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Carnegie outpaces the rest of Melbourne

By Matt Hurlston

Melbourne has had some very strong growth over the last year. CoreLogic RP Data reports that over the year up to the end of April, our city’s properties as a whole have seen 10 per cent value gains. That’s more than Sydney, Brisbane and Canberra: in fact, Melbourne is the top-performing state in terms of value gains in the country!

The land of overachievers

This has been incredible for every Melburnian looking to make the most of their investment capital. You can bet that plenty of people, investors and homeowners alike, are popping some champagne in celebration of their healthy equity levels!

But people with property in Carnegie have even more to celebrate. According to Residex data, houses in this suburb have seen a whopping 20 per cent value gains in the year leading up to the end of March. Even in a city of overachievers, Carnegie houses continue to outperform.

Remaining rental-confident

Meanwhile, across the rest of the country, landlords are probably wringing their hands as the capital cities have seen their rents stagnate or even fall. CoreLogic reports a 0.2 per cent drop in rents across the state capitals over the last year, led primarily by houses which have suffered a 0.5 per cent drop. Even apartment rents have been lacklustre in their performance, growing at a record low of 1.2 per cent.

However, Carnegie property is showing its strength here as well, as Residex reports both units and houses both continuing to see 3 to 4 per cent rental yields over the last few years, as rents continue at the same rate as value gains.

Property in this prime suburb is certainly demonstrating consistency in its rents and serious growth in its values. If you want to get on board with this rock of a suburb, make sure you get in touch with Matt Hurlston and the team at Ray White Carnegie to discover the full range of properties available for purchase right now!

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