RICHMOND & ABBOTSFORD - URBIS RESIDENTIAL MARKET & ECONOMIC OUTLOOK - The Parkhouse Apartments
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O C TO B E R 2 0 1 6
RICHMOND &
ABBOTSFORD
U R B I S R ES I D ENTI A L M A R K E T
& ECO N O M I C O UTLO O K
MELBOURNE
Melbourne is adding the most new residents of all Australian
capital cities, with the Victorian economy also growing strongly.
WALK ABILITY & ACCESSIBILITY
Residents of Richmond & Abbotsford have access to road, rail
and tram infrastructure with connectivity to the Melbourne CBD
within 10 minutes.
DEMOGRAPHICS, EDUCATION & EMPLOYMENT
Richmond & Abbotsford’s residents are typically younger than
the Greater Melbourne average. They are highly educated, with
above average incomes.
INFRASTRUCTURE
A number of large infrastructure projects are planned around
Richmond & Abbotsford enhancing accessibility.
RESIDENTIAL MARKET
Richmond & Abbotsford’s median apartment sale price has
increased by 4.5% per annum over the 10 years to June 2016.
RENTAL MARKET
Rents in Richmond and Abbotsford for one, two and three
bedroom apartments have grown 6.1%, 4.7% and 5.6% per annum
over the decade to March 2016.
AUSTRALIA
Economic Growth REAL GDP GROW TH
Comparison of Selected Developed Nations
Australia’s economy performed well in comparison to 6.00
other developed nations during the Global Financial
4.00
Crisis. Australia outperformed the OECD on a number of
measures during this downturn including unemployment, 2.00
interest rate spreads and GDP growth rates due to a 0.00
combination of fiscal and monetary responses along with 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
-2.00
the performance of the resources sector. In addition the
country’s prudent financial regulations contributed to -4.00
ongoing economic stability. -6.00
Australia Japan United Kingdom
Canada New Zealand United States
Exchange Rates
Source: International Monetary Fund
The Australian dollar was buying over US$1.00 in early
2012, reflecting a peak for the currency. Over the past AUSTRALIAN DOLLAR
four years, the AUD has depreciated to around US$0.75 AUD/USD
as at the end of August 2016. This is primarily due to the
0.95
strengthening US economy and the declining demand
0.90
for Australian commodities. This makes Australian
property more attractive to foreign investors, as stronger 0.85
foreign currency means that overseas funds have greater 0.80
purchasing power than was the case two to four years ago. 0.75
0.70
Interest Rates 0.65
Aug-14
Dec-14
Apr-15
Aug-15
Dec-15
Apr-16
Aug-16
Interest rates are at an historical low and have been low
for some time. The Reserve Bank of Australia cut interest
rates by 25 basis points at their May 2016 meeting and by Source: RBA
a further 25 basis points in August to the current official
cash rate of 1.5%. INTEREST RATES
Current Cash Rate: 1.5%
With financial institutions passing the low rates on to 10%
customers, borrowers are benefiting from the rate cuts. 9%
Standard variable loan rates have been below 6% since 8%
7% Home Loan Rate,
the RBA’s August 2013 rate cut, creating a favourable 6% 5.25%
environment for borrowers due to the low cost of finance. 5%
4%
3% RBA Cash Rate,
1.50%
Australia’s Population 2%
1%
0%
At the latest count Australia’s population exceeded
Aug-06
Feb-07
Aug-07
Feb-08
Aug-08
Feb-09
Aug-09
Feb-10
Aug-10
Feb-11
Aug-11
Feb-12
Aug-12
Feb-13
Aug-13
Feb-14
Aug-14
Feb-15
Aug-15
Feb-16
Aug-16
24.2 million. With increasing life expectancy and
immigration, the country’s population is forecast to
continue increasing over the coming decades. Source: RBA
PROJECTED POPULATION
39.3 MILLION2055
Source: ABS
BY
2
MELBOURNE
World's Most Liveable City -
Six Consecutive Years
In August 2016 the Economist Intelligence Unit voted 1 MELBOURNE AUSTRALIA 97.5 /100
Melbourne as the World’s Most Liveable City for the sixth
2 VIENNA AUSTRIA 97.4 /100
consecutive year. The ranking recognises Melbourne’s
health, education and infrastructure facilities, along with 3 VANCOUVER CANADA 97.3 /100
the city’s cultural diversity, environment and political
4 TORONTO CANADA 97.2 /100
stability. Melbourne received the highest results for
Healthcare, Education and Infrastructure. 5 ADELAIDE AUSTRALIA 96.6 /100
Population Growth Victoria’s Economic Growth
Melbourne’s population is growing at a faster rate than The State of the States report, released by CommSec,
any other Australian city. The city is forecast to add an stated Victoria has the fastest annual economic growth
average of 89,1 00 residents each year through to 2055. in the nation, with growth up 3.6% from the previous year,
By 2053 Melbourne’s population is projected to overtake outperforming both New South Wales and Queensland.
Sydney’s by an additional 8000 residents. As interstate
The City of Melbourne’s economy is also growing. The
and international immigration continues, the difference
Gross Local Product for Melbourne measured $90.6 billion
is forecast to broaden, with Melbourne projected to have
in 2015, having increased 3.7% per annum over the previous
90,000 more residents by 2061.
decade. Total employment also grew over this period,
increasing to over 450,000 jobs in 2015.
FORECAST POPULATION
2055 ECONOMIC GROW TH
Year Ending July 2016
Melbourne 8.08 MILLION
Sydney 8.05 MILLION VIC +3.6%
Brisbane 4.47 MILLION NSW +3.5%
Source: ABS QLD -1.5%
Source: CommSec
Melbourne’s Affordability MEDIAN APARTMENT PRICE
Melbourne vs. Sydney & Brisbane
The median apartment price across the metropolitan $700,000
Melbourne area has grown strongly over the past decade. Melbourne SD $635,000
Annual price growth in Melbourne’s apartment market has $600,000 Sydney SD
risen by 5.2% per annum to the end of 2015. In addition Brisbane SD $470,000
$500,000
44%
to strong growth, apartments in Melbourne are more
affordable than Sydney. As at the end of 2015, the median $400,000
apartment price in Melbourne was 44% more affordable $411,000
$300,000
than Sydney.
$200,000
There are substantial stamp duty savings when purchasing
$100,000
a property off the plan in Victoria prior to construction
commencing. Such concessions are not offered in New $0
South Wales or Queensland leading to considerable
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
savings on duty for Victorian property buyers.
Source: APM PriceFinder; Urbis
3
WALKABILITY &
ACCESSIBILITY
Richmond & Abbotsford is an inner city precinct less than
three kilometres east of Melbourne’s CBD and benefits from
excellent accessibility.
The precinct has been through significant gentrification over
20 14
the past two decades to become one of Melbourne’s most
sought after locations to reside. The area’s proximity to the
city, ease of accessibility, shopping, entertainment and dining CARLTO
options all add to its desirability.
Victoria Street, Bridge Road and Swan Street are all Major
Activity Centres under Plan Melbourne, providing a range of
amenity. Victoria Gardens Shopping Centre is easily accessible
to residents, offering a cinema, supermarket and one of Victoria’s
two IKEA stores. The centre also houses 75 specialty shops.
16
These areas of amenity, as well as the Melbourne CBD can
be accessed via the six train stations within the catchment.
In addition, there are also six tram routes servicing the area
providing connections to the city, Bridge Road, Victoria Street,
Swan Street and Chapel Street.
MELBOURNE
The Capital City Trail runs alongside the Yarra River providing CBD
an attractive walking, running and cycling route that connects
Richmond & Abbotsford to a number of routes for community
and leisure.
Residents have access to a number of parks and recreation
reserves with the Royal Botanic Gardens 2km from
Richmond’s centre, whilst Abbotsford Convent and Yarra
Bend Park lie to the north. The Richmond Recreation Centre,
located on Gleadell Street, includes an Olympic sized 4
swimming pool and gym facilities. Many of Melbourne’s
major sporting events are held at the MCG and the stadia
in the Melbourne Park Sports and Entertainment Precinct
located in the neighbouring Jolimont district.
Richmond and Abbotsford's location and strong amenity allows Richmond & Abbotsford
it to draw upon downsizers from the neighbouring affluent
suburbs, including Toorak, Kew, South Yarra and Hawthorn. Leisure and Retail
1 LEISURE AND RETAIL Abbotsford Convent Recreation
2 RECREATION Richmond Recreation Centre
3 RECREATION Melbourne Cricket Ground Retail
4 RECREATION Crown Casino
5 RECREATION Melbourne Park Train Station
6 RECREATION Royal Botanic Gardens
7 RETAIL Victoria Gardens Shopping Centre Education
8 STATION Collingwood Station
9 STATION North Richmond Station
10 STATION West Richmond Station Medical
11 STATION Jolimont Station
12 STATION Richmond Station Railway Line
13 STATION East Richmond Station
14 EDUCATION University of Melbourne Tram Route
15 EDUCATION Collingwood College
16 EDUCATION RMIT University
´
17 EDUCATION Melbourne Girls College
18 EDUCATION Melbourne Girls Grammar
19 EDUCATION Melbourne High
20 MEDICAL Royal Melbourne and Royal Women's
21 MEDICAL St Vincents 2 Kilometers
22 MEDICAL Epworth Hospital
4
Residents are attracted to the catchment’s active local culture, high lifestyle amenity and
CBD proximity.
ON
COLLINGWOOD
15 1
8
KEW
21
THE PARKHOUSE
Victoria St
9
7
EAST MELBOURNE
10
11 22
2
Bridge Rd HAWTHORN
3
RICHMOND 17
12
5 Swan St
13
6
18
19
SOUTH
t
Chapel S
YARRA
TOORAK
5
POPULATION & DEMOGRAPHICS
Population Demographics
Richmond & Abbotsford’s population has grown steadily Australia is currently in the midst of a cultural and demographic
over the past decade, with particularly strong growth seen change to higher density living with a focus on lifestyle
in the past two years. Population growth is a fundamental factors. This change is driven by a number of reasons such
driver of a residential market, with the growth trend as affordability, downsizing, the increase in single and couple
expected to continue. occupant homes and people preferring to live closer to
amenity and employment.
Australian Bureau of Statistic’s population projections
state that the Richmond & Abbotsford Catchment The Richmond & Abbotsford Catchment is well placed to
(comprising the suburbs of Richmond and Abbotsford) capitalise on these changes, offering a location in close
will increase by around 20,900 new residents by 2036; proximity to major employment nodes and social hubs, as well
equating to a 2.2% annual increase. The forecast growth as accessibility to transport corridors. This transformation can
will support the residential market which in recent years already be observed through analysis of the age demographic
has experienced tight vacancies, increasing median rents within the catchment that highlights 41% of the catchment is
and value growth within the catchment. aged between 20 and 34 years – around 18 % higher than the
proportion of Greater Melbourne's population.
POPULATION FORECAST
The catchment has an average household income of $108,525
60,000 and is home to predominately white collar workers with 87%
55,100
52,000 of residents working in these occupations. Over the 10 years
50,000 48,500 to 2011, the average household income in the Richmond &
43,600 Abbotsford Catchment has doubled from $52,759 to $108,525.
40,000 37,800
AGE DISTRIBUTION
30,400
30,000 28,100 2011
PROPORTION OF RESIDENTS
45%
20,000 Abbotsford & Richmond
40%
Greater Melbourne
35%
10,000
30%
25%
0
20%
2001 2006 2011 2016 2021 2026 2031 2036
15%
PERIOD (ANNUAL) 10%
Source: ABS, ForecastID, Urbis 5%
0%
0-19 20-34 35-49 50-64 65+
AGE BRACKET
Source: ABS, Urbis
WHO LIVES IN THE RICHMOND & ABBOTSFORD CATCHMENT?
RENTAL
AGREEMENT
COUPLE WHITE
GEN Y HOUSEHOLD LONE HOUSEHOLD
FAMILY NO RENTERS APARTMENTS COLLAR PROFESSIONALS
(AGED 20-34) SIZE PERSON INCOME
CHILDREN WORKERS
41% 2.1 28% 33% $108,525 52% 44% 87% 41%
RICHMOND CATCHMENT
23% 2.6 25% 23% $86,412 28% 15% 72% 25%
GREATER MELBOURNE
Source: ABS Census 2011
6EMPLOYMENT & EDUCATION
Employment Education
The Catchment’s residents have high levels of income. The The catchment’s residents are highly educated with just
majority hold professional roles, with 86% of employed residents under half the population holding a tertiary qualification.
working in white collar roles as at the last census. Richmond & In addition to this, there is some 9% that are currently
Abbotsford support a large workforce, with almost a quarter of undertaking tertiary study.
the total employment in the Yarra Local Government Area along
the Swan Street Precinct. There are a number of offices along Residents have access to a number of public and
Church Street, whilst a number of retail and hospitality roles private primary and secondary schools along with
exist along Bridge Road. The catchment area has shown above Melbourne’s universities.
average growth in the number of jobs, measuring 4.7% in the
three years to June 2016. Victoria attracts the most international tertiary students
of any state with over 130,000 students studying at
Melbourne’s CBD is a hub of employment activity and Victorian universities in 2015. The University of Melbourne,
the catchment’s proximity to the CBD supports the high Australia’s top rated tertiary institution, lies 5km from the
proportion of residents in professional roles. On a daily basis catchment, with the 109 tram providing connections to the
there are more than 220,000 workers in Melbourne's CBD university. Monash University’s Caulfield campus is a 10
with the majority of these roles professional. The catchment’s minute train journey from Richmond station, whilst RMIT
accessibility to both the CBD and the Parkville Employment University is in Melbourne’s CBD. Residents also have
Cluster is attractive to professional workers, with travel times access to Deakin University via tram route 75 which runs
of less than 10 minutes to the city centre. along Bridge Road.
LABOUR FORCE GROW TH MELBOURNE’S UNIVERSITIES
June 2013 – June 2016 Student Enrolments 2015
DEAKIN UNIVERSITY....................................................... 51,028
4.7% LA TROBE UNIVERSITY.................................................. 35,675
2.7% MONASH UNIVERSITY.................................................... 67,851
59,914
RMIT UNIVERSITY.............................................................
RICHMOND & YARRA LGA
ABBOTSFORD SWINBURNE UNIVERSITY OF TECHNOLOGY...... 37,194
Source: Dept. of Employment Australia THE UNIVERSITY OF MELBOURNE......................... 56,658
LABOUR FORCE GROW TH
VICTORIA UNIVERSITY.................................................... 27,742
Note: The above enrolments are across all campuses
Source: Dept. of Education and Training Australia
25,500
25,250 TERTIARY EDUCATION 2011
LARBOUR FORCE
25,000 Richmond &
24,750 Abbotsford Catchment Greater Melbourne
24,500
Proportion of
24,250
the population
24,000 with a tertiary 49% 32%
23,750 qualification
23,500
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
Undertaking
PERIOD (QUARTERLY)
tertiary study 9% 6.5%
Source: Department of Employment; Urbis Source: ABS Census 2011
7INFRASTRUCTURE
The Richmond & Abbotsford Catchment is in a prime position to benefit from
a number of surrounding infrastructure projects. The catchment is close to the
CBD, and leverages off a strong network of established infrastructure. Continued
investment will support greater demand from owner occupiers and investors.
ALE XAND
R A PD E
Y
EASTER N FW
ROYAL MELBOURNE UNIVERSITY OF
& ROYAL WOMEN’S MELBOURNE YARRA BEND PARK
SMITH STREET
RETAIL PRECINCT COLLINGWOOD
ACADEMY OF MARY COLLINGWOOD
QUEEN VICTORIA COLEGE KEW
MARKETS IMMACULATE STUDLEY PARK, KEW
AUSTRALIAN
RMIT UNIVERSITY CATHOLIC UNIVERSITY
THE PARKHOUSE
EPWORTH
FREEMASONS
PETER MACCALLUM
FLAGSTAFF CANCER INSTITUTE
GARDENS
HO DDLE ST
VICTORIA GARDENS
FITZROY SHOPPING CENTRE
WU
GARDENS
MELBOURNE CBD
R
UN
EPWORTH HAWTHORN
DJ
HOSPITAL RICHMOND
ER
EAST RECREATION CENTRE
IW
MELBOURNE
AY
ALEXANDRA MELBOURNE RICHMOND
GARDENS SPORTING PRECINCT MELBOURNE
GIRLS COLLEGE
OLY MP IC
DOMAIN TUNL BLV D
WEST GATE FWY
BUR
NL EY BURNLEY
M
TU N
ON
BOTANIC L
TA
MELBOURNE
RD
GARDENS
GU
KI GIRLS C ITY
TY
NG L
E
GRAMMAR INK
CI
ST
S
W
AY
MELBOURNE
PU NT R D
MAC ROBERTSON GRAMMAR MELBOURNE HIGH
GIRLS HIGH
T
YS
TOORAK
BA
Education Railway Station SOUTH YARRA
QUE
CHAPEL STREET
ENS
Leisure & Retail Railway Line
RETAIL PRECINCT
RD
Hospitals Tram Line ALBERT
Recreation Bicycle Path PARK ALFRED HOSPITAL
Richmond & Abbotsford Major Transport Corridor
N 2 Kilometers
8INVESTMENT
Structural Uplift & Victoria Gardens Shopping Centre
Structural uplift is the direct and indirect impact that significant projects and infrastructure investment have on the local
area, economy and local residents. Evaluating structural uplift is undertaken by measuring the change that development
has had on the following assessment gauges:
CAPITAL APPRECIATION
DESIRABILITY OF LIFESTYLE QUALITY FOR RESIDENTIAL
THE REGION OF RESIDENTS DWELLINGS
The Victoria Gardens Shopping Centre and its impact on the In conjunction with the impact of the shopping centre,
wider area is a prime example of structural uplift. Located on Victoria Street is undergoing substantial change from
Victoria Street on the border of Abbotsford and Richmond, industrial uses to a mixed use precinct with high quality
the centre is anchored by major tenants K-Mart and Coles, new residential developments. Part of this redevelopment
with 75 specialty shops, as well as an eight screen Hoyts includes the restoration and revamping of existing
cinema and a gym. The site also comprises one of two IKEA’s establishments, such as the Terminus Hotel.
in Victoria, further adding value to the area.
Key Projects in Richmond & Abbotsford
There are a number of current and planned public and private infrastructure projects for the Richmond & Abbotsford catchment area:
STATE GOVERNMENT Victoria Street Gateway Project, Richmond Plaza Redevelopment
INVESTMENT Stage 2 The first stage of the project Redevelopment of Richmond Plaza,
Richmond High School concluded in 2014. Stage two located on Bridge road has been
A new co-educational public secondary ($2 million) will continue the theming proposed. A new full-line Coles
college proposed for Gleadell Street. along Victoria street between the supermarket, specialty shops,
$43 million is set to fund the new railway bridge and Church Street. restaurants, offices and a gym are
school which is anticipated to open in With works proposed for 2018 the planned as part of the development.
2018 for 650 students. project will improve the streetscape
along Victoria Street and continue Victoria Park Station Precinct
with the catchment’s rejuvenation. Development In the preliminary
LOCAL GOVERNMENT planning stages, an estimated
INVESTMENT $10 million redevelopment of the
PRIVATE INVESTMENT:
Richmond Recreation Centre The Abbotsford site is set to occur. The
Yarra City Council has allocated $1.5 Epworth Hospital Redevelopment The project will likely comprise residential,
million to refurbish the recreation Epworth Hospital Richmond, Victoria’s retail and employment opportunities
centre. largest private hospital is located redeveloping currently disused land.
on Bridge Road and is undergoing
Richmond Town Hall A $1.7 million a $350 million redevelopment to be
upgrade of Richmond Town Hall is completed by 2019.
planned for late 2015, reopening in
mid-2016.
9APARTMENT SALES ANALYSIS
Market Overview Median Price Growth
Richmond & Abbotsford’s demographic profile is Price growth is an indication of continued demand for
conducive to apartment living. The smaller average dwellings within an area. Median apartment prices across
household size reflects the catchment’s high proportion of the Richmond & Abbotsford Catchment have grown by
lone person households, at 32% in 2011. Residents tend to a steady rate of 4.5% per annum over the past decade.
live in an apartment, with this dwelling type making up 41% Steady long term growth, whilst still remaining relatively
of the total housing stock at the last census. This greatly affordable indicates that there is potential for the area to
exceeds the Greater Melbourne average where just 15% of see continued price growth.
all residences are apartments.
Median Price MEDIAN PRICE GROW TH - PER ANNUM
To June 2016
The catchment area’s median apartment price measured
$560,000 for the year to June 2016. Apartments in 5 YRS 10 YRS
the area are 53% more affordable than houses which
RICHMOND &
recorded a median price of $1,062,000 over this period.
As affordability pressures continue, the trade-off between ABBOTSFORD 1.9% 4.5%
space and local amenity will prevail. An apartment or unit
MELBOURNE
in an inner city location close to amenity and employment
is increasingly an attractive option to many who choose
STATISTICAL DIVISION 1.3% 5.2%
to forgo space offered by a larger house to be closer to
the city, with apartments sold at a lower price point. The Source: APM Price Finder; Urbis
impending completion of a number of new apartment
developments within the area will continue the area’s
regeneration.
APARTMENT SALES CYCLE ABBOTSFORD VS. GREATER MELBOURNE
Richmond vs. Greater Melbourne
$600,000
Richmond $700,000 Abbotsford
$555,000 $596,825
$600,000
$500,000
Melbourne $500,000
MEDIAN PRICE
MEDIAN PRICE
$400,000 $480,000 Melbourne
$400,000 $480,000
$300,000
$300,000
$200,000
$200,000
$100,000 $100,000
$0 $0
Jun-2006
Jun-2007
Jun-2008
Jun-2009
Jun-2010
Jun-2011
Jun-2012
Jun-2013
Jun-2014
Jun-2015
Jun-2016
Jun-2006
Jun-2009
Jun-2008
Jun-2007
Jun-2010
Jun-2015
Jun-2016
Jun-2012
Jun-2013
Jun-2014
Jun-2011
YEAR TO JUNE YEAR TO JUNE
* Note: recent periods are not inclusive of the off-the-plan sales that have * Note: recent periods are not inclusive of the off-the-plan sales that have
occurred, as data is reflected upon settlement of a project. occurred, as data is reflected upon settlement of a project.
Source: APM Price Finder; Urbis Source: APM Price Finder; Urbis
10APARTMENT RENTAL ANALYSIS
Rental Market Overview Rental Premium
The Richmond & Abbotsford Catchment has favourable Apartments in Richmond & Abbotsford recorded significantly
demographics underpinning its rental market with a high higher rents than that across Greater Melbourne for the year
proportion of residents renting their home. At the last to March 2016. During this period median weekly rent for
census 53% of households rented, compared to just 33% one bedroom apartments measured $367 and $500 for two
across Greater Melbourne. Combined with the younger bedroom apartments. Three bedroom apartments in the
age profile, above average incomes and fewer households area saw median weekly rents of $743. These above average
with children the characteristics of the area’s population rents occurred alongside growth in rental contract volumes
support a consistent rental market. suggesting demand for rental apartments in the catchment
remains irrespective of the rental premium.
PROPORTION OF HOUSEHOLDS RENTING
MEDIAN WEEKLY RENT- APARTMENTS
2011
Year to March 2016
$367
1 $326
53% 33% $500
2 $406
$743
3 $465
RICHMOND & GREATER
ABBOTSFORD MELBOURNE RICHMOND & ABBOTSFORD GREATER MELBOURNE
Source: ABS Source: Department of Human Services
Note: The Richmond & Abbotsford Catchment includes the suburbs of
Richmond, Abbotsford, Collingwood and Burnley
Weekly Median Rental Growth
Contract Growth
Over the 10 years to March 2016, median weekly rents
for all apartments within the Richmond & Abbotsford Growth in rental contracts has been particularly rapid over
Catchment have recorded solid growth. One and two the past five years, with the volumes more than doubling
bedroom apartments have respectively grown at rates for both one bedroom and two bedroom apartments. The
of 6.1% and 4.7% per annum, whilst three bedroom growing volume of renters and rental contract growth indicate
apartments, which make up a lower proportion of continued absorption and reflects the sustained demand
apartments available within the catchment, recorded for low-maintenance living close to work, study and leisure
growth of 5.6% per annum. amenity in the precinct.
MEDIAN WEEKLY RENTS RENTAL CONTRACT VOLUME
Richmond & Abbotsford Catchments Richmond & Abbotsford Catchment
$800 4,000
3 Bed
$700 3,500 2 Bed
3 Bed $743 1 Bed
$600 3,000
WEEKLY RENT
$500 2,500
VOLUME
2 Bed $500
$400 2,000
$300 1 Bed $367 1,500
$200 1,000
$100 500
$0 0
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
ROLLING ANNUAL - QUARTERS ROLLING ANNUAL - QUARTERS
Source: Department of Human Services, Urbis Source: Department of Human Services, Urbis
Note: The Richmond & Abbotsford Catchment includes the suburbs of Note: The Richmond & Abbotsford Catchment includes the suburbs of
Richmond, Abbotsford, Collingwood and Burnley Richmond, Abbotsford, Collingwood and Burnley
11This publication is prepared on the instruction of Salta and is not suitable for use other than by the party to whom it is addressed. As the publication involves projections and assumptions it can be affected by a number of unforeseen variables. The forecasts and assumptions are a prediction and whilst Urbis has made every effort to ensure that the forecasts and assumptions are based on reasonable information, they may be affected by assumptions that do not necessarily eventuate by known or unknown risks and uncertainties. It should be noted that past performance is not necessarily a reliable indication of future performance. The information in the publication does not represent financial advice and should not be regarded as such. It has been prepared without taking into account your financial situation or investment objectives. You should consider the appropriateness of the information in regards to your current financial situation or needs. Urbis accepts no responsibility for the accuracy or completeness of any such material. The information is subject to change without notice and Urbis is under no obligation to update the information or correct any assumptions which may change over time. This study has been prepared for the sole use of Salta and is not to be relied upon by any third party without specific approval from Urbis. This publication is subject to copyright. Except as permitted under the Copyright Act 1968, no part of it may, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) be reproduced, stored in a retrievals system or transmitted without prior written permission. Enquiries should be addressed to the publishers.
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