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Carnegie

POSTAL CODE: VIC, 3163
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CARNEGIE ranks 132nd in VIC when it comes to estimated capital gains experienced by property investors over the past three years.

The suburb’s capital gain of 1.38% for the past year is lower than average compared to its 22.77% growth within a five-year period.

Also in CARNEGIE, the median home price is sitting at $1,731,000, and the average rent at $750, this suggests property owners could potentially earn a 2.25% increase in gross rental yield.

Property investors have seen a -1.09% drop in CARNEGIE based on a decrease in median home prices for the past three months.

A survey of average capital gains or median home price increase in suburbs across the country shows that this suburb obtained a 3.72% growth over a ten-year period. It ranks 3402nd on our list of suburbs that property investors should look into.

Surburb overview

Carnegie is an inner-south-eastern suburb of Melbourne located within the City of Glen Eira. The suburb is situated approximately 12 kilometres south-east of the Melbourne central business district and is bordered by Caulfield East, Murrumbeena, Oakleigh and Glen Huntly.

Carnegie recorded a population of around 19,000 residents at the 2021 census, reflecting its role as a higher-density residential suburb within Melbourne’s inner south-east. The demographic profile includes a large proportion of young adults, professionals and students, alongside families and older residents.

Rental households make up a significant share of the population, contributing to a relatively mobile and diverse community. Housing in Carnegie is characterised by a mix of detached houses, townhouses and a substantial number of low- and mid-rise apartment developments. Residential density is highest near the town centre and major transport corridors, while quieter streets retain a more traditional suburban layout.

Public transport access is a defining feature, with Carnegie railway station located on the Frankston line. The station provides frequent train services to the Melbourne CBD and southern suburbs, supporting daily commuting.

Tram routes operate along nearby Dandenong Road, and bus services run through the suburb, enhancing local and regional connectivity. Road access is supported by Neerim Road, Dandenong Road and Koornang Road, which facilitate east–west and north–south travel but can experience peak-hour congestion.

Koornang Road forms the suburb’s primary retail and dining strip, containing supermarkets, specialty food stores, cafés, restaurants, medical clinics and professional services. The strip also functions as a significant social and employment hub for the local area.

Educational facilities in and around Carnegie include several primary and secondary schools, as well as tertiary institutions, including Monash University’s Caulfield campus.

Recreational amenities include local parks, sporting reserves and access to the Rosstown Rail Trail, which supports walking and cycling through the area. Neighbourhood playgrounds and reserves provide additional space for informal recreation.

Employment among residents spans professional services, education, health care, retail and hospitality, with many commuting to inner-city employment centres. 

Carnegie’s character is shaped by its strong public transport access, active retail strip and mix of established housing and higher-density development within Melbourne’s inner south-east.

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