Investment property in Prospect Vale 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 2.29%
The five-year average increase in median property values for Prospect Vale,7250 has given property investors a potential capital gain of 19.33% across each of those five years.
Vendor discounting in Prospect Vale is giving property investors an average Vendor Discount of around -5.69%. This puts suburb at number 41th in TAS when ranking the most discounted suburbs.
At number 442 in a list of fastest selling suburbs, Prospect Vale is in the TOP 20% of suburbs in Australia with an average of days on market 46.194 for properties listed there.
With the median price for a house in Prospect Vale being $358000 and the advertised rent reaching $370 the gross rental yield for property investors calculates out to be 5.37%
Prospect Vale, 7250 ranked 7th in TAS when comparing growth in median property values or capital gain over the last 12 months. Prospect Vale is one of 606 in our list for TAS
Prospect Vale,7250 was ranked 109 in Australia by increase in median property value over the quarter.
Our latest figures would indicate that property sellers in Prospect Vale are currently offering property investors an average price cut of -3.47% below the asking price at the moment.
Using the current median advertised rental of $270 and the average annual increase in value of a median property of 4.00%, investors should hope to achieve an overall return of 4.68%
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.