At number 2118th 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 4.07% recorded in median house prices.
If we look at median property appreciation over just the last three months, Summerhill has given property investors a paper return of 3.69%. This puts Suburb as 44 on a list of fastest fasting appreciating suburbs in TAS
The most recent median price for Summerhill is $281000, with sellers offering an average of -5.23% off the asking price.
Property investors should expect to get $300 weekly from the median priced house in this suburb.
Summerhill has had a pretty average year for property investment returns compared to the rest of TAS, giving investors a capital gain of 1.72% to date .
Summerhill,7250 was ranked 1603 in Australia by increase in median property value over the quarter.
Situated 158.19km from the CBD, Summerhill is one of Launceston localities in the postcode 7250.
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
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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.