If you compare the increase in value of investment property in Carlton, 3053 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 17.29%.
Taking the average capital gain, or increase in median house value, Carlton,3053 has racked up an average of 17.29% over the period. This ranks it number 2872th in the whole country for real estate investors looking at median house price increases.
Often selling an investment property can take time, and in Carlton the average time real estate has been on the market is 56.6 days.
Carlton, 3053’s gross rental yield is 2.64%
VIC has seen average median house prices change by 6.25% which means that Carlton, 3053 has done well for property investors by showing a capital gain of -17.30% over the last year
Comparing Carlton,3053 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Carlton, 3053. Typically our figures indicate that -7.61% is being offered, which puts this VIC suburb at 36th most discounted overall in Australia.
On average over the past year, suburb has had 12.42 sales per month, which equates to 149 per year.
With the median price for a house in Carlton being $289444 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 7.10%
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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.
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.