Jersey Parade, Carnegie

8/29 Jersey Parade, Carnegie — Investment Property

We have acquired this three-bedroom townhouse at 8/29 Jersey Parade, Carnegie, as a strategic long-term investment in one of Melbourne's most consistently high-performing middle-ring suburbs. Purchased for $1.2 million and immediately tenanted at $1,000 per week, the property was acquired with a clear dual objective: generate strong rental income from day one while positioning for the substantial capital growth that Carnegie has repeatedly delivered. This is a buy-and-hold play in a suburb that rewards patience and precision.

Why Carnegie?

Carnegie has firmly earned its place as a blue-chip Melbourne suburb. Located just 12 kilometres south-east of the Melbourne CBD, Carnegie has transitioned from a quiet residential area into a sophisticated urban hub, with its combination of heritage charm, modern infrastructure and a renowned dining scene driving consistent demand from buyers and tenants alike. The growth figures speak for themselves: house prices in Carnegie grew by over 22% in 2025, significantly outpacing Melbourne's broader growth of 7.5%, with the median house price now sitting at $1.76 million and forecasts pointing to continued growth of 4 to 6% in the year ahead. For investors focused on the townhouse segment specifically, the suburb's proximity to Koornang Road's cafes and shops, Carnegie train station, Koornang Park and Monash University Caulfield creates a deep and reliable tenant pool of professionals, students and young families who are willing to pay a premium for quality and location. In a suburb with this profile, a well-located townhouse does not sit empty for long.

Projected Outcome

The property is fully tenanted and generating consistent rental income while we hold a high-quality asset in a suburb with a proven track record of capital growth. With the median townhouse in the area trading between $900,000 and $2 million and Carnegie continuing to outperform the broader Melbourne market, the long-term value trajectory of this investment is firmly positive. At Charlie Property, we invest in markets with real fundamentals, and Carnegie delivers on every measure: strong yield, strong growth, and a tenant demand base that does not waver.