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 May 2026, the population of the suburb of Richmond (Vic.) is estimated at around 31,418 people. This reflects an increase of 2,831 people since the 2021 Census, which reported a population of 28,587 people. The change is inferred from the resident population of 31,133, estimated by AreaSearch following examination of the latest ERP data release by the ABS (June 2025) and an additional 882 validated new addresses since the Census date. This level of population equates to a density ratio of 7,092 persons per square kilometer, making land in the area highly sought after. Richmond's growth rate of 9.9% since the 2021 census exceeded both the state average (9.3%) and the national average, marking it as a significant 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 a base year of 2022. For areas not covered by this data, AreaSearch utilises the VIC State Government's Regional/LGA projections released in 2023, adjusted using weighted aggregation methods to population growth from LGA to SA2 levels. Growth rates by age group are applied across all areas for years 2032 to 2041. Based on aggregated SA2-level projections, the suburb of Richmond (Vic.) is forecasted to grow by 11,987 persons to 2041, reflecting a total gain of 37.2% over the 16-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 has recorded approximately 129 residential properties granted approval per year. Between FY-21 and FY-25, around 647 homes were approved, with a further 493 so far in FY-26. On average, 0.2 people have moved to the area for each dwelling built over these past five financial years.

This indicates that new supply is keeping pace with or exceeding demand, offering ample buyer choice and capacity for population growth beyond current forecasts. The average construction value of new properties is $1,009,000, suggesting developers are focusing on the premium market with high-end developments. In FY-26, Richmond has registered $267.5 million in commercial approvals, demonstrating high levels of local commercial activity. Compared to Greater Melbourne, Richmond shows approximately 61% of the construction activity per person and ranks among the 46th percentile of areas assessed nationally.

This suggests 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 has a population density of approximately 357 people per approval, indicating a mature market. Population forecasts estimate Richmond will gain 11,702 residents through to 2041. 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

Changes to local infrastructure significantly impact an area's performance. AreaSearch has identified 71 projects likely to affect the region. Notable initiatives include Fairfield by Marriott and Apartments by Marriott Bonvoy Richmond, 587-593 Church Street Hotel Development, 75-119 Cubitt Street, and Matchworks Cremorne. The following list details those 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.

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

Richmond has a highly educated workforce. The unemployment rate was 5.5% in the past year, with an estimated employment growth of 4.1%. As of December 2025, there are 22,053 residents employed, with an unemployment rate of 5.5%, which is 0.7% higher than Greater Melbourne's rate of 4.8%.

Workforce participation in Richmond is 81.3%, compared to Greater Melbourne's 69.9%. 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% of employment compared to the regional average of 7.2%. There are 1.2 workers for every resident in Richmond, indicating it functions as an employment hub attracting workers from surrounding areas. Between December 2024 and December 2025, employment levels increased by 4.1%, while the labour force grew by 4.4%, resulting in a rise of 0.3 percentage points in the unemployment rate. In comparison, Greater Melbourne recorded employment growth of 2.4%, labour force growth of 2.8%, and an increase of 0.3 percentage points in unemployment. 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 a simple weighting extrapolation of industry-specific projections against the local employment profile.

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 ending June 2023 shows that Richmond suburb has income among the top percentile nationally. 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 9.62% since financial year ending June 2023, current estimates would be approximately $79,933 (median) and $106,753 (average) as of March 2026. From the 2021 Census data, individual earnings in Richmond stand out at the 96th percentile nationally, with weekly income of $1,356. Income analysis reveals that 31.3% of locals (9,833 people) fall into the $1,500 - 2,999 weekly income category, similar to the surrounding region where 32.8% occupy this bracket. A substantial proportion, 37.0%, earn 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 structures, as per the latest Census, consisted of 15.7% houses and 84.3% other dwellings (semi-detached, apartments, 'other' dwellings). This compares to 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 in 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 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 has a higher proportion of residents aged 15 and above with university qualifications than the national average. Specifically, 57.8% of Richmond's residents hold such qualifications, compared to 30.4% in Australia overall. This is also higher than the Victorian state average of 33.4%. The majority of these qualifications are bachelor degrees (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%. Notably, 24.6% of Richmond's population is actively pursuing formal education. This includes 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 serving a mix of train, light rail, and bus services. These stops are covered by 25 different routes that facilitate 22,463 weekly passenger trips in total. The accessibility of these transport options is considered good, with residents living on average 202 meters from their nearest stop. In this predominantly residential area, most commuting is outward-bound. The car remains the primary mode of transport for 55% of residents, followed by walking at 14% and train use at 11%. On average, there are 0.6 vehicles per dwelling, which is below the regional average.

According to the 2021 Census, a significant 50.6% of residents work from home, potentially due to COVID-19 conditions. The service frequency across all routes averages 3,209 trips per day, translating 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, based on AreaSearch's assessment. Mortality rates and chronic condition prevalence were low for both young and old age cohorts. Private health cover was found to be exceptionally high at approximately 65% of the total population (20,475 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 demonstrates better than average health outcomes. The area has 12.0% of residents aged 65 and over (3,770 people), which is lower than the 15.0% in Greater Melbourne. Health outcomes among seniors are 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 predominant religion in Richmond, comprising 33.1% of its population. Judaism is overrepresented compared to Greater Melbourne, making up 0.7% 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 overrepresented compared to regional averages of 1.9% and 2.7%, respectively.

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

Richmond's median age in 2021 was 33 years, which is younger than Greater Melbourne's figure of 37 and Australia's national average of 38 years. Compared to Greater Melbourne, Richmond had a higher proportion of residents aged 25-34 (34.0%) but fewer residents aged 5-14 (4.8%). This concentration of young adults was significantly higher than the national figure of 14.6%. Between the 2016 and 2021 censuses, Richmond's median age decreased by one year to 33 years. During this period, the proportion of residents aged 25-34 increased from 31.5% to 34.0%, while the proportion of those aged 45-54 decreased from 11.4% to 10.1%. The percentage of residents aged 5-14 also declined, from 6.0% to 4.8%. Demographic projections suggest that Richmond's age profile will change significantly by 2041. The number of residents aged 25-34 is projected to increase by 2,664 people (25%), rising from 10,682 to 13,347. Meanwhile, the 15-24 age group is expected to grow more modestly, with an increase of 10%, adding only 308 residents.