Suburb Profile Report for Carlton VIC (3053)

Carlton House: Median price $1,225,500, Annual capital growth 11.37%, Number of sales 48, Weekly median advertised rent $550

Carlton Unit: Median price $305,500, Annual capital growth 3.47%, Number of sales 282, Weekly median advertised rent $390

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

With a capital gain of 35.71% for the last 12 months, Carlton, 3053 has performed for property investments than its average annual 11.37% property growth over the last 5 years.

Over the longer term, Carlton has seen property prices show investors a 50.37% return over the last 3 years. This is worse than over the last 12 months

Property investors looking for a bargain in Carlton should be aiming for at least -6.92% off the asking price, which is the average vendor discount being achieved at the moment.

At number 1228 in a list of fastest selling suburbs, Carlton is in the TOP 40% of suburbs in Australia with an average of days on market 65.17 for properties listed there.

Using the current median advertised rental of $550 and the average annual increase in value of a median property of 11.37%, investors should hope to achieve an overall return of 2.33%

At number 1690th in the list of Australian suburbs ordered by increase in median house value over the last year, Carlton, 3053 is in the BOTTOM 10% with a property value increase of -21.06% recorded in median house prices.

When looking at the potential capital gains offered to property investors over the last 3 years, Carlton comes in at number 366th in VIC.

Carlton3053 is located in VIC which offers an average discount of -5.03% to property investors. Carlton itself is showing figures that indicate -5.70% is the average achievable by property buyers investing in the suburb.

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Carlton sits just a couple of kilometres north of the CBD, yet its unit price is astonishingly affordable. In fact, it was recently singled out by RP Data and St George bank as an affordable growth pocket that’s been overlooked compared to its neighbours.

Full summary

Carlton sits just a couple of kilometres north of the CBD, yet its unit price is astonishingly affordable. In fact, it was recently singled out by RP Data and St George bank as an affordable growth pocket that’s been overlooked compared to its neighbours.

Certainly the median unit prices for neighbouring Fitzroy, Collingwood and North Melbourne suggest that Carlton has plenty of room for growth. It’s worth bearing in mind, however, that Carlton’s unit listings show a bias towards small student studios and one-bedroom units, so when comparing like for like Carlton units won’t be quite as cheap as the median data suggests.

That said, the entry price for student studios that bring in $200 per week in rent is as little as $139,000. And with the suburb’s average yield coming in at around 7% this is an area where it’s possible to pick up a cheap, low maintenance apartment and play for rental returns.

Other than students, the rental market is made up primarily of young families and professionals, with renters making up an astonishing 79% of Carlton’s population at the last Census in 2006. This figure is expected to hold firm over the next five years by SQM Research. The rental vacancy rate sits at around the 2% mark.

The location is excellent, with the CBD, two universities and all the amenities that you can shake a stick at all being within a couple of kilometres. These include restaurants, cafes, bookstores and a cinema complex. Carlton is especially well known for its thriving Italian community, and is credited with kicking off Melbourne’s now ubiquitous café culture.

Buyer Solutions’ Janet Spencer points to Lygon Street as a real hub of activity: “It’s the main drag, with restaurants, shops, fashion boutiques, cafes and tram transport into the city.” She also highlights Nicholson Street as being good for shopping and points to Rathdown Village in Carlton North as being a "gorgeous" area.

Australian Property Buyers’ Karin Mackay agrees that Rathdown Village is a great spot, and highlights the fact that Carlton North’s growth figures are better than Carlton’s – as its unit market isn’t dominated by student apartments. 

Close
Metrics i HOUSE UNIT
$1,225,500 $305,500
15.94% -2.24%
35.71% -21.06%
11.37% 3.47%
$550 $390
48 282
2.33% 6.64%
65.17 113.94

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
Find a mortgage broker in Carlton VIC
Demographics
Total population 13509
Median household income ($/weekly) 634
Median age of persons 25
Median housing loan repayment ($/monthly) 1900
Average household size 1.9
  • Census Count Percent(%)
    15-19 years 1285 9.5
    20-24 years 4214 31.2
    25-34 years 3611 26.7
    35-44 years 1162 8.6
    45-54 years 751 5.6
    Others 2486 18.4
    Age Group
    Census Count Percent(%)
    Not Married 7344 73.0
    Registered Married 1633 16.2
    Defacto Relationship 1083 10.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 4425 37.1
    Croatia 1320 11.1
    Malta 1219 10.2
    Singapore 534 4.5
    Other 1350 11.3
    Others 3093 25.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 1291 11.3
    Christianity 3921 34.4
    Hinduism 276 2.4
    Islam 1231 10.8
    No Religion 4526 39.8
    Others 141 1.2
    Religious Affiliation
  • Census Count Percent(%)
    Negative/Nil income 1266 23.1
    $400-$599 435 7.9
    $600-$799 384 7.0
    $1,500-$1,999 392 7.2
    $2,500-$2,999 367 6.7
    Others 2630 48.0
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 4901 43.9
    Employed, worked full-time 3265 29.2
    Employed, worked part-time 1850 16.6
    Unemployed, looking for work 863 7.7
    Employed, away from work 286 2.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 538 10.0
    Professionals 2354 43.6
    Community & personal service workers 649 12.0
    Clerical & administrative workers 665 12.3
    Sales 426 7.9
    Others 773 14.3
    Occupation
    Census Count Percent(%)
    Infants/Primary 288 4.8
    Secondary 286 4.8
    Technical or Further Educational Institution 421 7.0
    University or other Tertiary Institutions 4720 78.6
    Other type of educational institution 236 3.9
    Others 54 0.9
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 7945 71.4
    Semi-detached, row or terrace house, townhouse 2684 24.1
    Separate house 448 4.0
    House or flat attached to a shop, office 44 0.4
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 4519 77.5
    Fully owned 702 12.0
    Being purchased 583 10.0
    Other tenure type 25 0.4
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals