Suburb Profile Report for Carnegie VIC (3163)

Carnegie House: Median price $1,192,500, Annual capital growth 6.01%, Number of sales 74, Weekly median advertised rent $580

Carnegie Unit: Median price $595,000, Annual capital growth 4.34%, Number of sales 155, Weekly median advertised rent $420

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

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
  • Unit Report

At number 3950th in the list of Australian suburbs ordered by increase in median house value over the last year, Carnegie, 3163 is in the BOTTOM 10% with a property value increase of -20.71% recorded in median house prices.

When looking at the potential capital gains offered to property investors over the last 3 years, Carnegie comes in at number 652th in VIC.

LACK OF BUYER INTEREST may well be the reason that Carnegie is offering property investors an average of -6.90. This rate of discount on properties puts Suburb at number 511th in terms of most discounted suburbs in VIC

At number 820 in a list of fastest selling suburbs, Carnegie is in the TOP 30% of suburbs in Australia with an average of days on market 60.4412 for properties listed there.

Carnegie, 3163’s gross rental yield is 2.53%

VIC has seen average median house prices change by 0.68% which means that Carnegie, 3163 has done well for property investors by showing a capital gain of 1.28% over the last year

Over the longer term, Carnegie has seen property prices show investors a 12.26% return over the last 3 years. This is worse than over the last 12 months

Property investors looking for a bargain in Carnegie should be aiming for at least -4.98% off the asking price, which is the average vendor discount being achieved at the moment.

In the last year 155 properties changed hands in Carnegie, which puts it as the 27th most active market in VIC when comparing the number of sales per suburb.

Situated 11.89km from the CBD, Carnegie is one of Glen Eira (C) localities in the postcode 3163.

Information supplied by:


June 2018

M
O

W
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Vacancies are squeezed further

Postcode: 3163

Median unit price: $599,000

Vacancy rate: 1.5%

Three-year growth: 12.0%

Situated 12km from the Melbourne CBD, Carnegie is an established suburb where vacancy rates have tightened from 1.9% to 1.5% in the 12 months leading up to March 2018.

The unit market in this area has been performing admirably since 2013, with an average annual growth rate of 6.2%. The median price comes in at just under $600,000, and the average rental rate comes in at $400 per week.

Initially christened as Rosstown, Carnegie is home to a bustling commercial scene. The shopping district is centred on Koornang Road and Dandenong Road. Koornang Park and the Carnegie Swim Centre are located here as well, along with Carnegie Primary School. Residents are served by the Cranbourne/Pakemham rail line, several bus routes and the Carnegie tram route.

Metrics i HOUSE UNIT
$1,192,500 $595,000
-3.64% 0.00%
-20.71% 1.28%
6.01% 4.34%
$580 $420
74 155
2.53% 3.67%
60.4411764705882 54.8488372093023

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Above average (U)
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Demographics
Total population 16299
Median household income ($/weekly) 1286
Median age of persons 35
Median housing loan repayment ($/monthly) 2015
Average household size 2.3
  • Census Count Percent(%)
    20-24 years 1442 8.8
    25-34 years 3520 21.6
    35-44 years 2444 15.0
    45-54 years 1951 12.0
    55-64 years 1581 9.7
    Others 5361 32.9
    Age Group
    Census Count Percent(%)
    Not Married 5861 46.2
    Registered Married 5700 44.9
    Defacto Relationship 1129 8.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 8574 55.4
    Croatia 903 5.8
    Indonesia 1346 8.7
    United Kingdom 540 3.5
    Other 1494 9.7
    Others 2624 16.9
    Country of Birth
    Census Count Percent(%)
    Buddhism 549 3.7
    Christianity 7159 48.3
    Hinduism 1112 7.5
    Judaism 1333 9.0
    No Religion 4312 29.1
    Others 371 2.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 583 9.4
    $800-$999 554 8.9
    $1,000-$1,249 557 8.9
    $1,500-$1,999 755 12.1
    $2,500-$2,999 576 9.3
    Others 3202 51.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 5550 42.2
    Not in the labour force 4128 31.4
    Employed, worked part-time 2554 19.4
    Unemployed, looking for work 475 3.6
    Employed, away from work 434 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 1138 13.3
    Professionals 2771 32.5
    Technicians & trades workers 868 10.2
    Clerical & administrative workers 1373 16.1
    Sales 795 9.3
    Others 1588 18.6
    Occupation
    Census Count Percent(%)
    Pre-school 262 6.9
    Infants/Primary 945 25.1
    Secondary 667 17.7
    Technical or Further Educational Institution 384 10.2
    University or other Tertiary Institutions 1318 35.0
    Others 195 5.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 7051 46.5
    Flat, unit or apartment 4873 32.1
    Semi-detached, row or terrace house, townhouse 3197 21.1
    House or flat attached to a shop, office 39 0.3
    Improvised home, tent, sleepers out 3 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2795 42.4
    Fully owned 1922 29.1
    Being purchased 1842 27.9
    Other tenure type 35 0.5
    Tenure Type
Census 2011, ABS
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