Top 20 reasons to invest in Richmond property today
Richmond is one of our client’s favourite suburbs to buy and invest in and it’s easy to see why. With its great positioning, close to Melbourne CBD, affordable pricing and massive lifestyle appeal, there’s little reason why you shouldn’t be snapping up these great apartment opportunities right now.
Richmond offers the very best of inner-city living, surrounded by some prestigious suburbs, without the expensive price tag. Everything you could possibly need is within easy reach and Richmond is one of Melbourne’s best suburbs to live and invest in.
However, if you are on the fence as to where in Melbourne you should be buying an investment property, then here are our top 20 reasons why Richmond stands out from the crowd.
20 Reasons to invest in Richmond property today
1. 2km to Melbourne CBD
Richmond is a mere 2km from the Melbourne CBD, making commutes to the city quick and easy.
2. Great transport connections
Richmond is serviced by train, tram, bus and road. There are five train stations here including North Richmond, West Richmond, Richmond, East Richmond and Burnley, whilst trams run along Victoria Street, Bridge Street, Swan Street, Punt Road and Church Street.
3. High socioeconomic status
Over 60% of the population of North Richmond work either in managerial or professional roles, suggesting the population is of a white-collar style and a high-quality tenant. (ABS 2011)
4. High income earners
With 60% of the population working in managerial or professional toles, more than 30% of households in Richmond earn more than $130,000 per annum. These tenants are therefore prepared to pay a little more for a luxurious lifestyle with convenience close to hand. (ABS 2011)
5. Median age of 33 years
An extremely high proportion of the Central Richmond population is aged between 25 and 39 years old. This age bracket of Gen Y provides a high rental demographic for renting apartments.
6. Low vacancy rate
Richmond has a very low vacancy rate of 1.2%, compared with 2.0% for Melbourne. This is helped by the comparatively low levels of supply in Richmond as well as the suburb being such an appealing place to live. (SQM Research)
7. Strong rental performance
Richmond has a strong rental performance with a median unit rent of $435 per week. In comparison, the Greater Melbourne area has a median rent of around $375 per week.
8. Gross rental yield 4.11%
Richmond also has a strong rental yield of 4.11% ensuring your property here has a good investment potential.
9. Strong annual capital growth
Richmond also benefits from a strong annual capital growth rate of 6.2% (RP Data). A strong capital growth rate can provide you with the opportunity to expand your property portfolio faster to get you to your next investment property sooner.
10. High demand market
Richmond is a high demand market with approximately 689 visits per property, compared to the average of VIC which has 653 visits. (realestate.com)
11. Prestigious region
Richmond sits within one of Melbourne’s most expensive and prestigious regions with neighbouring suburbs including Kew, Hawthorn, Toorak, South Yarra and East Melbourne.
12. Median unit price of $543,500
Although Richmond sits within an expensive and prestigious neighbourhood, the median unit price here is an affordable $543,500, making it a very affordable suburb to enter.
13. Quality education
Richmond has a wealth of high quality schools, colleges and universities on its doorstep including RMIT University, University of Melbourne, Melbourne Girls College, Xavier College, Scotch College and Strathcona Girls Grammar. This not only attracts a professional workforce who work within the education sector, but also a demographic who wants to live within the school catchment area.
14. Retail and dining
Richmond has a wealth of retail and dining opportunities on its doorstep with Victoria Street, Bridge Street and Swan Street the main hive of activity. Richmond is renowned for its big-name homewares and furniture artisans, fashion boutiques and crafty pop-ups. The suburb is also home to historic pubs, micro-breweries, chic bars, wine bars, casual restaurants and high end restaurants. Close by, residents can venture to Victoria Gardens Shopping Centre, Kew Junction food and shopping precinct as well as the Melbourne CBD.
15. Close proximity to Melbourne’s sporting precinct
Richmond is also on the doorstep of Melbourne’s sporting precinct. Residents have easy access to Melbourne Cricket Ground, AAMI Park, Rod Laver Arena and Hisense Arena to watch the latest sporting matches.
16. Numerous parklands
Richmond also has plenty of extensive parklands close by including Yarra Park, Royal Botanic Gardens, Burnley Park, Studley Park and Yarra Bend Park. There are also numerous golf courses which includes Yarra Bend Golf and Burnley Golf Club as well as walking tracks such as the Main Yarra Trail and Andrews Reserve Trail.
17. 96/100 Walk Score
With a Walk Score of 96 out of 100, Richmond is a very walkable suburb with all the amenities you require literally on your doorstep, making daily errands a breeze.
18. Arts and Culture
Richmond is also home to its fair share of arts and culture. Experience live music at the Corner Hotel, or why not venture to Albert Street and marvel at some art at the many galleries.
19. Opportunity for growth through ripple effect
With such close proximity to the Melbourne CBD, Richmond can benefit from good growth due to the ripple effect.
20. Stamp duty changes
If you’re still on the fence, then the VIC State Government have also announced changes to stamp duty. From 1 July 2017, investors of new property will no longer be eligible for stamp duty reductions. Investors can therefore expect to add on roughly $15,000 to $20,000 to the cost of their property. If you are considering buying in Melbourne, then you need to buy before 1 July 2017 to save $15,000 to $20,000 in stamp duty.
With an incredible lifestyle appeal, high quality tenants, and strong rental demand and yields, investing in Richmond is a no-brainer. With easy commutes to the Melbourne CBD, and neighboured by some of Melbourne’s most expensive and prestigious suburbs, Richmond really does offer you very best of inner-city living.
We have some very exciting Richmond apartment opportunities available right now, whether you are looking for boutique developments or high-rise apartments or even townhouses. If you want to achieve good capital growth, rental returns and still receive the stamp duty concessions before the rules change in July then get in touch with the iBuyNew team today.
Simply call us on 1300 123 463 to take advantage of this exceptional investment opportunity.