Investment property in Carlton has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -14.25%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Carlton has increased when compared to the 5 year average annual rate.
At number 204th of VIC’s most discounted properties, Carlton is in the bottom 40% of the state/territory when listing in order of most discounted to least.
At number 949 in a list of fastest selling suburbs, Carlton is in the TOP 30% of suburbs in Australia with an average of days on market 54.17 for properties listed there.
Using the current median advertised rental of $590 and the average annual increase in value of a median property of 7.29%, investors should hope to achieve an overall return of 2.45%
Carlton has had a A very good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 17.64% to date .
The five-year average increase in median property values for Carlton,3053 has given property investors a potential capital gain of -12.39% across each of those five years.
Our latest figures would indicate that property sellers in Carlton are currently offering property investors an average price cut of -5.08% below the asking price at the moment.
Often selling an investment property can take time, and in Carlton the average time real estate has been on the market is 79.15 days.
Advertised rents are around the $427.5 mark per week – giving a return of 5.85% based on the median price in 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.
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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.
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