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 Nov 2025, Richmond's population is estimated at around 31,491. This reflects a growth of 2,904 people since the 2021 Census, which reported a population of 28,587. The growth is inferred from AreaSearch's estimate of 31,242 residents following examination of ABS ERP data released in June 2024 and an additional 749 validated new addresses since the Census date. This results in a density ratio of 7,108 persons per square kilometer, placing Richmond in the top 10% of national locations assessed by AreaSearch. Richmond's population growth of 10.2% since the 2021 census exceeded both the national average (8.9%) and the state average, marking it as a growth leader in the region. Overseas migration contributed approximately 85.0% of overall population gains during recent periods.

AreaSearch is adopting ABS/Geoscience Australia projections for each SA2 area, released in 2024 with 2022 as the base year. For areas not covered by this data, AreaSearch utilises VIC State Government's Regional/LGA projections released in 2023 with adjustments made employing a method of 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 is forecasted to grow by 13,016 persons based on aggregated SA2-level projections, reflecting a gain of 40.9% in total over the 17-year period.

Residential development activity is slightly higher than average within Richmond when compared nationally

Richmond has recorded approximately 135 residential properties granted approval per year. Over the past five financial years, from FY21 to FY25, around 675 homes were approved, with an additional 490 approved so far in FY26. On average, 0.6 people have moved to the area for each dwelling built over these years, indicating that new supply is meeting or exceeding demand.

The average construction value of new properties is $1,012,000, suggesting a focus on the premium market. This financial year, Richmond has registered $331.3 million in commercial approvals, reflecting high levels of local commercial activity. Compared to Greater Melbourne, Richmond shows around 62% of the construction activity per person and ranks among the 50th percentile nationally for assessed areas. The majority of new building activity consists of attached dwellings (92%), with standalone homes making up approximately 8%.

This trend towards denser development caters to downsizers, investors, and entry-level buyers. Richmond's population is forecasted to grow by 12,866 residents by 2041, potentially outpacing current housing supply if development rates remain constant, which could intensify buyer competition and support price increases.

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

AreaSearch has identified a total of 72 infrastructure projects that could impact the area. Key initiatives include Elizabeth Street North Richmond Social Housing, 587-593 Church Street Hotel Development, Victoria Gardens Redevelopment, and Riverbend - The Park House. The following list details those considered most 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.

Employment performance in Richmond has been broadly consistent with national averages

Richmond has a highly educated workforce. Professional services are strongly represented, with an unemployment rate of 5.3%.

Over the past year, estimated employment growth was 6.2%. As of June 2025, 22,623 residents were in work, with an unemployment rate of 5.3%, which is 0.7% higher than Greater Melbourne's rate of 4.6%. Workforce participation in Richmond is 74.8%, compared to Greater Melbourne's 64.1%. The dominant employment sectors among residents include professional & technical, health care & social assistance, and education & training.

Professional & technical services have a particularly notable concentration, with employment levels at 1.9 times the regional average. Manufacturing has limited presence in Richmond, with 4.0% employment compared to 7.2% regionally. There are 1.2 workers for every resident, indicating that the area functions as an employment hub hosting more jobs than residents and attracting workers from surrounding areas. Between June 2024 and June 2025, employment levels increased by 6.2%, while labour force increased by 7.1%, causing the unemployment rate to rise by 0.8 percentage points. By comparison, Greater Melbourne recorded employment growth of 3.5%, labour force growth of 4.0%, with unemployment rising 0.5 percentage points. Jobs and Skills Australia's national employment forecasts from Sep-22 suggest that Richmond's employment should increase by 7.3% over five years and 14.6% over ten years, based on a simple weighting extrapolation for illustrative purposes and not taking into account 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 2022 shows that income in Richmond is among the top percentile nationally, with a median assessed at $72,918 and an average income of $97,385. This contrasts with Greater Melbourne's figures of a median income of $54,892 and an average income of $73,761. Based on Wage Price Index growth of 12.16% since financial year 2022, current estimates would be approximately $81,785 (median) and $109,227 (average) as of September 2025. From the 2021 Census, individual earnings stand out at the 96th percentile nationally ($1,356 weekly). Income analysis reveals that the predominant cohort spans 31.3% of locals (9,856 people) in the $1,500 - 2,999 income category, mirroring the surrounding region where 32.8% occupy this bracket. A substantial proportion of high earners, 37.0%, have incomes above $3,000 per week, indicating strong economic capacity throughout the locality. High housing costs consume 16.8% of income, but strong earnings still 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 assessed in the latest Census, consisted of 15.7% houses and 84.3% other dwellings (semi-detached, apartments, 'other' dwellings). In comparison, Melbourne metro had 12.8% houses and 87.2% 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, lower than Melbourne metro's average of $2,326. The median weekly rent figure for Richmond was $441, compared to Melbourne metro's $451. Nationally, Richmond's mortgage repayments were higher at $2,292 versus 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 fairly typical median household size

Family households constitute 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 comprise the remaining 50.3%, with lone person households at 38.7% and group households making up 11.6%. The median household size is 2.0 people, which aligns with the Greater Melbourne average.

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

Richmond has a higher educational attainment than national and state averages. 57.8% of residents aged 15 and above hold university qualifications, compared to 30.4% in Australia and 33.4% in Victoria. 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 total of 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. Richmond has 13 schools serving 3,221 students, with an above-average socio-educational condition index (ICSEA) of 1051. The educational mix includes four primary, eight secondary, and one K-12 school. Note: for schools with 'n/a' in enrolments, please refer to the parent campus.

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

Richmond has 79 active public transport stops operating within its boundaries. These stops serve a mix of train, light rail, and bus services. There are 23 individual routes in total, providing 15,029 weekly passenger trips combined.

The accessibility of these transport services is rated as good, with residents typically located approximately 202 meters from the nearest stop. On average, there are 2,147 trips per day across all routes, which equates to around 190 weekly trips per individual stop.

Richmond's residents are extremely healthy with very low prevalence of common health conditions across all age groups

Analysis of health metrics shows strong performance throughout Richmond. Prevalence of common health conditions is very low across all age groups. Private health cover rate is exceptionally high at approximately 65% of the total population (20,522 people), compared to 69.8% across Greater Melbourne and a national average of 55.3%.

The most common medical conditions are mental health issues affecting 10.0% of residents and asthma impacting 8.5%. A total of 72.2% of residents declare themselves completely clear of medical ailments, compared to 70.6% across Greater Melbourne. Richmond has 11.5% of residents aged 65 and over (3,621 people). Health outcomes among seniors are particularly strong, broadly in line with the general population's health profile.

Richmond was found to be more culturally diverse than the vast majority of local markets in Australia, upon assessment of a range of language and cultural background related metrics

Richmond's population showed higher cultural diversity compared to most other local markets, with 32.0% born overseas and 24.2% speaking a language other than English at home. Christianity was the predominant religion in Richmond, accounting for 33.1% of its population. Notably, Judaism had an overrepresentation in Richmond at 0.7%, compared to Greater Melbourne's 0.8%.

The top three ancestry groups were English (24.0%), Australian (18.3%), and Irish (10.4%). Some ethnic groups showed significant differences: Vietnamese was overrepresented at 3.9% in Richmond versus the regional average of 2.4%, Greek at 3.8% compared to 2.8%, and French at 0.7% against a regional average of 0.8%.

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 national average of 38 years. Compared to Greater Melbourne, Richmond has a higher proportion of residents aged 25-34 (33.7%) but fewer residents aged 5-14 (4.9%). This concentration of 25-34 year-olds is significantly higher than the national figure of 14.5%. Between the 2021 Census and the present, the proportion of Richmond's population aged 25 to 34 has increased from 31.5% to 33.7%, while the proportion of residents aged 45 to 54 has decreased from 11.4% to 10.2%, and the proportion of those aged 5 to 14 has dropped from 6.0% to 4.9%. Population forecasts for the year 2041 suggest significant demographic changes in Richmond, with the strongest projected growth in the 25 to 34 age group, which is expected to grow by 27%, adding 2,833 residents and reaching a total of 13,446.