Astute investors have their finger on the pulse of Carnegie, the south-eastern suburb that's set to surge with a new venture by Pace Development Group.
Centrally located within the booming suburb, Pace of Carnegie provides residents with direct access to unparalleled local amenity making it a sought-after opportunity for investors.
Carnegie apartments have experienced 3.1 per cent annual growth over the last five years, a figure that nearly doubles the Greater Melbourne average of 1.6 per cent.
In the past decade, the median weekly rent in Carnegie has increased by 76 per cent, a figure 14 per cent higher than Greater Melbourne, offering impressive returns.
The suburb's rental market has continuously out performed with some 41 per cent of Carnegie's residents being renters, making it the municipality's frontrunner for investment. This growing demand in the local market has shown steady increase driven by a number factors.
The location's accessibility to Melbourne's CBD is set to be optimised by the approved infrastructure of a Sky Rail. The $1.6 billion project incorporates the removal of nine of Melbourne's busiest level crossings and the redevelopment of five railway stations by 2018. The exclusive Sky Rail will see Carnegie residents on an uninterrupted commute to the CBD and increase traffic safety in the local area.
In addition to Carnegie's increased accessibility, the steady growth in the leafy suburb comes as a result of the location's proximity to premier educational institutions such as Monash University and Caulfield Grammar. These prestigious establishments have seen an influx of young families and students to the area in recent years from neighbouring Richmond, Malvern and Bentleigh East.
Carnegie leans towards younger age brackets with 20-34 year olds accounting for 31 percent of its population, a figure higher than neighbouring suburbs that supports a thriving rental market, as well as a viable market opportunity for first home buyers.
To further Pace of Carnegie's appeal, the development is situated just five minutes' drive from premier retail destination Chadstone Shopping Centre, six minutes' from Caufield Racecourse and 15 minutes from Monash Medical Centre Clayton.
Carnegie is framed by 10 leading hospitals and medical institutions which have resulted in an increased density of medical professionals choosing to make the area home.
This sees the area boast high income growth and favourable conditions across
residential and rental markets with approximately 81 per cent of the suburb's working population being white collar workers in professional roles; a figure 9 per cent higher than the Greater Melbourne statistic.
Construction at Pace of Carnegie is scheduled to commence in late 2018 with completion expected in late 2019. With apartments selling fast, enquire today for your investor guide.