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Richmond has recently undergone a cultural facelift to become the ultimate hub for investors and young professionals. With an abundance of cool media agencies and gastronomical pubs, Richmond’s apartment market has followed suit. Located conveniently along the Yarra River and only a stone's throw from Melbourne city, it’s no wonder Richmond has soared in popularity across first home buyers, investors and owner occupiers.
Despite the rows of Victorian, Edwardian and weatherboard homes lining Richmond’s streets, the suburb is a relatively new market in terms of expansion. New apartment and townhouse developments are making Richmond an attractive option for young professionals (both single and partnered) and growing professional families.
With a recent generational demand for newer, cleaner and more approachable watering holes, Richmond has been a leader in the gastronomical pub evolution, providing locals and other Melbournians the pub atmosphere with some well designed plates of food.
Despite its relative infancy, Richmond’s growth and projected rise has meant that investors and owner occupiers are snapping up any opportunity to invest in or live in the area. On average, an apartment in Richmond will cost around $540,000 with an estimated rental income of around $420 p/w - offering the suburb a very strong rental market where demand often outweighs supply.