Prospect Vale is an average performer in TAS when comparing median price capital growth over the last year. Prospect Vale gave property investors a average capital gain figure when compared to the rest of the state, with 2.90%.
Prospect Vale,7250 was ranked 582 in Australia by increase in median property value over the quarter.
Sellers are offering property buyers an average discount of -6.09% to buyers in Prospect Vale at the moment, which is less than average for the rest of TAS.
At number 616 in a list of fastest selling suburbs, Prospect Vale is in the TOP 20% of suburbs in Australia with an average of days on market 53.35 for properties listed there.
Advertised rents are around the $340 mark per week – giving a return of 5.25% based on the median price in Suburb
Prospect Vale is in the bottom 40% in TAS when comparing median price capital growth over the last year. Prospect Vale gave property investors a disappointing capital gain figure when compared to the rest of the state, with -2.42%.
Prospect Vale,7250 has offered an average of -2.42% return per annum in house price rises to property investors over the last three years.
LACK OF BUYER INTEREST may well be the reason that Prospect Vale is offering property investors an average of -5.62. This rate of discount on properties puts Suburb at number 13th in terms of most discounted suburbs in TAS
Residents and property investors in Prospect Vale have been waiting around 99.79 days to sell a property.
Using the current median advertised rental of $245 and the average annual increase in value of a median property of 0.83%, investors should hope to achieve an overall return of 5.74%
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.