Property value increases in Prospect Vale have tracked close to the TAS average of 5.57% over the last 12 months.
Over the longer term, Prospect Vale has seen property prices show investors a 10.38% return over the last 3 years. This is worse than over the last 12 months
Sellers are offering property buyers an average discount of -5.98% to buyers in Prospect Vale at the moment, which is less than average for the rest of TAS.
Using the current median advertised rental of $350 and the average annual increase in value of a median property of 1.81%, investors should hope to achieve an overall return of 5.43%
Property investors who have had real estate in Prospect Vale, 7250 should be pleased with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 11.42%
While Prospect Vale,7250 ranked number 14th in TAS for increase in median house value (annualised) increase, it is ranked 8th over the last 5 years.
The most recent median price for Prospect Vale is $258500, with sellers offering an average of -6.05% off the asking price.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 89.44 days.
The TAS suburb of Prospect Vale, 7250 is in the Meander Valley local government area.
Launceston suburb Prospect Vale is situated 5km southwest of the CBD, just north of the Bass Highway. The suburb is home to two schools, as well as two shopping centres. It’s also less than five minutes’ drive to the CBD, and buses run to the city regularly.Full summary
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Launceston suburb Prospect Vale is situated 5km southwest of the CBD, just north of the Bass Highway. The suburb is home to two schools, as well as two shopping centres. It’s also less than five minutes’ drive to the CBD, and buses run to the city regularly.
The overall convenience of the suburb has made it a favourite of retirees, says Courtney Hogan, sales consultant at 41 Degrees Real Estate.
“There have been a number of unit complexes built on Westbury Road [the suburb’s main drag] – some in the 1990s, some being developed at the moment,” she comments. “While these weren’t designed as retirement villages, they are very popular with older residents looking to downsize.”
While prices for new units hover between $260,000 and $290,000, a 1990s two-bedroom unit will typically go for around $220,000 unrenovated. There’s definitely potential for manufacturing capital growth through reno, adds Hogan, as updated units sell for at least $240,000. Rental yields are also favourable at around 5%.
Hogan recommends staying away from the noise of the Bass Highway and selecting properties to the north and west of Westbury Road, especially if you’re looking to attract downsizers. She also reckons Westbury Road itself is a good bet, as this is where many of the developments of 6–8 units are concentrated – although she warns it can be a busy road.