The proximity of Carlton to Melbourne University has changed the demographic of people calling Carlton home – but this is nothing new.
Carlton went from being a working class suburb, to a home for Melbourne’s Italian immigrants, to more recently – a hub for interstate and international students.
That said, it is still very popular with tourists who fill Italian restaurants, cafes and patisseries at Lygon Street.
Carlton North is located about three kilometres north of the CBD and is bound by Fitzroy North to the east, Brunswick to the north and Parkville to the west.
It’s biggest retail hub is Rathdowne Street, and the Rathdowne Village which includes Melbourne’s first La Porchetta restaurant.
According to the REIV, Carlton’s median house price for the year ended December 31, 2007, is $868,750, up 64.3 per cent since last year (making it the best performing suburb for the year in Melbourne).
Values in Carlton North over the same period increased 20.3 per cent to $740,000.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.