Carlton’s median house price in 2026 is $1,580,000, with apartments at $480,000. The suburb has recorded 32% five-year growth for houses. However Carlton’s apartment market is unique in Melbourne — a large stock of older two and three-storey walk-up apartments near Melbourne University delivers apartment yields of 5.2% — one of the highest in any suburb within 3km of the CBD.
Carlton Median Prices at a Glance
| Property Type | Median Price | 5-Year Growth | Gross Yield |
|---|---|---|---|
| House/Terrace | $1,580,000 | 32% | 2.8% |
| Apartment (walk-up) | $480,000 | 26% | 5.2% |
| Apartment (high-rise) | $420,000 | 18% | 5.8% |
Carlton’s Unique Investment Dynamic
Carlton is 2km from Melbourne CBD and home to the University of Melbourne (52,000 students), Melbourne School of Design and Royal Melbourne Hospital. This institutional demand creates year-round rental occupancy regardless of the broader rental market. Walk-up apartments (1960s-1980s stock) consistently outperform high-rise towers on capital growth due to lower body corporate fees, larger floor plans and strong owner-occupier appeal.
Is Carlton a Good Investment?
GeeVee AI rates Carlton 7.8/10 for investment. Walk-up apartments near Melbourne University are the top-rated asset class. GeeVee cautions against new high-rise off-the-plan towers which have historically underperformed on capital growth in Carlton.
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