East Melbourne vs Richmond
Richmond (median $1,435,000) is roughly 40% cheaper to buy into than East Melbourne ($2,400,000).
Buying in East Melbourne or Richmond?
Selling in East Melbourne? The free selling guide
East Melbourne and Richmond side by side
| Measure | East Melbourne | Richmond |
|---|---|---|
| Price and market | ||
| Median house | $2,400,000 | $1,435,000 |
| Median unit | $610,000 | $566,300 |
| Renting | ||
| House rent | $1100/wk | $990/wk |
| Unit rent | $690/wk | $700/wk |
| Owner occupied | 45.0% | – |
| Renter occupied | 53.0% | – |
| Schools | ||
| Schools nearby | 20 | 20 |
| Average ICSEA | 1038 | 1091 |
| Lifestyle and people | ||
| Walk score | 100 | 100 |
| Transit score | 100 | 100 |
| Bike score | 100 | 100 |
| Population | 4,896 | – |
| Median age | 42 | – |
| Climate | ||
| Annual rainfall | 611 mm | 611 mm |
| Mean max, January | 27.0°C | 27.0°C |
Green dot: better on that measure (lower price, higher growth, higher walkability, lower risk). Each suburb’s profile gives the source and period of its figures.
Which suits whom
On school quality, the average ICSEA across schools serving Richmond (1091) sits above East Melbourne (1038).
- For buyers
- Richmond is the lower entry point at $1,435,000 median, 40% below the other suburb. For first home buyers, that translates to a smaller deposit and lower stamp duty bill.
- For investors
- Richmond offers the higher gross rental yield (3.59% vs 2.38%), favouring cash-flow investors.
- For families
- Richmond edges out on average school ICSEA (1091 vs 1038).
East Melbourne vs Richmond: common questions
Is East Melbourne or Richmond cheaper to buy in?
Richmond has the lower median house price at $1,435,000, roughly 40% below East Melbourne ($2,400,000). The gap on units is usually similar but worth checking on the full suburb profiles.
Does East Melbourne or Richmond have better schools?
On average school ICSEA (the ACARA index that benchmarks educational advantage), Richmond scores 1091 vs 1038 in East Melbourne. ICSEA is a school-community indicator, not a quality rating, so always check NAPLAN results and catchment boundaries for the specific address you're considering.
Which suburb has higher rental yield, East Melbourne or Richmond?
Gross rental yield on houses is 3.59% in Richmond vs 2.38% in East Melbourne. Gross yield equals annual rent divided by purchase price. Net yield (after strata, rates, insurance, agent fees and maintenance) typically runs 1.5-2 percentage points lower.
Keep comparing
The two suburbs
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Choosing between East Melbourne and Richmond?
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