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

Richmond's population is estimated at 31,339 as of Feb 2026. This reflects a growth of 2,752 people since the 2021 Census, which reported a population of 28,587. The increase was inferred from AreaSearch's estimate of 31,116 residents following examination of ABS data released in June 2024 and an additional 748 validated new addresses since the Census date. This results in a density ratio of 7,074 persons per square kilometer, placing Richmond in the top 10% nationally by AreaSearch's assessment. Richmond's growth rate of 9.6% since census is close to the national average of 9.9%. Overseas migration contributed approximately 85.0% of overall population gains during recent periods.

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered, they utilise VIC State Government's Regional/LGA projections from 2023 with adjustments made via weighted aggregation of population growth from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. By 2041, the suburb of Richmond (Vic.) is forecasted to grow by 13,013 persons, reflecting a gain of 41.5% in total 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 130 residential properties granted approval per year. Approximately 650 homes have been approved over the past five financial years, between FY-21 and FY-25. By FY-26, around 492 dwellings had already received approvals.

On average, only 0.6 people moved to Richmond for each dwelling built during these years, indicating that new supply is keeping pace with or exceeding demand. This offers ample buyer choice while creating capacity for population growth beyond current forecasts. The average construction value of new properties in Richmond is $1,009,000, suggesting developers are focusing on the premium market with high-end developments. In FY-26 alone, commercial approvals totalled $267.5 million, demonstrating significant local commercial activity.

Compared to Greater Melbourne, Richmond shows approximately 60% of the construction activity per person. Nationally, it ranks among the 46th percentile of areas assessed for new building activity, suggesting somewhat limited buyer options while strengthening demand for established homes. New building activity in Richmond comprises around 9.0% standalone homes and 91.0% attached dwellings, indicating a trend towards denser development that appeals to downsizers, investors, and entry-level buyers. With approximately 353 people per approval, Richmond indicates a mature market. Population forecasts suggest Richmond will gain 13,018 residents by 2041, according to the latest AreaSearch quarterly estimate. At current development rates, housing supply may struggle to match population growth, potentially heightening buyer competition and supporting price increases.

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

AreaSearch has identified a total of 71 projects that are likely to impact the area, with key ones including Elizabeth Street North Richmond Social Housing, 587-593 Church Street Hotel Development, Riverbend - The Park House, and Richmond Public Housing Redevelopment.

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. Its professional services sector shows strong representation with an unemployment rate of 5.3%. Over the past year, estimated employment growth was 4.6%.

As of September 2025, 22,067 residents are employed while the unemployment rate is 0.6% higher than Greater Melbourne's rate of 4.7%. Workforce participation in Richmond is 81.5%, compared to Greater Melbourne's 71.0%. According to Census responses, 50.6% of residents work from home, though Covid-19 lockdown impacts should be considered. Dominant employment sectors include professional & technical, health care & social assistance, and education & training.

Richmond has a notably high concentration in professional & technical services, with employment levels at 1.9 times the regional average. Manufacturing has limited presence with 4.0% employment compared to 7.2% regionally. The area functions as an employment hub with 1.2 workers for every resident, hosting more jobs than residents and attracting workers from surrounding areas. Between September 2024 and September 2025, employment levels increased by 4.6% while labour force grew by 4.9%, causing the unemployment rate to rise by 0.3 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.0%, labour force growth of 3.3%, with unemployment rising 0.3 percentage points. Jobs and Skills Australia's national employment forecasts from May-25 suggest potential future demand within Richmond. These projections indicate national employment should expand by 6.6% over five years and 13.7% over ten years. Applying these industry-specific projections to Richmond's employment mix suggests local employment should increase by 7.3% over five years and 14.6% over ten years, though this is a simple weighting extrapolation for illustrative purposes and does not account for localised population projections.

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 2023 shows that Richmond suburb has a top percentile national income rank. The median assessed income is $72,918 and the average income stands 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 2023, current estimates would be approximately $78,934 (median) and $105,419 (average) as of September 2025. The 2021 Census data reveals individual earnings at the 96th percentile nationally ($1,356 weekly). Income analysis shows that 31.3% of locals (9,809 people) fall into the $1,500 - 2,999 income category, similar to the surrounding region where 32.8% occupy this bracket. A substantial proportion of high earners (37.0%) have incomes above $3,000/week, indicating strong economic capacity in the area. High housing costs consume 16.8% of income, but 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 structures, as per the latest Census, consisted of 15.7% houses and 84.3% other dwellings (semi-detached, apartments, 'other' dwellings). This contrasts with Melbourne metro's 67.9% houses and 32.1% other dwellings. Home ownership in Richmond was at 19.2%, with mortgaged dwellings at 24.8% and rented ones at 56.0%. The median monthly mortgage repayment in the area was $2,292, higher than Melbourne metro's average of $2,000. The median weekly rent figure for Richmond was $441, compared to Melbourne metro's $390. Nationally, Richmond's mortgage repayments were significantly 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 constitute the remaining 50.3%, with lone person households at 38.7% and group households comprising 11.6%. 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's educational attainment is notably higher than national averages. Among residents aged 15 and above, 57.8% possess university qualifications, compared to Australia's 30.4% and Victoria's 33.4%. Bachelor degrees are the most common at 38.6%, followed by postgraduate qualifications (14.3%) and graduate diplomas (4.9%). Vocational pathways account for 18.6% of qualifications, with advanced diplomas at 9.0% and certificates at 9.6%.

A significant 24.6% of the population is actively engaged in formal education, including 10.5% in tertiary education, 4.9% in primary education, and 4.0% pursuing 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 offering a mix of train, light rail, and bus services. These stops are served by 25 different routes, collectively facilitating 22,463 weekly passenger trips. The area's transport accessibility is rated good, with residents typically located 202 meters from the nearest stop. In this predominantly residential region, most commuters travel outward. Cars remain the primary mode of transport at 55%, followed by walking at 14% and train use at 11%. On average, there are 0.6 vehicles per dwelling, below the regional norm.

Notably, 50.6% of residents work from home as per the 2021 Census data, which may reflect COVID-19 conditions. Across all routes, service frequency averages 3,209 trips daily, equating to roughly 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 affecting 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 had 11.8% of residents aged 65 and over (3,698 people), lower than the 15.1% in Greater Melbourne. Health outcomes among seniors were particularly strong, broadly in line with national rankings for 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 predominant religion in Richmond, comprising 33.1% of its population. However, Judaism is notably overrepresented, making up 0.7% compared to 1.0% across Greater Melbourne.

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 overrepresented in Richmond compared to regional averages of 1.9% and 2.7%, respectively. French ancestry is also slightly overrepresented 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 figure of 38. Compared to Greater Melbourne, Richmond has a higher concentration of residents aged 25-34 (33.4%) but fewer residents aged 5-14 (4.8%). This concentration of 25-34 year-olds is well above the national average of 14.4%. Between the 2021 Census and the present, the proportion of Richmond's population aged 25 to 34 has grown from 31.5% to 33.4%, while the proportion of residents aged 45 to 54 has declined from 11.4% to 10.2%, and the proportion of those aged 5 to 14 has dropped from 6.0% to 4.8%. Population forecasts for 2041 indicate significant demographic changes for Richmond, with the strongest projected growth in the 25 to 34 age group, expected to grow by 28%, adding 2,978 residents to reach a total of 13,446.