Property value increases in Prospect Vale have tracked close to the TAS average of 4.21% over the last 12 months.
The five-year average increase in median property values for Prospect Vale,7250 has given property investors a potential capital gain of -1.49% across each of those five years.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Prospect Vale, 7250. Typically our figures indicate that -6.20% is being offered, which puts this TAS suburb at 1728th most discounted overall in Australia.
Situated 156.76km from the CBD, Prospect Vale is one of Meander Valley localities in the postcode 7250.
Investment property in Prospect Vale has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 5.07%
Prospect Vale,7250 was ranked 251 in Australia by increase in median property value over the quarter.
Prospect Vale, 7250 is offering TAS ‘s 8th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 20% of discounts offered by this TAS.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 102.93 days.
Renters in Suburb are facing rents around $3000 per annum or $250 every week.
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.