Suburb Profile Report for Prospect Vale TAS (7250)

Prospect Vale House: Median price $351,500, Annual capital growth 1.73%, Number of sales 52, Weekly median advertised rent $360

Prospect Vale Unit: Median price $257,000, Annual capital growth 2.05%, Number of sales 61, Weekly median advertised rent $250

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Giving property investors a a stable capital gain of 9.84% for the last year, Prospect Vale, 7250 is the 1518th highest performer in Australia in this respect.

Over the longer term, Prospect Vale has seen property prices show investors a 14.40% return over the last 3 years. This is worse than over the last 12 months

Property investors looking for a bargain in Prospect Vale should be aiming for at least -5.09% off the asking price, which is the average vendor discount being achieved at the moment.

On average over the past year, suburb has had 4.33 sales per month, which equates to 52 per year.

A $360 per week rent on the median house gives suburb investors a gross yield of circa 5.33%, without taking into account capital value appreciation, which has been averaging out at 1.73%.

If you compare the increase in value of investment property in Prospect Vale, 7250 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this TAS suburb was 9.36%.

Prospect Vale,7250 was ranked 1574 in Australia by increase in median property value over the quarter.

LACK OF BUYER INTEREST may well be the reason that Prospect Vale is offering property investors an average of -5.24. This rate of discount on properties puts Suburb at number 17th in terms of most discounted suburbs in TAS

In the last year 61 properties changed hands in Prospect Vale, which puts it as the 6th most active market in TAS when comparing the number of sales per suburb.

Advertised rents are around the $250 mark per week – giving a return of 5.06% based on the median price in Suburb

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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.Full summary

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.

Metrics i HOUSE UNIT
$351,500 $257,000
1.88% -6.20%
9.84% 9.36%
1.73% 2.05%
$360 $250
52 61
5.33% 5.06%
50.04 86

Source: CoreLogic

DSR Score for property investment : Good (H), Above average (U)
Find a mortgage broker in Prospect Vale TAS
Total population 5020
Median household income ($/weekly) 942
Median age of persons 42
Median housing loan repayment ($/monthly) 1500
Average household size 2.3
  • Census Count Percent(%)
    5-14 years 590 11.8
    25-34 years 499 9.9
    35-44 years 677 13.5
    45-54 years 693 13.8
    55-64 years 634 12.6
    Others 1927 38.4
    Age Group
    Census Count Percent(%)
    Registered Married 1933 51.1
    Not Married 1517 40.1
    Defacto Relationship 332 8.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 4372 89.8
    New Zealand 32 0.7
    Papua New Guinea 39 0.8
    United Kingdom 205 4.2
    Other 49 1.0
    Others 174 3.6
    Country of Birth
    Census Count Percent(%)
    Buddhism 25 0.5
    Christianity 3595 76.8
    Hinduism 11 0.2
    Other Religious Groups 14 0.3
    No Religion 1030 22.0
    Others 6 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 197 10.7
    $400-$599 268 14.6
    $600-$799 227 12.4
    $1,500-$1,999 220 12.0
    $2,000-$2,499 182 9.9
    Others 739 40.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1609 39.8
    Employed, worked full-time 1421 35.1
    Employed, worked part-time 754 18.6
    Employed, away from work 148 3.7
    Unemployed, looking for work 113 2.8
    Person Characteristics
  • Census Count Percent(%)
    Managers 292 12.6
    Professionals 348 15.0
    Technicians & trades workers 344 14.8
    Clerical & administrative workers 402 17.3
    Sales 290 12.5
    Others 650 27.9
    Census Count Percent(%)
    Pre-school 50 4.7
    Infants/Primary 401 38.0
    Secondary 324 30.7
    Technical or Further Educational Institution 124 11.7
    University or other Tertiary Institutions 122 11.6
    Others 35 3.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4154 87.9
    Semi-detached, row or terrace house, townhouse 319 6.8
    Flat, unit or apartment 252 5.3
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 777 39.2
    Being purchased 697 35.2
    Rented 496 25.1
    Other tenure type 10 0.5
    Tenure Type
Census 2011, ABS
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