year range
- 27.3 – 43.7
Richmond
A standing intelligence briefing: what the market is doing now, how that compares with its own five-year history, and the pipeline items that could change it.
- Median house
- $1,506,000
- Median unit
- $682,000
- Annual growth
- +1.4%
- Median rent
- $923
- Gross yield
- 3.2%
- Vacancy
- 1.9%
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APD View — Richmond
Richmond: conditions improving
Current data indicates conditions in Richmond are improving. 14 indicators across 5 analytical dimensions inform this reading, with 79% pointing the same way.
Direction
Improving
Confidence
High
Evidence strength
Strong
Direction describes where underlying conditions are moving. It is not a rating, a recommendation or a signal to transact — a market can be improving while remaining expensive, low-yielding or supply-exposed.
Why this confidence — Based on 14 indicators, 60 months of history, 79% of indicators pointing the same way, latest data 29 days old.
Evidence basis — Based on 14 indicators, 1 independent source, 60 months of history. Latest data 29 days old.
What changed
| Indicator | Now | 1 month | 1 quarter |
|---|---|---|---|
| 12-month price growth | 1.8% | 0.9% | 1.2% |
| Rental growth | 5.5% | 6.1% | 6.5% |
| Building approvals | 50.38 | 52.98 | 54.67 |
| Days on market | 38 days | 40 days | 40 days |
| Vendor discounting | -3.6% | -3.7% | -3.7% |
| Sales volume | 91.6 | 94.41 | 93.64 |
What supports this view
- 12-month price growth — 1.8% against a historical average of 1.4%. Annual price growth is running above its historical average. Historical percentile: 79.
- Median rent — $923 against a historical average of $806. Advertised rents sit above the historical average for this market. Historical percentile: 98.
- Median house value — $1,509,410 against a historical average of $1,455,879. House values sit above the historical average for this market. Historical percentile: 98.
- Price-to-rent multiple — 31.43 against a historical average of 34.91. Prices are low relative to rents compared with the historical average. Historical percentile: 2.
- Population growth — 1.6% against a historical average of 1.4%. Population growth is running above the longer-run average. Historical percentile: 83.
- Auction clearance — 64.1% against a historical average of 60.2%. A larger share of auctions is clearing than normal. Historical percentile: 85.
What works against it
- Rental growth argues the other way — Rental growth reads 5.5% against a 6.0% historical average (6th percentile), which works against the current reading.
- Vacancy rate argues the other way — Vacancy rate reads 1.9% against a 1.6% historical average (85th percentile), which works against the current reading.
- Advertised listings argues the other way — Advertised listings reads 202 against a 171 historical average (82th percentile), which works against the current reading.
- Rental growth — 5.5%. Rental growth is running below its historical average. Historical percentile: 6.
- Vacancy rate — 1.9%. Rental availability is looser than the historical norm. Historical percentile: 85.
- Advertised listings — 201.52. Advertised stock is above the historical average. Historical percentile: 82.
Market signals
Each signal compares the latest reading with the suburb's own five-year record
Price Momentum
Strong▲ rising
Confidence: High
Annual price growth is 28.0% above the five-year average. Latest reading 1.8 against a five-year average of 1.4.
- Latest
- 1.83
- 12 months ago
- 1.05
- 5-year average
- 1.43
- 5-year range
- .7 – 2.1
Rental Conditions
Weak▲ rising
Confidence: High
Vacancy is running 22.6% above the historical average. Latest reading 1.9 against a five-year average of 1.6.
- Latest
- 1.9
- 12 months ago
- 1.54
- 5-year average
- 1.55
- 5-year range
- 1.1 – 2.0
Rental Pressure
Soft▼ falling
Confidence: Moderate
Rental growth is 8.7% below the five-year average. Latest reading 5.5 against a five-year average of 6.0.
- Latest
- 5.48
- 12 months ago
- 6.01
- 5-year average
- 6
- 5-year range
- 5.3 – 6.7
Affordability
Firm— flat
Confidence: High
The price-to-rent multiple sits 10.0% below its five-year average. Latest reading 31.4 against a five-year average of 34.9.
- Latest
- 31.43
- 12 months ago
- 32.56
- 5-year average
- 34.91
- 5-year range
- 31.3 – 38.9
Supply
Weak— flat
Confidence: High
Advertised stock is 17.9% above the five-year average. Latest reading 201.5 against a five-year average of 171.0.
- Latest
- 201.52
- 12 months ago
- 176.17
- 5-year average
- 170.99
- 5-year range
- 121.6 – 210.4
Liquidity
Strong— flat
Confidence: High
Transaction volumes are 14.9% above the five-year average. Latest reading 91.6 against a five-year average of 79.8.
- Latest
- 91.6
- 12 months ago
- 81.98
- 5-year average
- 79.75
- 5-year range
- 56.6 – 96.3
Population Growth
Firm— flat
Confidence: Moderate
Population growth is 6.9% above the longer-run average. Latest reading 1.6 against a five-year average of 1.5.
- Latest
- 1.55
- 12 months ago
- 1.43
- 5-year average
- 1.45
- 5-year range
- 1.3 – 1.6
Development Risk
Neutral▼ falling
Confidence: Low
Dwelling approvals are in line with the five-year average. Latest reading 50.4 against a five-year average of 50.9.
- Latest
- 50.38
- 12 months ago
- 60.16
- 5-year average
- 50.94
- 5-year range
- 35.4 – 61.7
Investor Activity
Neutral▼ falling
Confidence: Low
Gross yields are in line with the five-year average. Latest reading 3.2 against a five-year average of 3.2.
- Latest
- 3.2
- 12 months ago
- 3.33
- 5-year average
- 3.15
- 5-year range
- 2.8 – 3.4
Indicators
Latest reading against one, three and five years ago
| Indicator | Latest | 1yr | 3yr | 5yr | 5yr avg | 5yr range |
|---|---|---|---|---|---|---|
| Median house priceMiddle sale price for houses over the trailing twelve months. | $1,509,410 | +1.8% | +4.5% | +7.6% | $1,455,879 | $1,402,254 – $1,509,410 |
| 12-month price growthTwelve-month change in median house price. | 1.8% | +74.3% | +25.3% | — | 1.4% | 0.7% – 2.1% |
| Median unit priceMiddle sale price for units and apartments over the trailing twelve months. | $680,822 | +0.4% | +2.8% | +4.5% | $665,929 | $650,440 – $681,837 |
| Median weekly rentMiddle advertised weekly rent across all dwelling types. | 923 | +5.5% | +19.0% | +33.0% | 806 | 694 – 923 |
| Rental growthTwelve-month change in median advertised weekly rent. | 5.5% | -8.8% | -0.7% | — | 6.0% | 5.3% – 6.7% |
| Gross rental yieldAnnual gross rent as a share of median dwelling value. | 3.2% | -3.9% | +5.6% | +6.3% | 3.1% | 2.8% – 3.4% |
| Price-to-rent multipleMedian house price divided by annual median rent. | 31 | -3.5% | -12.2% | -19.1% | 35 | 31 – 39 |
| Vacancy rateShare of rental stock advertised and unlet. | 1.9% | +23.4% | +14.5% | +57.0% | 1.6% | 1.1% – 1.9% |
| Sales volumeNumber of dwelling transactions settled in the month. | 92 | +11.7% | +11.2% | +38.3% | 80 | 57 – 96 |
| Total listingsDwellings advertised for sale at month end. | 202 | +14.4% | +15.5% | +46.8% | 171 | 122 – 210 |
| Days on marketMedian time from listing to sale. | 38 days | -9.4% | +18.0% | +5.4% | 37 days | 27 days – 44 days |
| Vendor discountMedian gap between first asking price and sale price. | -3.6% | +2.7% | -5.3% | -8.8% | -3.5% | -3.9% – -3.0% |
| Auction clearanceShare of scheduled auctions reported sold. | 64.1% | +7.4% | +3.8% | +14.8% | 60.2% | 54.0% – 65.6% |
| Population growthAnnual resident population change. | 1.6% | +8.4% | +5.4% | +13.1% | 1.4% | 1.3% – 1.6% |
| Building approvalsDwellings approved for construction in the month. | 50 | -16.3% | +21.5% | +0.2% | 51 | 35 – 62 |
Source: Australia Property Data derived series (anchored to current market metrics). Percentage columns show the change from that point to the latest observation.
History
Monthly observations, last five years
Source: Australia Property Data derived series (anchored to current market metrics)
Source: Australia Property Data derived series (anchored to current market metrics)
Source: Australia Property Data derived series (anchored to current market metrics)
Source: Australia Property Data derived series (anchored to current market metrics)
What could change this market?
- Transport
Suburban Rail Loop East
Under construction · 2035
Reshapes access between middle-ring employment centres and lifts development capacity around six new stations.
Tunnelling underway between Cheltenham and Box Hill; precinct structure planning continues alongside.
- Transport
Metro Tunnel precinct uplift
Operating · Now
New CBD-fringe stations are already redirecting rental demand and apartment supply.
Station catchments at Parkville, Anzac and Arden are the focus of rezoning activity.
- Planning reform
Activity centre rezoning program
Announced · 2026-2028
Higher permitted densities across dozens of centres change the medium-term apartment pipeline.
Watch approval volumes in nominated centres for early supply signals.
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