Carlton and Fitzroy sit side by side immediately north of the CBD. Carlton’s student population drives some of Melbourne’s strongest unit yields; Fitzroy’s heritage and cafe culture drives strong owner-occupier competition and capital growth.
Median Price Comparison
| Metric | Carlton | Fitzroy |
|---|---|---|
| Median House Price | $1,580,000 | $1,580,000 |
| Median Unit Price | $480,000 | $610,000 |
| House Yield | 2.0% | 1.9% |
| Unit Yield | 5.2% | 3.9% |
| 5-Year Growth | 28% | 37% |
| GeeVee Score | 7.8/10 | 8.1/10 |
Which Suburb Wins for Unit Yield?
Carlton wins decisively on unit yield (5.2% vs 3.9%) driven by University of Melbourne student demand and a large supply of affordable sub-$500,000 apartments.
Which Suburb Wins for Capital Growth?
Fitzroy wins strongly on capital growth (37% vs 28%) driven by heritage scarcity, renovation demand and stronger owner-occupier competition.
Frequently Asked Questions
Is Carlton better for investment than Fitzroy?
Depends on your strategy. Carlton wins on yield; Fitzroy wins on capital growth. Carlton units are among Melbourne’s strongest yielding at 5.2% gross.
What is driving Carlton unit yields?
Melbourne University enrolments of 65,000+ students within walking distance of Carlton create structural rental demand that keeps vacancy rates below 2% year-round.
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