In 1955 a typical Richmond house was about $10,000, or 5.9 years of an average wage. In 2026 it is about $1.5M, or 15 years. Here is the decade-by-decade version, what was standing when, and what her block does now.
Modelled, not measured. Prices are the Melbourne median house price of the day (rounded, dollars of the day) scaled to where Richmond sits against the city median in 2026, blended toward the median for earlier decades because suburbs move up and down the ladder. Wages are national average full-time earnings. Treat every figure as "about". For actual sales history, ask an agent or the state valuer.
Commission homes on the fringe; weatherboards and brick closer in.
Triple-fronted cream brick, timber floors on stumps.
Brown brick project homes, ducted gas, a family room.
The ensuite arrives. Rumpus rooms and pergolas.
Four-two-two under one roof. Federation-revival gables.
Biggest houses in the world. Alfresco and theatre room.
Dual occupancies everywhere. Black frames and butler's pantries.
7-star, no new gas, townhouse pairs. Or a rebuild on Nan's.
Includes ~30% infill that replaced an earlier house.
Rebuild pressure in Richmond is medium. A knockdown or a subdivision every few streets. Character is shifting but the original stock still dominates. Apartments on the old industrial land along the river and Swan Street; terrace renovations everywhere else.
Locals know: Parts of Richmond sit on the old Yarra floodplain. The flood overlay and a high water table shape any basement idea.
A typical Richmond block is 120-350m². Three realistic paths in 2026.
Blocks of 120-350m² in Richmond commonly support two dwellings, subject to overlays. Two townhouses typically $650K-$900K each to build, plus a 6-12 month permit.
Read the guideOne 230-280m² family home on the full block, $650K-$1.2M depending on builder tier and suburb.
Read the guideRestump, rewire, roof and a bathroom: $70K-$140K to bring an old Melbourne house up to modern comfort.
Read the guideModelled on the Melbourne median of the day and Richmond's current position relative to the city, a typical Richmond house was around $15,500 in 1965, or about 5.5 years of an average full-time wage. In 2026 it is around $1.5M, or about 15 years of wages. These are indicative figures, not sales records.
Roughly 30% of today's homes in Richmond are infill: townhouses, courtyard homes or rebuilds that replaced an earlier house. Rebuild pressure is medium: A knockdown or a subdivision every few streets. Character is shifting but the original stock still dominates.
The largest share of Richmond (55%) is villas and cottages (1850s-1910s). Victorian and Edwardian weatherboards and brick terraces, iron lace, slate or iron roofs, timber floors on stumps, rooms off a hall.
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