Prospect Vale, 7250 ranked 117th 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
Across a shorter period, Prospect Vale, 7250 has seen a median price increase of 2.78% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Prospect Vale is offering property investors an average of -5.55. This rate of discount on properties puts Suburb at number 43th in terms of most discounted suburbs in TAS
Advertised rents are around the $370 mark per week – giving a return of 5.06% based on the median price in Suburb
Giving property investors a a solid capital gain of 32.91% for the last year, Prospect Vale, 7250 is the 34th highest performer in Australia in this respect.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Prospect Vale has increased when compared to the 5 year average annual rate.
Sellers are offering property buyers an average discount of -3.56% to buyers in Prospect Vale at the moment, which is less than average for the rest of TAS.
In the last year 50 properties changed hands in Prospect Vale, which puts it as the 6th most active market in TAS when comparing the number of sales per suburb.
A $270 per week rent on the median house gives suburb investors a gross yield of circa 4.46%, without taking into account capital value appreciation, which has been averaging out at 4.61%.
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.