Investment property in Prospect Vale has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 3.38%
Over the longer term, Prospect Vale has seen property prices show investors a 12.00% return over the last 3 years. This is worse than over the last 12 months
Sellers are offering property buyers an average discount of -6.32% to buyers in Prospect Vale at the moment, which is less than average for the rest of TAS.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 59.86 days.
A $350 per week rent on the median house gives suburb investors a gross yield of circa 5.42%, without taking into account capital value appreciation, which has been averaging out at 2.30%.
If you compare the increase in value of investment property in Prospect Vale, 7250 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this TAS suburb was -1.30%.
Prospect Vale,7250 has offered an average of -1.30% return per annum in house price rises to property investors over the last three years.
At number 7th of TAS’s most discounted properties, Prospect Vale is in the bottom 20% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 102.06 days.
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.