At number 3159th in the list of Australian suburbs ordered by increase in median house value over the last year, Prospect Vale, 7250 is in the BOTTOM 30% with a property value increase of -2.27% recorded in median house prices.
Prospect Vale,7250 was ranked 1842 in Australia by increase in median property value over the quarter.
Vendor discounting in Prospect Vale is giving property investors an average Vendor Discount of around -6.12%. This puts suburb at number 99th in TAS when ranking the most discounted suburbs.
Property value increases in Prospect Vale have tracked just lower than the TAS average of 2.96% over the last 12 months.
Prospect Vale,7250 was ranked 1542 in Australia by increase in median property value over the quarter.
At number 12th of TAS’s most discounted properties, Prospect Vale is in the bottom 30% of the state/territory when listing in order of most discounted to least.
Prospect Vale, 7250’s gross rental yield is 5.68%
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.