Investment property in Summerhill 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 4.49%
The five-year average increase in median property values for Summerhill,7250 has given property investors a potential capital gain of 7.31% across each of those five years.
Summerhill7250 is located in TAS which offers an average discount of -7.05% to property investors. Summerhill itself is showing figures that indicate -4.81% is the average achievable by property buyers investing in the suburb.
Advertised rents are around the $300 mark per week – giving a return of 5.59% based on the median price in Suburb
At number 994th in the list of Australian suburbs ordered by increase in median house value over the last year, Summerhill, 7250 is in the BOTTOM 50% with a property value increase of 1.72% recorded in median house prices.
Using the current median advertised rental of $240 and the average annual increase in value of a median property of -2.98%, investors should hope to achieve an overall return of 6.51%
Summerhill is situated 3km to the south of the Launceston CBD. It’s a primarily residential suburb, but is located within each reach of two shopping centres, primary and secondary schooling, medical facilities, parks and public transport. Properties to the north-west of the suburb also overlook the Trevallyn recreational area and the South Esk River. Full summary
Information supplied by:
Summerhill is situated 3km to the south of the Launceston CBD. It’s primarily a residential suburb, but is located within each reach of two shopping centres, primary and secondary schooling, medical facilities, parks and public transport. Properties to the north-west of the suburb also overlook the Trevallyn recreational area and the South Esk River.
The suburb is dominated by families, with ABS figures reporting that more than half of its residents are aged between 20 and 60. Weekly family incomes are higher than the Tasmanian average, too, with SQM Research projections pegging salaries at $1,203pw. Twenty-seven per cent of properties are rented, with the remainder either paid off (40%) or under mortgage.
It’s an affordable suburb, with the median house price around $50,000 lower than northern neighbour West Launceston. Rents are comparable to West Launceston too. Herron Todd White’s Andrew Peck reckons that market conditions are contributing to high rental yields.
“With current housing stress, rents have been increasing and this suburb provides affordable family housing,” he says.
Peck adds that properties in the area are typically 1970s three-bedroom, one-bathroom, low set brick homes, and generally low maintenance. The fact that many houses are 1970s properties may also provide opportunities to add value via cosmetic renovation.