Richmond is a hotspot for first-time homebuyers despite an average home price of $1.5 million

Richmond, 3km east of the CBD, was one of the areas that attracted the most demand from first home buyers in May and June, according to NAB data.

The place is famous for its cafes, nightlife, transport links and countless early 20th century terraces.

Andy Carr, NAB’s head of home ownership, said there was widespread interest because the pandemic changed lifestyle habits.

“What I’ve seen is that downtown apartments are a really great option and I think customers want to be close to the city but far enough away for the week they work from home. I will,” he told 3AW.

Over the past 12 months, Richmond’s median home price was $1,470,000, with a median of $627,500.

Comedian Hamish Blake and wife Zoe broke suburban price records last year, selling a modern three-bedroom home for a whopping $7.435 billion off the $5.9 million to $6.3 million price guide.

Carr said first-time homebuyers also prefer suburban suburbs because many workers have a newfound ability to work from home.

“It’s a bit of a complicated story. You’re looking at a combination of suburbs outside of the metropolitan area like Dandenong…but Richmond[there]has great cafes and a short walk to ‘G,” he said. Told.

Dandenong, Endeavor Hills, Clyde North and Frankston are all on Melbourne’s fringes and round out our top five list.

first published as Richmond is a hotspot for first-time homebuyers despite an average home price of $1.5 million