Property investors who have had real estate in Summerhill, 7250 should be relatively unhappy with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -0.37%
Summerhill,7250 has offered an average of -0.37% return per annum in house price rises to property investors over the last three years.
Summerhill7250 is located in TAS which offers an average discount of -7.15% to property investors. Summerhill itself is showing figures that indicate -5.85% is the average achievable by property buyers investing in the suburb.
Summerhill is 59th on a list of best yielding suburbs for rents in TAS with a 5.78% return
Summerhill has had a quite poor year for property investment returns compared to the rest of TAS, giving investors a capital gain of -1.44% to date .
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Summerhill has fallen somewhat when compared to the 5 year average annual rate.
LACK OF BUYER INTEREST may well be the reason that Summerhill is offering property investors an average of -5.48. This rate of discount on properties puts Suburb at number 4th in terms of most discounted suburbs in TAS
Situated 158.20km 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.