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.
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Vacancies are squeezed further
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.