Carlton is a fantastic suburb, two kilometres north of the Melbourne CBD. Neighbouring suburbs include East Melbourne, Fitzroy, and Melbourne to the south.
Carlton has some great villages: the Rathdowne Street village here, and of course the Lygon Street village — Little Italy, as it's known — further south of where I'm sitting.
Carlton offers some fantastic lifestyle amenities. Famous for its cafes, its restaurants, its bookshops and boutique fashion outlets. It's just a fantastic suburb to live in. It's got great transport infrastructure, with tram lines on Lygon Street and Nicholson Street, and some other great amenities.
Carlton has a large student population due to its proximity to RMIT and Melbourne University. Other infrastructure includes the Melbourne Dental Hospital, the Royal Exhibition Building and Carlton Gardens.
Carlton offers a wide range and mix of housing styles, but Carlton's most famous for its Victorian era terraces — principally single-fronted two-bedroom Victorian terraces, your two-storey boom terraces, and other semi-detached examples.
Entry point for housing in Carlton really starts at about $800,000 to a million dollars for a single-fronted Victorian terrace, but some of the larger renovated two-storey terraces can go into the $2, $3, $4 million bracket.
For your 1960s, 1970s one and two bedroom flats, the one bedrooms really start around the $400,000 up to the $500,000 mark, and the two bedroom flats, $600,000 to $700,000 is about your entry price.
We're driving down Drummond Street, Carlton, and you can just see how wide this boulevard is, and just the canopy of trees and the styles of architecture. There's a whole mix here of your double-fronted, some Edwardians, some double-fronted Victorians, some little single-fronted cottages to the right here, some two-storey terraces, attached and semi-detached. It's just a great array, a mix of housing styles.
Two-storey Victorian terraces on the right here, and ahead you can see the Melbourne CBD. That's how close you are — two kilometres.
We're turning now into Canning Street in Carlton, and you can see the CBD vista right ahead. Once again, a wide street with a central median strip. Have a look at the housing styles — a great continuity of Victorian era architecture. Single-fronted Victorians, there's a mix there of some two-storey, many of those have been renovated. But a great investment choice, right on the doorstep of the Melbourne CBD.
Looking down Lygon Street, Carlton, which is famously known as Little Italy. There's a great array of cafes, restaurants, some quirky bookshops and some fashion boutiques, and it's really supported by the universities which surround it.
Carlton is a great investment suburb, but like all areas, selection is key. There are a number of compromises in Carlton that you need to be wary of.
Firstly, you need to stay away from busy main roads, such as Princes Street, Nicholson Street and Lygon Street. Stick to those quiet tree-lined streets that are close to lifestyle amenities, close to the villages such as the Rathdowne Street village, close to the Lygon Street village. That's where you need to be focused.
If investing in a house in Carlton, look at the continuity of the architectural style. So we're looking for a streetscape that has a great continuity of — in Carlton's case — Victorian era terraces.
Some of the other compromises in Carlton include the student accommodation and the housing commission areas. I'd really recommend my clients stay away from those types of areas that are compromised by those sorts of higher density type developments.
Investing in property is increasingly complex. Not all property performs the same. Before buying investment property, I really recommend that you seek independent property advice.
