Richmond vs Templestowe Lower

The median house price is $1.4M in Richmond and $1.4M in Templestowe Lower, so Richmond is the cheaper entry point, with Templestowe Lower houses about 1% dearer.

For units, Richmond sits at a median of $780K against $930K in Templestowe Lower, which makes Richmond the more affordable unit market and Templestowe Lower the pricier one.

Over the past year house prices moved -3.2% in Richmond (an estimate) and +2.2% in Templestowe Lower, so recent momentum favours Templestowe Lower, while Richmond went backwards.

Rental vacancy is 1.6% in Templestowe Lower and 1.8% in Richmond, so landlords in Templestowe Lower 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 28,587 against 14,098, roughly 2.0 times the size of Templestowe Lower; a larger suburb usually means a deeper pool of buyers and tenants.

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