En­joy the cafe cul­ture

Herald Sun - Property - - SUBURB PROFILE -

AS an in­ner-city sub­urb renowned for di­ver­sity, Carl­ton is spoil­ing prop­erty buy­ers with choice.

The sub­urb im­me­di­ately north of the city of­fers homes sur­round­ing two univer­si­ties, the cafes and restau­rants of Ly­gon St and ex­ten­sive park­lands.

Carl­ton’s links to Mel­bourne’s cafe cul­ture are self-ev­i­dent in the num­ber of coffee houses and Ital­ian eater­ies lin­ing Ly­gon St in par­tic­u­lar, but also gain­ing fame on Rath­downe and El­gin streets.

Carl­ton is also known for its Vic­to­rian-era sin­gle and dou­ble-storey ter­race houses. Th­ese typ­i­cally at­tract very strong com­pe­ti­tion from buy­ers when they come on to the mar­ket.

Stock­dale & Leggo, Carl­ton, agent Peter Varel­las said the sub­urb had a sig­nif­i­cant mar­ket for apart­ments.

“We’re find­ing some of the older-style apart­ments are still per­form­ing very well,” Mr Varel­las said.

But he said a spate of new de­vel­op­ments was cre­at­ing a glut in new and off-the-plan apart­ments in the sub­urb.

“There’s a lot of stock where buy­ers are buy­ing off the plan and reap­ing the ben­e­fits of stamp duty sav­ings,” he said.

Mr Varel­las said apart­ments that were less than five years old were com­pet­ing with th­ese new, off-the-plan prod­ucts.

“When you’re buy­ing an apart­ment in a com­plex of 100 and they’re all the same, one is not dif­fer­ent to the other, buy­ers aren’t get­ting emo­tion­ally at­tached to pay more or above the odds,” Mr Varel­las said.

He said stu­dio apart­ments, es­pe­cially stu­dent ac­com­mo­da­tion, didn’t pro­vide strong cap­i­tal growth, how­ever in­vestors en­joyed healthy rental yields.

“They al­ways turn over rel­a­tively well. They don’t have much cap­i­tal growth but they do have good strong rental yields,” he said.

The vast ma­jor­ity of dwellings in Carl­ton are res­i­den­tial apart­ments.

But it fits with the de­mo­graph­ics in Carl­ton, where the me­dian age is 25.

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