22 Duke Street, Richmond VIC 3121
22 Duke Street, Richmond VIC 3121
3-bed 2-bath house | first sale since 1999 | near Richmond schools | no off-street parking listed | inner-city owner-occupier demand
A three-bedroom two-bathroom house is regarded as one of the most practical configurations for inner-city family living, and such stock is not plentiful in Richmond. The property has been held since 1999, which is often taken as a sign of a settled and well-maintained home. Proximity to Richmond Primary School and Richmond High School, each within a short walk, is considered a meaningful advantage by family buyers. Given the suburb’s heavy weighting toward apartments and units, a detached house of this size is comparatively rare, and that scarcity is generally reflected in stronger value. The property is expected to suit owner-occupiers most strongly, while investor interest is likely to be secondary but genuine.
The absence of off-street parking may be seen as narrowing appeal for some households, though this trade-off is often accepted by inner-city buyers. The renovation level since 1999 might be regarded as the strongest influence on final price, as older homes may have been updated to varying standards. Land size may vary across similar houses and should be verified before a firm view is formed.
Detailed Independent Property Report prepared by PropCred Analyst team for 22 Duke Street, Richmond VIC 3121
Checks found:
Value Risk
2
Liquidity Risk
2
Planning Risk
2
Income Risk
1
Execution Risk
URL has been copied successfully!
Market Insight
Richmond is an inner-suburban market driven by young professionals and childless couples, with professional occupations dominant. House prices are broadly flat: medians range from $1.31m to $1.46m, with annual growth between -1.08% and +0.36%. Units are firmer, with medians around $518k–$640k and growth up to 4.92% in one series. Houses sit on the market 26–47 days; units sell faster at 26 days. Rental yields are modest for houses at 3.26–3.52%, stronger for units at 5.17%. Weekly rents for houses vary widely from $760 to $1015; units $595–$680. Sales volumes are solid at 292–318 houses annually. Future supply and connectivity improvements include the $1.5bn Richmond–Flinders Street corridor and Burnley TAFE redevelopment. Key constraints include high mortgage debt and flat house price growth, which could cap near-term capital gains.
URL has been copied successfully!
PropCred Estimated Value
Comparable Sales: 203/386 Burnley Street (3-bed apartment) sold Apr 2024 at approximately $1.2M | Property Price Band: $1.4M–$1.5M | Value Drivers: condition, land size, street position
Bedrooms
2
Bathroom
1
Parking
1
Land
129m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
·
Reviewed by Matt Proctor, Principal Analyst
URL has been copied successfully!