Carnegie's apartment market is one of the deepest in the inner south-east. More than two hundred two-bedroom units sold over the year at a median near $635,000, clearing at around seven in ten, and the three-bedroom apartments are stronger still at over eight in ten. This is exactly where the current wave of interstate investment in entry-level apartments is concentrated, drawn by relative value and a well-connected location.
The house market is solid but asks for patience. Three-bedroom homes clear at around seven in ten and four-bedroom homes higher again, yet the larger houses can take long campaigns to find the right buyer.
With stock still limited and buyers very price sensitive, careful pricing before launch matters more than ever here. A turn-key home that needs no immediate work, presented and priced to recent evidence, is the one that holds competition through the campaign, while an ambitious ask can see even a good home sit longer than it should.
Median sale price for houses in Carnegie is $1,442,500, down 7.2% from last year.
Median sale price for units in Carnegie is $645,000, up 1.6% from last year.
Properties sold for houses in Carnegie is 158, down 9.2% from last year.
Properties sold for units in Carnegie is 309, down 3.4% from last year.
Auction clearance for houses in Carnegie is 78.6%, up 1.4% from last year.
Auction clearance for units in Carnegie is 74.8%, down 0.2% from last year.
Av days on market for houses in Carnegie is 61, up 27.1% from last year.
Av days on market for units in Carnegie is 39, down 20.4% from last year.
Wondering what homes are actually selling for locally? Browse recently sold properties in the area
Good property management should remove uncertainty, not create more of it.
If you're considering engaging a property manager, one of the first questions you're likely to ask is: how much does property management actually cost?
Owning an investment property and owning a good investment property are not necessarily the same thing. It’s an important distinction, and one that property investors should revisit regularly.
The Reserve Bank's decision to leave the cash rate on hold at 4.35 per cent is welcome news for buyers, sellers and businesses alike. While it's not a silver bullet for Melbourne's property market, it should provide some reassurance that the aggressive phase of the interest rate tightening cycle may be easing.
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