Its best streets include Holywood Grove, Munster Avenue and MacPherson Avenue at the north-west tip of the suburb, where Carnegie meets Caulfild East and Malvern East.
Carnegie shares its postcode (3163) with Murrumbeena – which is on the eastern part of the suburb, and Glen Huntly – which is on the western part.
According to the REIV, Carnegie’s median house price for the year ended December 31, 2007, is $754,250, up 35.3 per cent since last year.
Values in Murrumbeena over the same period increased 21.3 per cent to $667,500 and in Glen Huntly, median values increased 54 per cent to $770,000.
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.