Richmond is two markets — apartments and houses — and both eased through the September quarter. The median unit price was $510,000 (June: $547,500) and the median house price $1,300,000 (June: $1,360,000). The softening was concentrated in larger homes: one-bedroom apartments actually firmed to $415,000, while three-bedroom houses eased to $1,422,500. Rentals tell a stronger story, with listings leasing in a median 14 days and two-bedroom unit rents up 10.7% on a year ago.
- Median unit price of $510,000, down 6.8% on June; median house price $1,300,000, down 4.4%.
- One-bedroom apartments firmed to $415,000 (June: $390,000); two-bedroom apartments eased to $645,000.
- Houses and townhouses took all ten of the top ten sales, led by a $3.586 million three-bedroom home on Elm Grove.
- Rentals leased in a median 14 days, with two-bedroom unit rents at $750 and three-bedroom house rents at $1,100 per week.
| Metric | Richmond (3121) |
|---|---|
| Market Trend | Softening in larger homes |
| Buyer Demand | Moderate |
| Rental Demand | Very Strong |
Richmond’s two segments deliver very different returns: houses yield around 3.6–4.0% gross, while two-bedroom apartments return approximately 6.0% — the suburb’s cash-flow option.
Top 10 sales, Q3 2026
| Address | Type | Price | Beds | Bath | Car |
|---|---|---|---|---|---|
| 17 Elm Grove | House | $3,586,000 | 3 | 2 | 2 |
| 14 James Street | House | $3,315,000 | 3 | 2 | 1 |
| 12 Union Street | House | $2,550,000 | 4 | 1 | 1 |
| 128 Lennox Street | House | $2,370,000 | 3 | 2 | 1 |
| 58 Edinburgh Street | House | $1,975,000 | 3 | 1 | — |
| 3 Wangaratta Street | House | $1,861,000 | 3 | 1 | 2 |
| 29 Edinburgh Street | House | $1,670,000 | 3 | 2 | 1 |
| 267 Coppin Street | House | $1,661,000 | 2 | 1 | 2 |
| 17 Yarra Street | House | $1,550,000 | 3 | 3 | 2 |
| 6 Strode Place | House | $1,525,000 | 3 | 2 | 1 |
Source: PriceFinder Sales Search, Richmond VIC 3121, houses and units. Sales dated July–September 2026 with price disclosed, as reported at 2 October 2026; excludes sales without bed/bath data. Dashes indicate car-park data not captured for that title. 6 Strode Place is recorded by PriceFinder as a unit but is a townhouse on a subdivided block, so it is counted with houses throughout this report. For a full property report on any of these sales, contact Mark directly.
Market comment
Houses dominated Richmond’s top end, taking all ten of the highest results. The quarter was led by a $3.586 million three-bedroom home on Elm Grove and a $3.315 million three-bedroom house on James Street, with Edinburgh Street appearing twice, and a $1.525 million three-bedroom townhouse on a subdivided block at 6 Strode Place rounded out the list. Below the top tier, the house market softened: the median three-bedroom house eased to $1,422,500 from $1,550,000 in June.
Market activity
Richmond’s unit median has eased from $634,000 a year ago to $510,000, and the median house price from $1,380,000 to $1,300,000. Underneath those headlines the picture is more mixed: one-bedroom units firmed to $415,000 and two-bedroom houses to $1,150,000, while two-bedroom units eased to $645,000 and three-bedroom houses to $1,422,500.
Units took a median 28 days to sell, up from 24 in June, and houses 27 days. Around 85% of unit sales fell in the $350,000–$850,000 bracket, with Burnley Street the most active address.
Richmond’s houses and apartments suit different strategies. Houses, at a median $1,300,000, return 3.6–4.0% gross and are held for long-term capital growth. Two-bedroom apartments, at $645,000 and leasing for $750 a week, return about 6.0% — with rents up 10.7% in a year.
Rental market
Richmond’s rental market strengthened through the year. Two-bedroom unit rents rose from $678 to $750 per week and one-bedroom unit rents from $520 to $550. Three-bedroom house rents climbed from $935 to $1,100. The median listing leased in 14 days this quarter, compared with 16 days a year earlier.
Measured against current sale prices, that puts gross rental yields at roughly 6.0% for two-bedroom units, 3.6% for two-bedroom houses and 4.0% for three-bedroom houses.
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Community — what’s on in October
Marathon, half and shorter events starting and finishing at the MCG. Expect road closures across the inner city over the weekend — check the official site for this year’s course.
Friday-night AFLW at Ikon Park, Princes Park — first bounce 7:15pm.
Free opening-weekend program at Fed Square, including a Rebirth Brass Band second-line street party on Saturday 17 October from 1pm. Festival runs to 25 October.
Runway shows, designer showcases and more than 100 free and ticketed events across the city.
Dates as published by organisers at 2 October 2026 — check event websites before attending.
Figures are medians from PriceFinder sales and rental listing data for Richmond (postcode 3121), with houses and units reported separately, July–September 2026, with information cut off 2 October 2026. Gross yield = median weekly asking rent × 52 ÷ median sale price, same quarter and bedroom count. Dingle Partners operates six inner-city offices — for a free appraisal of your property, get in touch.