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Richmond, TAS 7025

If you’re looking to buy, rent, or invest in property, it’s important to do your research on the suburb first. This includes looking at house prices, real estate rental market data, and other advanced metrics. Here, we’ve compiled that information for Richmond, TAS 7025 to help you make an informed decision about your property choice in this suburb.





Market Snapshot

This page provides an overview of the area’s real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this suburb. You are able to visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy 

2BR

3BR

4BR

5BR

Rent 

2BR

3BR

4BR

5BR

Yield 

2BR

3BR

4BR

5BR

Buy 

1BR

2BR

3BR

Rent 

1BR

2BR

3BR

Yield 

1BR

2BR

3BR

Lower Risk RCS™

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Capital Growth RCS™

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Cashflow RCS™

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Essentials
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Yield chart
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GRC chart
Fundamentals
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IRSAD chart
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Renters to owners pie chart
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unit to houses pie charts
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Demand chart
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Inventory chart
Supply

Stock on Market

Inventory

Hold Period

Building Approvals

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SOM chart
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Inventory chart
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Inventory chart
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Hold chart
Demand

Days on Market

Vacancy Rate

Clearance Rate

Search Index

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DOM chart
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Inventory chart
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Index chart
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Auction chart

How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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0 thoughts on “Richmond, TAS 7025”

  1. The total adult population (15 years or older) of Richmond 7025 TAS is 1,331, with a median age of 51. Of those, 57.78% are married, 13.22% are divorced or separated, 23.52% are single and 5.48% are widowed.

    The average household size is 2.4 people per dwelling, and the median household monthly income is estimated to be $7,336. The median monthly mortgage repayment for households in this suburb is $1,600 which is 21.81% of their earnings.

    Source: ABS Census Data (2021)

  2. The suburb of Richmond, Tasmania, postcode 7025, is a middle-sized residential pocket with approximately 842 households based on the Q3 2023 figures. The typical property price in this area stands at $942,006, presenting a median weekly rent of $513. This rental income reflects a modest indicative yield of 2.83%, slightly below the 3% benchmark preferred by investors focused on cash flow.

    Ranked 1009 out of 1217 on the Index of Relative Socio-economic Advantage and Disadvantage (IRSAD), the socio-economic milieu in Richmond is well-balanced. This speaks of a community made up of mixed-income earners, displaying the diversity of economic resources across the suburb.

    Of the properties in Richmond, the renter to owner ratio is at a favourable 15%, suggesting a real estate market predominately occupied by homeowners rather than renters. This lower ratio presents an attractive long-term investment prospect considering the reduced risk and competition with other property investors.

    Along the same lines, Richmond 7025 boasts a units to houses ratio of a mere 3%. This low ratio enhances Richmond’s appeal to families looking for longer tenancy periods, favouring homeowners over investors, and helping maintain higher rental yields.

    However, the affordability metric for houses is set at 50 years, presenting a potential obstacle for many potential buyers in this suburb. It indicates that it could take prospective homeowners around five decades to fully own a property – significantly higher than the standard 30-year mortgage term.

    Real estate supply appears restrained with only 0.26% of stock on the market and an inventory level of 0.86 months, reflecting positive signs of a low supply market. Conversely, the relatively high building approvals ratio (3.16%) indicates a potential increase in property supply that could shift the market dynamics in the future.

    The average time properties stay on the market is 37 days, suggesting a healthy level of demand but not necessarily a hot market. The suburb’s vacancy rate of 4.69% (encompassing both houses and units) does indicate a slight tilt towards an oversupplied rental market.

    Finally, Richmond’s buy search index stands at 5, indicating it’s experiencing average search activity on par with the state average, suggesting moderate interest from potential buyers.

    These statistics exhibit a balanced market, with the preferential homeowner demographic and low supply offering appealing potentials for property investors, even though the indicative yields are just below the preferred threshold. The slightly high affordability index and vacancy rate highlight areas that potential buyers and investors should evaluate further.

    Remember that while some metrics in Richmond fall within less than optimal ranges, the majority of indicators deliver compelling prospects for property investment. Utilising comprehensive analysis tools, such as the Relative Composite Score (RCS) by HtAG Analytics, can assist in comparing and evaluating these factors effortlessly.

    It’s important to note that the above analysis provides a snapshot of current value metrics but doesn’t consider metric trends, which can also significantly influence investment decisions. Moreover, some metrics have greater importance than others based on various factors, a nuance that must be understood for a holistic analysis.

    Join HtAG Analytics to visualise these metrics trends, and gain a deeper understanding of their importance. By becoming part of HtAG Analytics, you will be empowered to make informed decisions, discerning which metrics are more significant in the context of your property investment strategy.

    This content serves to inform and does not constitute investment advice. Property investment involves risks and uncertainties, and professional advice should be sought before making any investment decisions. By leveraging expert guidance, potential investors can ensure a comprehensive understanding of the complex property investment landscape.

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