Richmond - North

Richmond - North lies within the top quartile of areas nationally for population growth performance according to AreaSearch analysis of recent, and medium to long-term trends

Richmond - North's population was around 15,372 as of November 2025. This reflected an increase of 1,505 people since the 2021 Census, which reported a population of 13,867 people. The change was inferred from the estimated resident population of 15,323 from the ABS as of June 2024 and an additional 569 validated new addresses since the Census date. This level of population resulted in a density ratio of 8,006 persons per square kilometer, placing Richmond - North in the top 10% of national locations assessed by AreaSearch. The area's growth rate of 10.9% since the 2021 census exceeded both the national average (8.9%) and the state average. Overseas migration contributed approximately 89.9% of overall population gains during recent periods, driving this growth.

AreaSearch adopted 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 utilised the VIC State Government's Regional/LGA projections released in 2023, adjusting them using weighted aggregation methods to SA2 levels. Growth rates by age group from these aggregations were applied across all areas for years 2032 to 2041. Based on the latest population numbers, exceptional growth is predicted over this period, with Richmond - North expected to increase by 7,286 persons to 2041, resulting in a total increase of 47.0% over the 17 years.

Residential development activity is lower than average in Richmond - North according to AreaSearch's national comparison of local real estate markets

Richmond North has recorded approximately 75 residential properties granted approval each year. Over the past five financial years, from FY21 to FY25, around 375 homes have been approved, with a further 486 approved so far in FY26. On average, about 0.7 people per year have moved to the area for each dwelling built during these five financial years, indicating that supply is meeting or exceeding demand and providing greater buyer choice while supporting potential population growth above projections.

The average construction cost value of new homes has been around $263,000, which is below regional norms, reflecting more affordable housing options for purchasers. In FY26, there have been approximately $20.8 million in commercial approvals, suggesting balanced commercial development activity in the area. Compared to Greater Melbourne, Richmond North has around three-quarters the rate of new dwelling approvals per person and places among the 14th percentile of areas assessed nationally. This indicates somewhat limited buyer options while strengthening demand for established homes.

Recent construction trends show 9.0% detached dwellings and 91.0% medium to high-density housing, suggesting a trend towards denser development that provides accessible entry options appealing to downsizers, investors, and entry-level buyers. With around 1121 people per dwelling approval, Richmond North reflects a highly mature market. Population forecasts indicate that Richmond North will gain approximately 7,233 residents by the year 2041. If current development rates continue, housing supply may struggle to match population growth, potentially heightening buyer competition and supporting price increases in the future.

Richmond - North 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 30 projects likely affecting the region. Notable initiatives include Elizabeth Street North Richmond Social Housing, Victoria Gardens Redevelopment, Riverbend - The Park House, and 675 Victoria Street Development. The following list details those most relevant.

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

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

Richmond - North has an educated workforce with professional services well-represented. The unemployment rate was 8.0% in June 2025, with estimated employment growth of 5.7% over the past year.

As of that date, 10,414 residents were employed while the unemployment rate stood at 3.4%, higher than Greater Melbourne's rate of 4.6%. Workforce participation was 71.6%, exceeding Greater Melbourne's 64.1%. Dominant employment sectors included professional & technical, health care & social assistance, and retail trade. The area had a strong specialization in professional & technical services with an employment share 1.7 times the regional level.

Construction had limited presence at 6.4% compared to the regional average of 9.7%. There was one worker for every resident as per the Census, indicating it functions as an employment hub attracting workers from surrounding areas. Over the year to June 2025, employment increased by 5.7%, while labour force grew by 7.2%, resulting in a 1.3 percentage point rise in unemployment rate. In contrast, Greater Melbourne saw employment growth of 3.5% and labour force growth of 4.0%, with unemployment rising by 0.5 percentage points. Jobs and Skills Australia's national employment forecasts from May 2025 suggest potential future demand within Richmond - North. These projections estimate national employment growth at 6.6% over five years and 13.7% over ten years, but growth rates vary significantly between industry sectors. Applying these projections to Richmond - North's employment mix suggests local growth of approximately 7.2% over five years and 14.5% over ten years.

Income metrics indicate excellent economic conditions, with the area achieving higher performance than 75% of national locations assessed by AreaSearch

Richmond North has a median taxpayer income of $63,615 and an average income of $84,961 according to the latest postcode level ATO data aggregated by AreaSearch for financial year 2022. This is notably higher than Greater Melbourne's median income of $54,892 and average income of $73,761 during the same period. Based on Wage Price Index growth of 12.16% since financial year 2022, current estimates project the median income to be approximately $71,351 and the average income to be around $95,292 as of September 2025. Census data from 2021 indicates individual earnings at the 90th percentile nationally were $1,183 weekly. Income analysis shows that 32.6% of Richmond North residents (5,011 individuals) fall within the $1,500 - 2,999 weekly earnings band, which is similar to the metropolitan region's pattern where 32.8% also occupy this range. High housing costs consume 17.7% of income in Richmond North. Despite this, strong earnings place disposable income at the 64th percentile nationally, and the area's SEIFA income ranking places it in the 8th decile.

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

Richmond - North's dwellings, as per the latest Census, consisted of 10.8% houses and 89.1% other types (semi-detached, apartments, others). Melbourne metro had 12.8% houses and 87.2% other dwellings. Home ownership in Richmond - North was 15.4%, with mortgaged dwellings at 22.9% and rented at 61.6%. The median monthly mortgage repayment was $2,047, below Melbourne's $2,326 average. Median weekly rent was $400, compared to Melbourne's $451. Nationally, Richmond - North's mortgage repayments exceed the Australian average of $1,863, while rents are higher than the national figure of $375.

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

Family households account for 48.1% of all households, including 12.5% couples with children, 25.6% couples without children, and 7.9% single parent families. Non-family households constitute the remaining 51.9%, with lone person households at 41.7% and group households comprising 10.3%. The median household size is 1.9 people, which is smaller than the Greater Melbourne average of 2.0.

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

Richmond - North has a higher percentage of residents aged 15 and above with university qualifications compared to national and state averages. Specifically, 52.9% of its residents hold such qualifications, surpassing the Australian average of 30.4% and the Victorian average of 33.4%. This educational advantage is particularly notable in Bachelor degrees (35.6%), postgraduate qualifications (12.9%), and graduate diplomas (4.4%). Vocational pathways account for 20.0% of qualifications among those aged 15 and above, with advanced diplomas at 9.6% and certificates at 10.4%.

Educational participation is high in the area, with 25.4% of residents currently enrolled in formal education. This includes 10.8% in tertiary education, 4.8% in primary education, and 3.9% pursuing secondary education. There are approximately 8 schools operating within Richmond - North, educating around 1,345 students. The area demonstrates above-average socio-educational conditions, with an ICSEA score of 1076. Educational provision is conventional, split between 3 primary and 5 secondary institutions. Note: for schools showing '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-North has 32 operational public transport stops. These include train, light rail, and bus services. The area is served by 8 different routes that together facilitate 7,225 weekly passenger trips.

Residents enjoy good transport accessibility, with an average distance of 204 meters to the nearest stop. Daily service frequency averages 1,032 trips across all routes, translating to approximately 225 weekly trips per individual stop.

Richmond - North'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 - North. Both young and old age cohorts saw low prevalence of common health conditions. The rate of private health cover was exceptionally high at approximately 62% of the total population (9,592 people), compared to 69.8% across Greater Melbourne.

Nationally, this figure stands at 55.3%. Mental health issues and asthma were found to be the most common medical conditions in the area, impacting 10.5 and 8.5% of residents respectively. A total of 71.1% of residents declared themselves completely clear of medical ailments, compared to 70.6% across Greater Melbourne. The area has 11.7% of residents aged 65 and over (1,803 people). Health outcomes among seniors are particularly strong, broadly in line with the general population's health profile.

Richmond - North is among the most culturally diverse areas in the country based on AreaSearch assessment of a range of language and cultural background related metrics

Richmond - North has high cultural diversity, with 33.9% speaking a language other than English at home and 39.2% born overseas. Christianity is the main religion, comprising 30.9%. Buddhism is overrepresented at 9.0%, higher than Greater Melbourne's average of 3.6%.

Top three ancestry groups are English (21.0%), Australian (15.8%), and Other (11.0%). Notably, Vietnamese (7.5%) and Chinese (8.1%) are overrepresented compared to regional averages of 2.4% and 4.4%, respectively. Greek is also slightly overrepresented at 3.2%.

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

Richmond-North has a median age of 33, which is younger than Greater Melbourne's figure of 37 and Australia's national average of 38 years. Compared to Greater Melbourne, Richmond-North has a higher concentration of residents aged 25-34 (33.7%) but fewer residents aged 5-14 (4.3%). This concentration of 25-34 year-olds is significantly higher than the national average of 14.5%. Since the 2021 Census, Richmond-North has become younger, with its median age dropping to 33 from 34. Specifically, the population aged 25 to 34 has grown from 31.2% to 33.7%, while the population aged 5 to 14 has declined from 5.8% to 4.3%. Additionally, the population aged 45 to 54 has decreased from 11.2% to 10.1%. Demographic projections suggest that Richmond-North's age profile will change significantly by 2041. The 25-34 age cohort is projected to increase substantially, with an expected growth of 1,720 people (33%), from 5,180 to 6,901 residents.