Carlton is a highly sought after city fringe suburb that is both dynamic and diverse. Carlton is located two kilometers north of the Central Business District (CBD) and virtually all of the suburb is in the Melbourne Local Government Area (LGA). It offers access to a range of employment, retail, educational, recreational and infrastructure facilities and services and easy access to the CBD and wider metropolitan Melbourne locality. The suburb has a large population of local and international students.
RENTAL DEMAND/ RESIDENTS
The population of Carlton is expected to almost double over the period 2011 to 2036 (over +13,140 persons) growing at a rapid rate over the period (2.5% p.a.).
Carlton had a higher proportion of renting households (76%) compared to the Melbourne LGA (63%) and metropolitan Melbourne (55%) due to the large number of students. Rentals for Carlton-Parkville have experienced robust growth with the median weekly rent for all unit types (1, 2 and 3 bedroom) generally increasing by more than 70% since 2000.
CAPITAL GROWTH/ POPULATION
Over the period 2004 to 2013 Carlton’s median unit/apartment price increased by +1% p.a. (due to a range of factors including a reduction in average apartment sizes). The key driver of the inner Melbourne apartment market has been strong population growth. Melbourne experienced the largest population growth of all capital cities adding nearly +748,100 persons over the period 2000-01 to 2011-12. Melbourne’s population growth is projected to remain robust increasing by over +1.27 million people over the period 2011-31 (+60,000 people p.a. or +1.4% p.a.).