Suburb Profile – Carnegie
Located just 13 kilometres from Melbourne’s CBD, Carnegie is a small but thriving community with great access to public transport, shopping and schools.
The suburb has a strong rental market with data from the Australian Bureau of Statistics (ABS) showing that 41.4% of residents in Carnegie rent a property. ABS figures also show that apartment living is popular in the suburb with approximately 40% of residents living in a flat, unit or apartment.
According to data collected by the Real Estate Industry of Victoria, the average annual median price for a unit has increased 5.48% over the three years from October 2013 to October 2016. The median sale price of a unit in Carnegie in October 2016 was $518,000.
Considered one of the most vibrant suburbs along the South Eastern belt, Carnegie has a unique mix of metropolitan and multicultural lifestyle. The suburb’s main shopping precinct on Koornang Road offers a rich variety of Korean, Chinese, Indian, Russian, Thai, and Malaysian food options while nearby Chadstone Shopping Centre is one of Melbourne’s biggest shopping destinations. The Caulfield campus of Monash University is within walking distance and community libraries, parks and day care facilities provide support for local families.
While Carnegie is typically known for its wide, tree-lined streets and established Victoria houses, a surge of new, modern apartment developments is diversifying the market. Off-the-plan building projects are gaining traction as more Melbournians look to invest.
– Last updated November 2016.