Suburb Profile Report for Prospect Vale TAS (7250)

Prospect Vale House: Median price $332,500, Annual capital growth 2.15%, Number of sales 56, Weekly median advertised rent $350

Prospect Vale Unit: Median price $242,000, Annual capital growth 1.67%, Number of sales 54, Weekly median advertised rent $250

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property value increases in Prospect Vale have tracked just lower than the TAS average of 4.95% over the last 12 months.

Prospect Vale,7250 has offered an average of 1.53% return per annum in house price rises to property investors over the last three years.

Prospect Vale7250 is located in TAS which offers an average discount of -7.01% to property investors. Prospect Vale itself is showing figures that indicate -6.01% is the average achievable by property buyers investing in the suburb.

Using the current median advertised rental of $350 and the average annual increase in value of a median property of 2.15%, investors should hope to achieve an overall return of 5.47%

Prospect Vale has had a pretty average year for property investment returns compared to the rest of TAS, giving investors a capital gain of 4.42% to date .

Taking the average capital gain, or increase in median house value, Prospect Vale,7250 has racked up an average of 4.42% over the period. This ranks it number 1280th in the whole country for real estate investors looking at median house price increases.

Vendor discounting in Prospect Vale is giving property investors an average Vendor Discount of around -6.42%. This puts suburb at number 8th in TAS when ranking the most discounted suburbs.

At number 1054 in a list of fastest selling suburbs, Prospect Vale is in the bottom 30% of suburbs in Australia with an average of days on market 94.11 for properties listed there.

Using the current median advertised rental of $250 and the average annual increase in value of a median property of 1.67%, investors should hope to achieve an overall return of 5.37%

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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.Full summary

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.

Close
Metrics i HOUSE UNIT
$332,500 $242,000
-1.04% 4.31%
1.53% 4.42%
2.15% 1.67%
$350 $250
56 54
5.47% 5.37%
59.56 94.11

Source: CoreLogic

DSR Score for property investment : Good (U), Above average (H)
Find a mortgage broker in Prospect Vale TAS
Demographics
Total population 5020
Median household income ($/weekly) 942
Median age of persons 42
Median housing loan repayment ($/monthly) 1500
Average household size 2.3
  • Census Count Percent(%)
    5-14 years 590 11.8
    25-34 years 499 9.9
    35-44 years 677 13.5
    45-54 years 693 13.8
    55-64 years 634 12.6
    Others 1927 38.4
    Age Group
    Census Count Percent(%)
    Registered Married 1933 51.1
    Not Married 1517 40.1
    Defacto Relationship 332 8.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 4372 89.8
    New Zealand 32 0.7
    Papua New Guinea 39 0.8
    United Kingdom 205 4.2
    Other 49 1.0
    Others 174 3.6
    Country of Birth
    Census Count Percent(%)
    Buddhism 25 0.5
    Christianity 3595 76.8
    Hinduism 11 0.2
    Other Religious Groups 14 0.3
    No Religion 1030 22.0
    Others 6 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 197 10.7
    $400-$599 268 14.6
    $600-$799 227 12.4
    $1,500-$1,999 220 12.0
    $2,000-$2,499 182 9.9
    Others 739 40.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1609 39.8
    Employed, worked full-time 1421 35.1
    Employed, worked part-time 754 18.6
    Employed, away from work 148 3.7
    Unemployed, looking for work 113 2.8
    Person Characteristics
  • Census Count Percent(%)
    Managers 292 12.6
    Professionals 348 15.0
    Technicians & trades workers 344 14.8
    Clerical & administrative workers 402 17.3
    Sales 290 12.5
    Others 650 27.9
    Occupation
    Census Count Percent(%)
    Pre-school 50 4.7
    Infants/Primary 401 38.0
    Secondary 324 30.7
    Technical or Further Educational Institution 124 11.7
    University or other Tertiary Institutions 122 11.6
    Others 35 3.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4154 87.9
    Semi-detached, row or terrace house, townhouse 319 6.8
    Flat, unit or apartment 252 5.3
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 777 39.2
    Being purchased 697 35.2
    Rented 496 25.1
    Other tenure type 10 0.5
    Tenure Type
Census 2011, ABS
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