Over the past 12 months, Richmond’s property market has experienced notable shifts, largely driven by rising interest rates and tighter lending conditions. In response, many vendors have taken a strategic approach, choosing to delay selling in anticipation of additional interest rate cuts later in the year.
These changes have led to reduced stock levels and a more selective buyer pool. Premium homes that are well-presented and correctly priced continue to attract strong interest and often achieve competitive auction results. The enduring appeal of prime locations such as Richmond Hill and the Barkly Gardens precinct continues to underpin steady buyer demand. In contrast, properties that require work are taking longer to sell and often rely on post-auction negotiations.
The rental market in Richmond remains robust, with low vacancy rates and strong inspection attendance. While some investors have exited due to rising costs and ongoing compliance changes, many are holding firm – especially given Richmond’s consistent rental demand. Unsold properties have been redirected to the rental market, boosting stock levels across local rent rolls.
Higher-end rental listings are on the rise, including houses, townhouses and premium apartments, particularly in Richmond and East Melbourne. East Melbourne, in particular, continues to operate as its own tightly held market, helping to maintain strong yields.
This evolving environment highlights both the resilience of the Yarra market and our ongoing commitment to delivering strategic, client-focused outcomes aligned with changing market conditions.
Major infrastructure investment is reshaping the local landscape. The $800 million redevelopment of Victoria Gardens will add more than 800 new homes and extensive retail and commercial spaces. Projects including Carmine House, as well as planned developments along River Boulevard and Burnley Street, will introduce hundreds of new apartments.
Health infrastructure is keeping pace, with St Vincent’s Private Hospital undergoing a $180 million expansion. Schools in Richmond are evolving, too. Richmond Primary School is expanding
