Carlton North is an inner northern suburb of Melbourne, situated 4km from the CBD in the City of Yarra Local Government Area.
Carlton North is best known today for its mixture of demographics, with professionals, long-term residents, academics and well-off younger residents all calling it home.
Historically, similarly priced to Fitzroy North, Brunswick and Collingwood, Carlton north is one of the most gentrified suburbs in Australia, resulting in higher median prices than its surrounding neighbours.
Lifestyle
Similar to many inner northern suburbs of Melbourne, Carlton North is one of the best urban lifestyle suburbs in Australia.
Princes Park is within both Carlton and Carlton North, and serves as a very common region where residents exercise, picnic and take their pets for walks.
The MCG precinct is closeby as well, where many locals enjoy watching their local side, Carlton play and other events such as the Boxing Day Test.
The lifestyle precinct of Rathdowne Village, along Nicholson Street and Rathdowne Street is known as one of the most popular commercial precincts in Melbourne.
Carlton North is also home to a few well known religious centres such as St Michael's Anglican Church and The Albanian Mosque. The Albanian Mosque was Melbourne's first mosque. Melbourne's General Cemetery is also located within Carlton North and is one of Melbourne's oldest cemetery's, dating back to the early 1800s.
School Zones
Carlton North Primary School, also known as Lee Street Primary School is the main Primary School that services primary level students.
Princes Hill Secondary College services most of the secondary students who seek a public education.
Melbourne Grammar School, Melbourne Girls Grammar School, Alphington Grammar School and Ivanhoe Girls Grammar School are schools where many upmarket professionals send their children, which all lie within 10 minutes of Carlton North.
Croxton School is for students of special needs and lies roughly 8 minutes east and north of Carlton North.
Demographics
Carlton North historically was a working class neighbourhood, housing many of the original miners and dockland workers of Melbourne, however today that has changed.
The median weekly household income has increased from $1,307 per week to $2,400 per week between the years of 2006 to 2021.
Incomes as such are higher than even some of its more well known eastern counterparts such as Mont Albert and Bentleigh.
A thing to note in Carlton North is that the hold period of the suburb has increased dramatically, from 6 years to over 12 in the space of the last 20 years as per ABS data. This creates even less stock for a very in demand suburb.
Employment
Close to 65% of all workers in Carlton North are either professionals or managers, 48.7% of them being professional workers.
Largely the key employers are Healthcare, Legal Services and Higher Education. Many of the Legal and Higher Education workers work within Melbourne University and the Kew Law Precinct nearby.
Younger residents work amongst many of the inner northern suburbs cafes and restaurants that line the streets until late at night.
Transport
Tram routes run along Lygon Street (route 1 & 6), Royal Parade (route 19) and Nicholson Street (Route 96).
Previously Carlton North did have a nearby railway station situated at Princes Hill, though it is now utilized as a facility for bicycles.
Buses run throughout Carlton North to the city, north and east regularly along the main roads of Royal Parade, Lygon Street, Princes Street, Rathdowne Street and Nicholson Street.
Walking and bicycles are two very common methods of transport in Carlton North as the suburb has very few vehicles per person compared to the average Australia, due to the very walkable nature of the suburb.
Shopping Centre's, Restaurants & Facilities
Carlton North is extremely walkable with a walk score of 88/100. This is due to the fantastic access to all facilities that Melbourne has to offer, whether that be restaurants, the CBD, transport and much more.
Carlton Football Club is the town hero, an Australian Rules Football Club, dating back more than 100 years. Aussie Rules is the most popular sport in Carlton, but Cricket and Soccer are also common sports. Most of which are played in surrounding suburbs as there are no main ovals in Carlton North.
Curtain Square and Princes Park are the two main areas for people to go for walks, picnics or lightly exercise and are very popular on summer afternoons.
La Porchetta Pizza Restaurant and Natural Tucker Bakery are the two most notable restaurants that are within Carlton North as are the Great Northern Hotel and Kent Hotel.
Gyms and healthcare clubs are common along the main streets of the suburb, most are filled with locals that live walking distance away.
Development
Much of Carlton North is heritage protected, particularly along the main streets of the suburb. In the late 1960s, there was quite a strong push for public housing in the suburb, however many trade unions and community associations blocked this movement which thereby became an urban renewal project for the Victorian Government.
Much of the housing in Carlton North is attached terrace dwellings, or detached Victorian and Edwardian dwellings. Some larger dwellings exist which go for incredibly prices.
Apartments and townhouses privately owned are few and far between in Carlton North, however they do primarily exist along the main corridors of the suburb. Many of which are provided in the form of shop top housing.
Capital Growth
Ideally situated in Melbourne for all activities and one of Australia's most consistently popular suburbs, Carlton North has exception capital growth at close to 9.5% average year on year for over 70 years.
This is largely due to the proximity to the CBD and also the key driver behind the market, being a shortage of supply combined with very strong demand from a wealthy demographic.
Units and townhouses average between 3-6% year on year, and often aren't in as high demand as houses. Most apartment purchasers go towards the CBD rather than Carlton North.
Cash Flow
Houses in Carlton North generally yield close to 3% year on year. This once was above 4%, though incredible capital growth has decreased the number.
This is a positive thing as the highest growth markets in the country often have a light inverse relationship with capital growth and yield.
Units and townhouses generally yield close to 4.4%, though the data is fairly insufficient due to a low sample size.
Rental Demand
Some of the lowest consistent vacancy rates in inner Melbourne exist in Carlton North. This is largely due to the amount of single dwelling houses that exist in the suburb.
It is rare that houses hold a vacancy rate over 1.4%, being largely undersupplied very regularly, however presently in early 2024, vacancy rates sit at under 1%, at 0.8% critically unsupplied.
Townhouses and units average closer to 2.5% vacancy rates, and are less in demand than houses.
Carlton North is one of Melbourne's most consistent rental demand suburbs, with rents rising close to 3.5-4% on average every year.
This has seen rents over the past 15 years nearly double from $550 per week, to nearly $1,000 per week. This is a very uncommon thing to see within Victoria.
Why You Require a Buyers Agent in Carlton North
Carlton North for a number of years, close to a decade has consistently been one of Melbourne's most in demand suburbs, in terms of both buyer enquiry and search number terms.
Central to this, Carlton North is not only known as a fantastic lifestyle suburb, but also one that is attractive to all forms of buyers, whether that be developers, wealthy investors or wealthy professionals that all compete for the same stock.
Carlton North has some of the best pockets in the suburb to invest in Australia, which are significantly more valuable than others. Purchasers who do not know this can make major mistakes, especially in a market where auction clearances rates sometimes do over 90% for months on end.
With such low stock on market, high competition and very wealthy buyers, having a Buyers Agent in your corner with the experience, knowledge and know how is the only way to ensure you are purchasing the correct product for the right price, saving you hundreds of thousands on the way in and making you millions in the future.
Why not seek Professional Advice from one of our Buyers Agents
We are unbiased market investors, who will put you first.
We treat every deal for your portfolio as if it were our own.
We will give the time to understand every clients situation & needs.
Our performance is unparalleled in the industry.
We have a background in Finance, Banking, Mortgages, Leveraging, Taxation & We are Present Market Investors.
We are precise down to the level of the suburb, street & house for greater performance.
The cost of our service is nearly half of what many industry professionals charge, yet their results do not represent value for the cost of their services.
Phone: (02) 9136 0263
Email: admin@compoundinvest.com.au
Comments