Richmond vs Woodford

The median house price is $1.0M in Richmond and $1.0M in Woodford, so Richmond is the cheaper entry point.

For units, Richmond sits at a median of $685K against $730K in Woodford, which makes Richmond the more affordable unit market and Woodford the pricier one.

On cash flow, Woodford leads: houses there return a gross rental yield of 3.50%, compared with 3.20% in Richmond, a gap of 0.30 percentage points.

Over the past year house prices moved +8.4% in Richmond and +9.5% in Woodford, so recent momentum favours Woodford, although both suburbs recorded growth.

Looking back three years, Richmond houses are +19.3% and Woodford houses +26.7%, so Woodford has compounded faster than Richmond over the longer window.

Rental vacancy is 0.9% in Woodford and 1.1% in Richmond, so landlords in Woodford face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Richmond is the bigger suburb, with a population of 5,418 against 1,953, roughly 2.8 times the size of Woodford; a larger suburb usually means a deeper pool of buyers and tenants.

In short: Woodford for rental income, Richmond for a lower purchase price, Woodford for recent price momentum, Woodford for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.