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 estimated population as of November 2025 is approximately 31,327. This figure represents a growth of 2,740 people since the 2021 Census, which reported a population of 28,587 in Richmond (Vic.) statistical area (Lv2). The increase was inferred from AreaSearch's estimation of the resident population at 31,116, based on examination of ABS' ERP data release in June 2024 and validation of an additional 749 new addresses since the Census date. This results in a density ratio of 7,071 persons per square kilometer, placing Richmond (Vic.) among the top 10% of locations assessed by AreaSearch. The area's population growth of 9.6% since the census is close to the national average of 9.7%, indicating strong growth fundamentals. Overseas migration contributed approximately 85.0% of overall population gains during recent periods in Richmond (Vic.) (SA2).

AreaSearch uses ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022. For areas not covered by this data, AreaSearch employs VIC State Government's Regional/LGA projections from 2023, adjusted using weighted aggregation methods to SA2 levels. Growth rates by age group are applied across all areas for the years 2032 to 2041. According to these projections, Richmond (Vic.) is forecasted to experience a significant population increase in the top quartile of statistical areas nationwide, with an expected growth of 13,025 persons by 2041, reflecting a total gain of 41.6% 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

Richmond recorded approximately 130 residential properties granted approval annually. Between FY-21 and FY-25, around 650 homes were approved, with another 492 approved in FY-26. On average, 0.6 people moved to the area per dwelling built over these years.

This suggests new supply is meeting or exceeding demand, offering ample buyer choice. The average construction value of new properties was $1,009,000, indicating focus on premium market developments. In FY-26, Richmond registered $267.5 million in commercial approvals. Compared to Greater Melbourne, Richmond shows around 60% of the construction activity per person and ranks at the 46th percentile nationally.

This suggests limited buyer options but strong demand for established homes. New building activity comprises 9.0% standalone homes and 91.0% attached dwellings, favouring denser development. Richmond's population is forecast to grow by 13,039 residents by 2041. At current development rates, housing supply may struggle to match this growth, potentially intensifying buyer competition and supporting price increases.

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

The performance of an area is significantly influenced by changes in local infrastructure, major projects, and planning initiatives. AreaSearch has identified 72 such projects that are expected to impact the area. Notable projects include Elizabeth Street North Richmond Social Housing, 587-593 Church Street Hotel Development, Victoria Gardens Redevelopment, and Riverbend - The Park House. A list detailing those most relevant is provided below.

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 strong representation in professional services. Its unemployment rate was 5.3% as of September 2024, with an estimated employment growth of 4.6% over the past year.

As of September 2025, Richmond's unemployment rate is 5.3%, compared to Greater Melbourne's rate of 4.7%. Workforce participation in Richmond is 74.8%, higher than Greater Melbourne's 64.1%. The dominant employment sectors among residents include professional & technical, health care & social assistance, and education & training. Richmond has a notable concentration in professional & technical services, 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 in Richmond, indicating it functions as an employment hub attracting workers from surrounding areas. Between September 2024 and September 2025, employment levels increased by 4.6%, labour force increased 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. State-level data from 25-Nov shows VIC employment grew by 1.13% year-on-year, adding 41,950 jobs, with the state unemployment rate at 4.7%. Jobs and Skills Australia's national employment forecasts from May-25 suggest 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 2023 shows that income in Richmond is among the top percentile nationally. The median assessed income is $72,918 while 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. 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 (9,805 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, at 37.0%, indicates strong economic capacity throughout the locality. High housing costs consume 16.8% of income, though 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 per the latest Census, had 15.7% houses and 84.3% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to Melbourne metro's 19.2% houses and 80.8% 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 was $2,292, lower than Melbourne metro's $2,326. The median weekly rent 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 comprising 11.6%. The median household size is 2.0 people, matching the Greater Melbourne average.

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

Richmond's educational attainment notably exceeds broader standards. Among residents aged 15 and above, 57.8% possess university qualifications, surpassing Australia's 30.4% and Victoria's 33.4%. This significant educational edge places the area favourably for knowledge-based prospects. Bachelor degrees are most prevalent at 38.6%, followed by postgraduate qualifications (14.3%) and graduate diplomas (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%. A substantial 24.6% of the population is currently 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 84 operational public transport stops offering a combination of train, light rail, and bus services. These stops are served by 25 different routes, facilitating a total of 22,463 weekly passenger trips. The city's transport accessibility is deemed good, with residents generally situated 202 meters away from the nearest stop.

On average, there are 3,209 daily trips across all routes, translating to roughly 267 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 with very low prevalence of common health conditions across all age groups. The rate of private health cover is exceptionally high at approximately 65% of the total population (20,415 people), compared to 71.3% across Greater Melbourne and a national average of 55.7%. The most common medical conditions in the area are mental health issues impacting 10.0% of residents and asthma affecting 8.5%, while 72.2% declare themselves completely clear of medical ailments compared to 70.6% across Greater Melbourne.

As of 31 December 20XX, the area has 11.5% of residents aged 65 and over (3,602 people). Health outcomes among seniors are particularly strong, broadly in line with the general population's health profile.

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 shows high cultural diversity, with 32.0% born overseas and 24.2% speaking languages other than English at home. Christianity is the predominant religion in Richmond, representing 33.1%. Judaism is slightly overrepresented compared to Greater Melbourne, comprising 0.7% versus 0.8%.

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 than the regional averages of 2.4% and 2.8%, respectively, while French representation is slightly lower 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 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%. The proportion of children aged 5 to 14 has also dropped, from 6.0% to 4.9%. By 2041, population forecasts indicate substantial demographic shifts in Richmond. The 25 to 34 age group is projected to grow by 27%, adding 2,892 residents to reach a total of 13,450.