Enjoy the cafe culture
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.