With a capital gain of 8.92% for the last 12 months, Prospect Vale, 7250 has performed for property investments than its average annual 1.10% property growth over the last 5 years.
If we look at median property appreciation over just the last three months, Prospect Vale has given property investors a paper return of 4.12%. This puts Suburb as 49 on a list of fastest fasting appreciating suburbs in TAS
At number 67th of TAS’s most discounted properties, Prospect Vale is in the middle of the state/territory when listing in order of most discounted to least.
In the last year 54 properties changed hands in Prospect Vale, which puts it as the 60th most active market in TAS when comparing the number of sales per suburb.
The TAS suburb of Prospect Vale, 7250 is in the Meander Valley local government area.
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 13.22%
Over the longer term, Prospect Vale has seen property prices show investors a -3.75% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Prospect Vale should be aiming for at least -5.25% off the asking price, which is the average vendor discount being achieved at the moment.
Prospect Vale, 7250’s gross rental yield is 5.06%
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.