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
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.