Many investors are likely to be glad they decided to invest in property in Carlton last year, as the December CoreLogic RP Data Home Value Index points to strong results across Melbourne.
According to the index, property prices gained 11.2 per cent year on year in December 2015, ranking the city second to only Sydney with an 11.5 per cent rise. As a result, total gross returns in the Victorian capital registered at 14.8 per cent, with the median dwelling price registering at $610,000.
Tim Lawless, RP Data's head of research, revealed that dwelling prices in the city increased by around $60,400 over the course of the year.
However, he acknowledged that a slowdown began to take hold during the latter part of 2015. This was a result of a range of factors that are both "organic and externally influenced".
"Organic market conditions have been derived from affordability pressures, rental yield compression and cyclical factors, while factors from external influences largely stem from a change in the regulatory framework introduced by APRA," noted Mr Lawless.
These factors, paired with the increase in many mortgage rates, may have created difficulties for some people hoping to buy property in Carlton.
This isn't the only index that's pointing to increases in Carlton property prices. The Australian Bureau of Statistics released its Residential Property Price Index (RPPI) for the September quarter, which showed an increase of 2.9 per cent from the previous three-month period.
The RPPI also revealed yearly increases, which in Melbourne's case stood at 9.9 per cent. This made it one of the strongest rises in the country.
Looking to buy Carlton property this year? Get in touch with the team of experienced agents at Ray White Brunswick for some expert assistance.