Richmond (Vic.)

Population growth drivers in Richmond are strong compared to national averages based on AreaSearch's ranking of recent, and medium to long-term trends

As of Feb 2026, the estimated population of the suburb of Richmond (Vic.) is around 31,339. This represents an increase of 2,752 people since the 2021 Census, which recorded a population of 28,587. The change was inferred from AreaSearch's estimate of the resident population at 31,116 following examination of ABS's latest ERP data release in June 2024 and an additional 748 validated new addresses since the Census date. This results in a population density ratio of 7,074 persons per square kilometer, placing Richmond in the top 10% nationally according to AreaSearch. The suburb's 9.6% growth since census is within 0.3 percentage points of the national average (9.9%), indicating competitive growth fundamentals. Overseas migration contributed approximately 85.0% of overall population gains during recent periods, driving primary growth in the area.

AreaSearch adopts ABS/Geoscience Australia projections for each SA2 area released in 2024 with a base year of 2022. For areas not covered by this data, it utilises VIC State Government's Regional/LGA projections released in 2023, adjusted using weighted aggregation methods to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. By 2041, Richmond is forecasted to grow by 12,920 persons based on aggregated SA2-level projections, reflecting a total gain of 40.5% over the 17-year period.

AreaSearch analysis of residential development drivers sees Richmond recording a relatively average level of approval activity when compared to local markets analysed countrywide

Based on AreaSearch analysis of ABS building approval numbers, allocated from statistical area data, Richmond has recorded around 129 residential properties granted approval per year. Over the past five financial years, between FY-21 and FY-25, approximately 647 homes have been approved, with a further 492 approvals so far in FY-26. On average, only 0.6 people move to the area for each dwelling built over these five years, indicating that new supply is keeping pace with or exceeding demand and offering ample buyer choice.

The average construction value of new properties is $1,009,000, suggesting developers are focusing on the premium market with high-end developments. In terms of commercial activity, Richmond has registered $267.5 million in approvals this financial year. Compared to Greater Melbourne, Richmond shows approximately 60% of the construction activity per person and ranks among the 46th percentile nationally, suggesting somewhat limited buyer options while strengthening demand for established homes. New building activity comprises around 9.0% standalone homes and 91.0% attached dwellings, indicating a trend toward denser development that appeals to downsizers, investors, and entry-level buyers.

Richmond's population is forecasted to grow by 12,697 residents through to 2041, based on the latest AreaSearch quarterly estimate. However, at current development rates, housing supply may struggle to match this growth, potentially heightening buyer competition and supporting price increases.

Richmond has very high levels of nearby infrastructure activity, ranking in the top 10% nationally

Changes in local infrastructure significantly impact an area's performance. AreaSearch has identified 71 projects that could affect the region. Notable ones include Elizabeth Street North Richmond Social Housing, 587-593 Church Street Hotel Development, Riverbend - The Park House, and Richmond Public Housing Redevelopment. Below is a list of those most likely to be relevant.

Professional plan users can use the search below to filter and access additional projects.

Denotes AI-based impression for illustrative purposes only, not to be taken as definitive under any circumstances. Please follow links and conduct other investigations from the project's source for actual imagery. Developers and project owners wishing us to use original imagery please Contact Us and we will do so.

Richmond has seen below average employment performance when compared to national benchmarks

Richmond has a highly educated workforce with professional services showing strong representation. The unemployment rate in Richmond is 5.4%, with an estimated employment growth of 4.2% over the past year (AreaSearch aggregation). As of December 2025, there are 22,223 residents employed, with an unemployment rate of 5.9%.

This is 0.7% higher than Greater Melbourne's rate of 4.8%, and workforce participation is at 81.9%, compared to Greater Melbourne's 71.3%. According to Census responses, 50.6% of residents work from home. The dominant employment sectors are professional & technical, health care & social assistance, and education & training. Richmond has a particularly notable concentration in professional & technical services, with employment levels at 1.9 times the regional average.

Manufacturing has limited presence, with only 4.0% employment compared to the regional average of 7.2%. There are 1.2 workers for every resident, indicating that Richmond functions as an employment hub hosting more jobs than residents and attracting workers from surrounding areas. Between December 2024 and December 2025, employment levels increased by 4.2% and labour force increased by 4.6%, causing the unemployment rate to rise by 0.3 percentage points. By comparison, Greater Melbourne recorded employment growth of 2.4%, labour force growth of 2.8%, with unemployment rising 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest that Richmond's employment should increase by 7.3% over five years and 14.6% over ten years, based on industry-specific projections applied to Richmond's employment mix.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

AreaSearch's latest postcode level ATO data for financial year ended June 2023 indicates that income in Richmond is among the top percentile nationally. The median assessed income was $72,918 while the average income stood at $97,385. This contrasts with Greater Melbourne's figures of a median income of $57,688 and an average income of $75,164. Based on Wage Price Index growth of 8.25% since financial year ended June 2023, current estimates would be approximately $78,934 (median) and $105,419 (average) as of September 2025. From the Census conducted in August 2021, individual earnings stood out at the 96th percentile nationally ($1,356 weekly). Income analysis reveals that the predominant cohort spans 31.3% of locals (9,809 people) with incomes ranging from $1,500 to $2,999 per week, mirroring the surrounding region where 32.8% occupy this bracket. A substantial proportion of high earners, 37.0%, have weekly incomes above $3,000, indicating strong economic capacity throughout the locality. High housing costs consume 16.8% of income, yet strong earnings place disposable income at the 78th percentile nationally. The area's SEIFA income ranking places it in the 9th decile.

Richmond features a more urban dwelling mix with significant apartment living, with a higher proportion of rental properties than the broader region

Richmond's dwelling structure, as per the latest Census data, consisted of 15.7% houses and 84.3% other dwellings (semi-detached, apartments, 'other' dwellings). In contrast, Melbourne metro had 67.9% houses and 32.1% other dwellings. Richmond's home ownership rate was 19.2%, with mortgaged dwellings at 24.8% and rented ones at 56.0%. The median monthly mortgage repayment in Richmond was $2,292, exceeding Melbourne metro's average of $2,000. The median weekly rent in Richmond was $441, compared to Melbourne metro's $390. Nationally, Richmond's mortgage repayments were higher than the Australian average of $1,863, and rents were substantially above the national figure of $375.

Richmond features high concentrations of group households and lone person households, with a lower-than-average median household size

Family households account for 49.7% of all households, including 14.4% couples with children, 27.1% couples without children, and 6.4% single parent families. Non-family households make up the remaining 50.3%, consisting of 38.7% lone person households and 11.6% group households. The median household size is 2.0 people, which is smaller than the Greater Melbourne average of 2.6.

The educational profile of Richmond exceeds national averages, with above-average qualification levels and academic performance metrics

Richmond has a higher proportion of residents aged 15 and above with university qualifications than Australia and Victoria. Specifically, 57.8% of Richmond's residents hold such qualifications, compared to the national average of 30.4% and the Victorian average of 33.4%. This educational advantage is primarily due to bachelor degrees, which are held by 38.6% of the population in this age group. Postgraduate qualifications follow at 14.3%, with graduate diplomas at 4.9%.

Vocational pathways account for 18.6% of qualifications among those aged 15 and above, with advanced diplomas at 9.0% and certificates at 9.6%. Additionally, 24.6% of the population is actively pursuing formal education, including 10.5% in tertiary education, 4.9% in primary education, and 4.0% in secondary education.

Transport servicing is high compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Richmond has 82 active public transport stops serving a mix of train, lightrail, and bus services. These stops are covered by 25 different routes that facilitate 22,463 weekly passenger trips in total. The accessibility of transport is considered good, with residents typically residing 202 meters away from the nearest stop. As a predominantly residential area, most commutes are outward-bound. Cars remain the primary mode of transportation, used by 55% of residents, followed by walking at 14% and train at 11%. The average vehicle ownership per dwelling is 0.6, lower than the regional average.

According to the 2021 Census, 50.6% of residents work from home, which may be influenced by COVID-19 conditions. On average, there are 3,209 trips per day across all routes, translating to approximately 273 weekly trips per individual stop.

Richmond's residents are extremely healthy with both young and old age cohorts seeing low prevalence of common health conditions

Analysis of health metrics shows strong performance throughout Richmond. Mortality rates and chronic condition prevalence were low across both young and old age cohorts. Private health cover was exceptionally high at approximately 65% of the total population (20,423 people), compared to 56.7% across Greater Melbourne and a national average of 55.7%.

The most common medical conditions were mental health issues impacting 10.0% of residents and asthma impacting 8.5%. A total of 72.2% declared themselves completely clear of medical ailments, compared to 72.6% across Greater Melbourne. The under-65 population demonstrated better than average health outcomes. Richmond has 12.0% of residents aged 65 and over (3,760 people), lower than the 15.1% in Greater Melbourne. Health outcomes among seniors were particularly strong, with national rankings broadly in line with the general population.

The level of cultural diversity witnessed in Richmond was found to be above average when compared nationally for a number of language and cultural background related metrics

Richmond's population is more culturally diverse than most local markets, with 32.0% born overseas and 24.2% speaking a language other than English at home. Christianity is the main religion in Richmond, comprising 33.1%. However, Judaism is overrepresented compared to Greater Melbourne, making up 0.7% of Richmond's population versus 1.0%.

The top three ancestry groups are English (24.0%), Australian (18.3%), and Irish (10.4%). Notably, Vietnamese (3.9%) and Greek (3.8%) populations are higher in Richmond compared to regional averages of 1.9% and 2.7%, respectively. French ancestry is also slightly more represented at 0.7%.

Richmond hosts a young demographic, positioning it in the bottom quartile nationwide

Richmond's median age is 33, which is younger than Greater Melbourne's figure of 37 and Australia's average of 38 years. Compared to Greater Melbourne, Richmond has a higher percentage of residents aged 25-34 (33.3%), but fewer residents aged 5-14 (4.9%). This concentration of 25-34 year-olds is significantly higher than the national figure of 14.4%. Between the 2021 Census and now, the percentage of Richmond's population aged 25 to 34 has increased from 31.5% to 33.3%, while the percentage of residents aged 45 to 54 has decreased from 11.4% to 10.2%, and the percentage of those aged 5 to 14 has dropped from 6.0% to 4.9%. Population forecasts for 2041 suggest significant demographic changes in Richmond, with the 25 to 34 age group projected to grow by 28%, adding 2,904 residents to reach a total of 13,340.