Prospect Vale is in the bottom 30% in TAS when comparing median price capital growth over the last year. Prospect Vale gave property investors a disappointing capital gain figure when compared to the rest of the state, with 0.00%.
Prospect Vale,7250 has offered an average of 0.00% return per annum in house price rises to property investors over the last three years.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.65% offered to property buyers. Sellers in Prospect Vale itself are offering an average vendor discount of -5.27% to real estate investors.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 47.3393 days.
A $380 per week rent on the median house gives suburb investors a gross yield of circa 5.49%, without taking into account capital value appreciation, which has been averaging out at 1.58%.
Prospect Vale has had a A very good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 31.25% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Prospect Vale comes in at number 18th in TAS.
The most recent median price for Prospect Vale is $315000, with sellers offering an average of -3.59% off the asking price.
Property investors should expect to get $270 weekly from the median priced house in this suburb.
Information supplied by:
Both stock and values fall
Median house price: $350,000
Stock on market: -45.0%
12-month growth: -1.4%
A strong growth pocket within the Greater Launceston area, Prospect Vale was once a part of the neighbouring suburb of Prospect, and was originally a cattle grazing spot.
The number of houses in Prospect Vale fell sharply from 52 to just 28 in the 12 months to January 2019, tightening the market further. Over the January 2019 quarter, however, growth stalled, with values slipping by 4.1%.
Since its beginnings in the late 1950s, Prospect Vale has become home to two schools, namely, Prospect High School and St Patricks College. The local oval is used by the St Patrick’s Old Collegians football club. Moreover, the Prospect Vale Marketplace caters to residents’ needs through a Woolworths supermarket. The establishment of an industrial park within the shopping centre’s boundaries also makes Prospect Vale an ideal residence for working professionals.