Carlton Real Estate
Carlton Real Estate Overview:
Carlton is a developed area noted for its great variety of cultural, study, entertainment and economic activities. Lygon Street, a busy food and entertainment strip, is a major drawcard for both local and international visitors.
Over a quarter of Carlton’s area is private housing, which makes it one of the largest residential suburbs in the City of Melbourne. Fifty per cent of the accommodation is residential apartments, with a further 30 per cent student apartments.
Carlton is a ‘young’ suburb, with the predominant age group between 20-29 years. Carlton’s population grew 21% from 2001-2006; it now has a population of 12,050.
Due to its proximity to the University of Melbourne and RMIT University, Carlton has a large student population (over a third of the suburb’s total population). This has resulted in extensive high-rise student housing, which continues to expand every year. There is also diverse population of Malaysian, Chinese, Singaporeans and Italian residents.
Carlton’s significant public areas and buildings include the Melbourne Trades Hall, Carlton Gardens (a World Heritage site), Exhibition Buildings, Melbourne Museum, Melbourne General Cemetery and Princes Park. It also includes Royal Women’s Hospital and Royal Dental Hospital, and has 7 public parks covering nearly 17% of the suburb.
Carlton real estate statistics:
The main occupancy in Carlton is rental (77%), most likely due to the size of its youth/student population. Other tenures include outright owners (11%) and purchasers (8%). The significant student population would also account for the 13% of residents recording an annual income of $25-36,000.
Households in Carlton are primarily lone households (37%) in professional occupations. Other households include single parents (36%) and childless couples (11%). Owners are likely to be repaying between over $2,000 per month on mortgage repayments. Owner-occupancy is slowly on the rise: 19.4% of residents owned their home in Carlton in 2006.
Currently the median sales price of houses in the area is $800,000.