112/124 Palmerston Street, Carlton VIC 3053
112/124 Palmerston Street, Carlton VIC 3053
This is a two-bedroom apartment on level one of a fourteen-unit building at 124 Palmerston Street in Carlton. It includes one bathroom and one car space. The property last sold in August 2022 for $540,000. The total land holding for the complex is 731 square metres.
What is competitively strong here is the inclusion of parking, which is a genuine edge in this part of Carlton. The building is medium density, which often appeals to buyers wanting a quieter environment than a high-rise tower. The property is positioned above the suburb median for its type, which reflects its configuration and location rather than any premium finish. This unit best suits an investor or a small household looking for a solid two-bedroom floorplan in an established inner-city pocket. The historical lease rate of $500 per week suggests consistent rental demand, and the building itself shows regular turnover, which is a healthy signal for ongoing interest.
A few factors may shape how a buyer forms a view on price. The unit is on level one, which can be less desirable than higher floors for light and outlook, but it also avoids the noise and foot traffic of ground level. The building has fourteen units, so body corporate fees and rules will matter, and a buyer should confirm what those look like. The lot size is shared across the complex, so there is no private land value here. The property may also face some street noise given its inner-city position on Palmerston Street. These are not dealbreakers but they are worth weighing against the asking range.
Detailed Independent Property Report prepared by PropCred Analyst team for 112/124 Palmerston Street, Carlton VIC 3053
Checks found:
Value Risk
Liquidity Risk
Planning Risk
Income Risk
1
Execution Risk
2
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Market Insight
Carlton is a high-density inner-city suburb defined by its proximity to major universities and the CBD, creating a market dominated by young professionals and students. Demand is driven by academic and investor interest in its walkable lifestyle and rental yields, though this has led to a clear divergence in performance. While houses show relative stability, the unit market faces significant headwinds from oversupply, reflected in sharp price corrections and extended selling periods. Future growth remains tied to institutional demand and infrastructure, yet affordability constraints and sensitivity to development cycles present ongoing risks to capital growth.
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PropCred Estimated Value
Bedrooms
2
Bathroom
1
Parking
-
Land
731m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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