The precinct provides tangible evidence of the key phases in the residential development of Richmond from the time of earliest settlement in the 1850s to the inter-war period and demonstrates how the areas closest to Melbourne town were the first to be subdivided and developed. It is also important for demonstrating an important phase of development in the late interwar period, which was characterised by industrial and higher density residential development. The precinct is of note as a vivid illustration of how class distinctions were reflected in the design and location of housing from the earliest time of settlement in Richmond. The substantial mansions and villas in and around Erin Street, in particular, demonstrate the early importance of Richmond Hill as a suburb favoured by wealthy and the elite, overlooking the working-class housing that developing on the flat areas around Smith and York streets.
The precinct demonstrates the principal characteristics of residential areas in Richmond that were largely developed prior to World War II and are comprised of predominantly Victorian era housing, supplemented by Edwardian and interwar infill, with commercial buildings in small groups and on corner sites. Overall, the intactness of the building stock to the period prior to World War II is very high and creates visually cohesive and consistent streetscapes that are complemented by traditional public realm materials such as asphalt footpaths and bluestone kerb and channel.