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Carnegie real estate prices growing fast

By Matt Hurlston

Investors may be interested to hear that the price of real estate in Carnegie is climbing quickly, led by impressive increases in unit and apartment values.

Recent figures from the Real Estate Institute of Victoria (REIV) show unit prices rose by 19 per cent during the final quarter of 2013. The median price increased from $417,544 in September to $496,000 in December 2013.

This is encouraging news for Carnegie real estate investors who own apartments and units in the area as REIV data shows Carnegie is the third top growth suburb in Melbourne.

The Melbourne-wide median unit price increase was only 3.9 per cent in December 2013, which shows how strongly Carnegie has been performing.

REIV CEO Enzo Raimondo believes the impressive growth rates were influenced by a number of factors.

"Low interest rates, a record number of auctions, and an increase in million dollar-plus sales all led to an impressive quarter for the market," he said in a January 25 media release.

If you would like more information on house and unit prices in the area, or wish to take advantage of the current market, speak to Matthew Hurlston at Ray White Carnegie today.

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