Property value increases in Prospect Vale have tracked just lower than the TAS average of 4.95% over the last 12 months.
Prospect Vale,7250 has offered an average of 1.53% return per annum in house price rises to property investors over the last three years.
Prospect Vale7250 is located in TAS which offers an average discount of -7.01% to property investors. Prospect Vale itself is showing figures that indicate -6.01% is the average achievable by property buyers investing in the suburb.
Using the current median advertised rental of $350 and the average annual increase in value of a median property of 2.15%, investors should hope to achieve an overall return of 5.47%
Prospect Vale has had a pretty average year for property investment returns compared to the rest of TAS, giving investors a capital gain of 4.42% to date .
Taking the average capital gain, or increase in median house value, Prospect Vale,7250 has racked up an average of 4.42% over the period. This ranks it number 1280th in the whole country for real estate investors looking at median house price increases.
Vendor discounting in Prospect Vale is giving property investors an average Vendor Discount of around -6.42%. This puts suburb at number 8th in TAS when ranking the most discounted suburbs.
At number 1054 in a list of fastest selling suburbs, Prospect Vale is in the bottom 30% of suburbs in Australia with an average of days on market 94.11 for properties listed there.
Using the current median advertised rental of $250 and the average annual increase in value of a median property of 1.67%, investors should hope to achieve an overall return of 5.37%
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
Information supplied by:
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.