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Suburb spotlight on: Richmond
Where 588 properties sold in the last 12 months
The value in the inner-city suburb of Richmond has increased exponentially over recent years. In fact, Corelogic RP Data shows that the median house price has increased from around $800,000 in 2012, to where it sits today at more than $1.2 million. And with 36 per cent of the sales of the past year selling for more than $1 million, it’s showing no signs of slowing down.
Let’s look at the top market share positions today. Biggin & Scott hold the highest share with 23 per cent, followed closely by Jellis Craig at 20 per cent. Hocking Stuart rounds out the top three with 11 per cent market share.
The Richmond market suits investors, with plenty of apartments at the more affordable median price of $530,000. Corelogic RP Data tells us the average two bedroom apartment in Richmond will rent for $520 per week, giving savvy real estate businesses the opportunity to build a successful sales and property management operation.
The opportunity to open a business in the heart of Richmond is with Ray White. If it’s an area of interest for you, we can help you build a competitive business. Talk to us today.