At number 1803th in the list of Australian suburbs ordered by increase in median house value over the last year, Prospect Vale, 7250 is in the top half with a property value increase of 7.50% recorded in median house prices.
The five-year average increase in median property values for Prospect Vale,7250 has given property investors a potential capital gain of -1.71% across each of those five years.
Prospect Vale7250 is located in TAS which offers an average discount of -6.57% to property investors. Prospect Vale itself is showing figures that indicate -5.89% is the average achievable by property buyers investing in the suburb.
On average over the past year, suburb has had 4.92 sales per month, which equates to 59 per year.
Situated 156.82km 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 10.14%
While Prospect Vale,7250 ranked number 11th in TAS for increase in median house value (annualised) increase, it is ranked 12th over the last 5 years.
The most recent median price for Prospect Vale is $258000, with sellers offering an average of -5.71% off the asking price.
In the last year 51 properties changed hands in Prospect Vale, which puts it as the 7th most active market in TAS when comparing the number of sales per suburb.
Situated 138.20km from the CBD, Prospect Vale is one of Meander Valley localities in the postcode 7250.
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.