Infrastructure and Local Insights
Strong investment continues to spur property market performance across Richmond and surrounds, which has long been sought after for its superb location and outstanding local amenity.
Richmond and its surrounding suburbs continue to thrive as a retail, commercial, employment and leisure hub of inner Melbourne, boosting property market performance and liveability.
Significant investment in new lifestyle developments is bringing a heightened level of amenity and driving demand in the vibrant inner-city area.
Peppers Richmond is on track to open in mid-2022. Located on historic Bridge Rd, the highly anticipated, 80-room hotel will elevate the accommodation scene and offer an incredible rooftop bar overlooking the city skyline, Melbourne Cricket Ground and the Botanic Gardens.
Cremorne’s transformation continues apace, with the $1 billion Malt District development now a hive of activity as new cafes, shops and startups flock to the area. Melbourne’s thriving tech hub – encompassing Domain, REA, Seek and CarSales – around Church St and Cremorne will eventually welcome thousands of new residents and workers.
Swan St, the heart of Richmond’s dining and entertainment precinct, has been earmarked for a major streetscape overhaul. Improved public spaces from Punt Rd to Birrarung Marr will feature trees and landscaping, outdoor dining and seating, public art and better public transport connections.
Highly sought-after schools are a hallmark of the area, with homes in coveted government enrolment zones attracting premiums. Richmond High School has opened a $43 million second campus, while Collingwood College and Melbourne Girls’ College have both undertaken significant recent building and school improvements.
Ongoing improvements in local facilities are cementing the area’s reputation as an exceptionally liveable location. Yarra Council will invest in a new park in Cremorne, playground upgrades at Citizens Park and Golden Square, and spend $3.9 million on new and improved cycling and pedestrian links.
The $3 million upgrade of Jack Dyer Pavilion at Citizens Park is underway and expected to be finished later this year.
The attraction of being on the doorstep of the city’s major sports precinct, with Olympic Park, the MCG, AAMI Park, John Cain Arena and Rod Laver Arena all within walking distance of thriving Swan St, contribute to Richmond being one of the most popular areas for Melburnians to live.
With developers starting to re-engage with planning permits shelved during the pandemic, a strong pipeline of new projects are coming to market. The updated designs will accommodate a new way of living, with larger living spaces and home offices to allow a more agile working from home environment.
This strong investment across Richmond and its surrounding suburbs continues to spur property market performance across the municipality, which has long been sought after for its convenient location, outstanding local amenity and excellent lifestyle options.
© Jellis Craig 2021