Giving property investors a a stable capital gain of 7.81% for the last year, Prospect Vale, 7250 is the 1638th highest performer in Australia in this respect.
Comparing Prospect Vale,7250 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
Prospect Vale7250 is located in TAS which offers an average discount of -6.77% to property investors. Prospect Vale itself is showing figures that indicate -6.32% is the average achievable by property buyers investing in the suburb.
Renters in Suburb are facing rents around $4350 per annum or $362.5 every week.
With a capital gain of 9.79% for the last 12 months, Prospect Vale, 7250 has performed for property investments than its average annual 2.42% property growth over the last 5 years.
The five-year average increase in median property values for Prospect Vale,7250 has given property investors a potential capital gain of 11.93% across each of those five years.
Vendor discounting in Prospect Vale is giving property investors an average Vendor Discount of around -5.99%. This puts suburb at number 14th in TAS when ranking the most discounted suburbs.
Property investors should expect to get $250 weekly from the median priced house in this suburb.
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.