Loan pre-approvals by banks can be confusing. They aren't a rubber stamp to buy whatever you want, but some buyers are being a little too cautious.
Where to invest in Richmond
Richmond boasts a large diversity of residents across ethnicities and stages of life with its industrial history providing a range of properties to meet their needs. Residents are also attracted by its close proximity to the City and MCG, transport options and local precincts,
Five train stations (Richmond, West Richmond, East Richmond, North Richmond and Burnley), seven tram routes (12, 48, 70, 75, 78, and 109), a bus route and several bike routes including the Capital City Trail and the Yarra River Trail, provide Richmond with a variety of transport alternatives to driving. Richmond also offers its residents an assortment of entertainment options through shopping precincts, Victoria Street, Bridge Road, Swan Street and Victoria Gardens, and art galleries.
Richmond contains the largest number of residents born overseas within the City of Yarra and has the heart of Melbourne’s Vietnamese population on Victoria Street. Little Saigon, as it is colloquially known, is host to the annual Lunar New Year Festival. One of the largest held in the Yarra area, the popular event launches the Lunar New Year with food, fireworks and cultural displays.
Richmond’s history as a manufacturing industry centre is evident in the warehouses and cottages mixed in throughout its streetscapes. The timber cottages were home to the industry workers while the larger properties housed the wealthy. As the demand for housing increased, apartment blocks were constructed to house workers. These properties are still found throughout Richmond today while the warehouses that initially brought workers to the area have been converted to retail and residential properties as Richmond’s popularity has grown.
Focus on the older brick and timber cottages built between 1880 and 1930 and the collection of older style apartments when looking to buy investment properties, with classic designs more likely to have consistent rentals and higher capital growth over the long term. Warehouses are also a popular option with well-done conversions highly sought after by owner occupiers. However, one should tread with care as some are poorly converted and can be more of a hindrance than an investing dream.
One should pay particular attention to the number of apartments around as certain areas of Richmond are over populated with new apartments shifting the balance of supply and demand out of an investor’s favour in those sections. Also, take note that due to mixed streetscapes, not everywhere in Richmond is ideal for investing. You want to pay particular attention to streets that are in close proximity to shops and transport that have a consistent range of properties.
Richmond’s diversity in culture, entertainment and properties continue to make it a stand out area to live in for families and young professionals and for our clients to invest in. And after years of buying properties in the area, not to mention our on-the-street observations and analysis of thousands of sales over 21 years, Wakelin Property Advisory has a Richmond suburb expertise unmatched by any other buyer’s advocate or buyer’s agent
 Yarra City Council Multicultural Policy 2010 - 2014