APD Research Memo
Richmond
Improving · High confidence · Strong evidence · 30 August 2026
Conditions read as improving on 12-month price growth at 1.8% against a 1.4% historical average; median rent at $923 against a $806 historical average; median house value at $1,509,410 against a $1,455,879 historical average; price-to-rent multiple at 31 against a 35 historical average.
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 |
| Advertised listings | 201.52 | 201.29 | 205.45 |
| Gross yield | 3.2% | 3.2% | 3.3% |
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.
This memo is research, not personal advice, and does not take your circumstances into account. It describes the direction of underlying conditions on the evidence available and states what would change that conclusion. Methodology · Markets we're watching