Giving property investors a an unimpressive capital gain of -3.03% for the last year, Prospect Vale, 7250 is the 3279th highest performer in Australia in this respect.
When looking at the potential capital gains offered to property investors over the last 3 years, Prospect Vale comes in at number 118th in TAS.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Prospect Vale, 7250. Typically our figures indicate that -6.42% is being offered, which puts this TAS suburb at 1543th most discounted overall in Australia.
In the last year 65 properties changed hands in Prospect Vale, which puts it as the 34th most active market in TAS when comparing the number of sales per suburb.
A $330 per week rent on the median house gives suburb investors a gross yield of circa 5.36%, without taking into account capital value appreciation, which has been averaging out at 1.78%.
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 4.44%
Across a shorter period, Prospect Vale, 7250 has seen a median price increase of 0.32% over the last quarter.
Prospect Vale, 7250 is offering TAS ‘s 13th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 30% of discounts offered by this TAS.
Residents and property investors in Prospect Vale have been waiting around 100.62 days to sell a property.
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.