Carlton North
A median house price of $1,552,500 sitting 9.3% below its 2021 peak of $1,712,000 tells the real story here: this is a premium inner-Melbourne market that ran hot and has since cooled. Household income reaches the 90.7th percentile nationally, yet 51.4% of residents rent, an unusual pairing explained by a young median age of 33, which is 7.0 years below the national figure. University qualifications hit 71.4%, fully 41.3 points above national, and the suburb scores decile 10 on the IEO, IRSAD and IRSD indexes. The housing stock is distinctive too, with semi-detached terraces making up 71.4% of dwellings and freestanding houses just 6.1%.
Population
6,177
Median Age
33.0
Household IncomeiMedian weekly household income (ABS Census)
$2,400/wk
DAs (12 months)iDevelopment Applications lodged in the past year
44
Median House
$1.6M
Apr-Jun 2024
At $1,552,500 the median house price has fallen 9.3% from its 2021 peak of $1,712,000, so buyers are entering after a correction rather than at the top. The stock shapes what you can buy: separate houses are only 6.1% of dwellings while semi-detached terraces dominate at 71.4% and apartments add 21.0%, meaning a true freestanding house is scarce and commands a premium. Two-bedroom dwellings lead at 45.1% and three-bedroom at 33.2%, so families wanting 4-plus bedrooms compete for just 12.8% of stock. Monthly mortgage repayments average $2,500, producing a mortgage-to-income ratio of 24.1%, comfortably below the 30% stress threshold because incomes sit in the 90.7th percentile. Over the long run prices rose 74.3% since 2013, a 4.1% CAGR.
For Buyers
At $1,552,500 the median house price has fallen 9.3% from its 2021 peak of $1,712,000, so buyers are entering after a correction rather than at the top. The stock shapes what you can buy: separate houses are only 6.1% of dwellings while semi-detached terraces dominate at 71.4% and apartments add 21.0%, meaning a true freestanding house is scarce and commands a premium. Two-bedroom dwellings lead at 45.1% and three-bedroom at 33.2%, so families wanting 4-plus bedrooms compete for just 12.8% of stock. Monthly mortgage repayments average $2,500, producing a mortgage-to-income ratio of 24.1%, comfortably below the 30% stress threshold because incomes sit in the 90.7th percentile. Over the long run prices rose 74.3% since 2013, a 4.1% CAGR.
For Investors
Renters make up 51.4% of residents, the highest tenure share in the suburb, which gives landlords a deep tenant pool against weekly rent of $552. The catch is a 13.4% vacancy rate, well above a healthy market, signalling that supply currently outpaces tenant demand in the apartment and terrace segments. Demand support leans entirely on overseas migration, adding about 2,515 residents a year across the wider area while net internal migration removes 468, so the growth driver is international rather than local. Development is moderate at 33 applications in 12 months, mostly alterations to existing dwellings rather than new supply, which limits dilution. With rent having grown 7.4% and the median house price down 9.3% from peak, the near-term case favours yield-focused holds over fast capital gains.
Development Activity
Total DAs
50
Last 12 Months
44
YoY ChangeiYear-over-year change in DA lodgements
+780.0%
Avg DA CostiAverage estimated cost per DA in the past year
$323K
Monthly DA Lodgements
DA Categories
Schools in Carlton North iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Carlton North Primary School
Prep-6 · 297 students
Princes Hill Primary School
Prep-6 · 327 students
Demographics
The median age of 33 runs 7.0 years below the national figure, marking an unusually young resident base for such a high-income area. University qualifications reach 71.4%, which is 41.3 points above national, among the highest concentrations of graduates you will find. Overseas-born residents sit at 23.6%, only 2.0 points above national, so the population is more Anglo-leaning than most inner-city suburbs: English (2,284), Irish (1,150) and Scottish (818) lead ancestry, with Italian (691) reflecting the area's heritage. The top non-English languages are Italian (101 speakers), Greek (26) and French (19). Average household size is 2.3, which is 0.2 below national, consistent with the 42.6% of families that are couples without children versus 1,254 couples with children.
Age Distribution
Bedrooms
Dwelling Structure
6.1%
Houses
71.4%
Townhouse
21.0%
Apartment
Tenure
Tenure is renter-led: 51.4% rent, 28.9% own outright and only 19.7% carry a mortgage. The high outright-ownership share relative to mortgage holders points to long-held terraces held by established owners alongside a large rental pool. The stock is unusual, with semi-detached terraces at 71.4% of dwellings, apartments at 21.0% and freestanding houses at just 6.1%, which keeps house prices elevated through scarcity. Two-bedroom dwellings account for 45.1% and three-bedroom 33.2%. The median house price of $1,552,500 sits 9.3% below the 2021 peak of $1,712,000 yet 74.3% above the 2013 level. Mortgage-to-income at 24.1% and rent-to-income at 23.0% both stay below the 30% stress line, a comfortable position underpinned by incomes in the 90.7th percentile.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$2,500
Rent / wk
$552
HH Size
2.3
Personal Income / wk
$1,208
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
13.4%
Unoccupied
404
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
23.0%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
24.1%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
42.6%
Couples, no children
3,675
Total families
Economy & Employment
The workforce concentrates in knowledge sectors: Professional/Tech leads at 22.6% (747 workers), Healthcare follows at 14.2% (470) and Education at 13.0% (430), with Public Admin at 8.4% and Retail at 6.6%. By occupation, Professionals (1,968) and Managers (616) dominate, aligning with the decile 10 IEO score for education and occupation. Unemployment is low at 3.9% and the full-time employment rate is 64.9%, with participation at 70.7%. One clear anomaly: the IER score for economic resources reads decile 4, far below the decile 10 seen on IRSAD and IRSD, because the 51.4% renter base depresses aggregate household wealth measures even though personal incomes are high. Real incomes grew 46.4% over the decade, well above typical wage growth.
Unemployment
6.7%
Labour Force
16,266
Unemployed
1,086
Quarterly Trend
Source: SALM Dec-25
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
64.9%
Part-time
31.2%
Participation
70.7%
Employed
3,767
Occupations
Top Industries
University
71.4%
Postgraduate
24.8%
Born Overseas
23.6%
Dwellings
2,612
Transport to Work
Active transport defines daily movement: 35.4% of residents walk or cycle to work, far above the national reliance on cars, while only 58.3% drive and 2.8% take public transport, reflecting the compact 1.87 km2 footprint at 3,302 residents per km2. The suburb scores decile 10 on IRSAD and IRSD, the top advantage tier nationally, meaning very few residents face deprivation, and only 2.7% (161 people) need daily assistance. On safety, 488 offences were recorded for a rate of 79.0 per 1,000, with property and deception offences making up 390 of them, so the risk is overwhelmingly property-related rather than violent, with crimes against the person at just 46. No schools sit inside the boundary, so families rely on neighbouring suburbs.
Drive
58.3%
Public Transport
2.8%
Walk / Cycle
35.4%
Work from Home
N/A
Population Forecast
+2.21%/yr
(+559 people/yr)
EstablishedAnnual population growth runs at 2.21% across the wider area, adding roughly 559 residents a year, and the 10-year change reached 18.1%, classifying this as an established but still-expanding market. Overseas migration is the sole positive driver at about 2,515 residents a year, offset by net internal outflow of 468, so growth depends on international arrivals rather than locals moving in. Affordability improved sharply, from a 93.9% income-to-price stress reading in 2011 to 56.0% in 2021, an improving trend. The gentrification stage reads Active with a score of 45, supported by 46.4% real income growth and a falling young-resident share, down 1.9 points, as higher earners replace earlier cohorts.
Historical + Forecast
Hamilton-Perry + Holt smoothing on ERP 2001-2025
Age Cohort Forecast
Primary Driver
Overseas Migration
Net Overseas / yr
+2,515
Net Internal / yr
-468
Gentrification Signal
Early signs
Net internal outflow -468/yr, Strong overseas inflow +2515/yr, COVID recovered (-19% dip → full recovery)
Safety & Crime
Total Offences
488
Year ending June 2024
Rate per 1,000 People
79.0
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Carlton North compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Carlton North a good suburb to live in?
Carlton North scores decile 10 on the IRSAD, IEO and IRSD indexes, the top advantage tier nationally, with household income in the 90.7th percentile. University qualifications reach 71.4%, which is 41.3 points above national. Active transport is strong, with 35.4% of residents walking or cycling to work.
What is the median house price in Carlton North?
The median house price is $1,552,500, recorded for the Apr-Jun 2024 quarter. That sits 9.3% below the 2021 peak of $1,712,000 but 74.3% above the 2013 level. Weekly rent averages $552 and monthly mortgage repayments run about $2,500, a mortgage-to-income ratio of 24.1%.
What schools are in Carlton North?
No schools are recorded inside the 1.87 km2 Carlton North boundary in this dataset, so families rely on schools in neighbouring suburbs. The local population is highly educated, with university qualifications at 71.4%, which is 41.3 points above the national figure.
Is Carlton North safe?
Carlton North recorded 488 offences, a rate of 79.0 per 1,000 residents. The bulk are property and deception offences at 390, while crimes against the person total just 46, so the risk skews toward property crime rather than violence, consistent with its decile 10 IRSD score.
Is Carlton North good for property investment?
Renters make up 51.4% of residents, giving a deep tenant pool at $552 weekly rent, but the 13.4% vacancy rate signals current oversupply. With the median house price down 9.3% from its 2021 peak, the near-term case favours yield over fast capital growth, supported by overseas migration of about 2,515 a year.
How is Carlton North's population changing?
Population is growing about 2.21% a year, adding roughly 559 residents, with an 18.1% rise over 10 years. Growth is driven entirely by overseas migration of about 2,515 a year, offset by net internal outflow of 468, and the young-resident share has fallen 1.9 points as higher earners move in.
How much development is happening in Carlton North?
There were 33 development applications lodged in the past 12 months, moderate for a 1.87 km2 suburb. Most are alterations and additions to existing dwellings and commercial premises rather than new builds, consistent with an established, terrace-dominated area where 71.4% of stock is semi-detached.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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