Suburb Profile Report for Prospect Vale TAS (7250)

Prospect Vale House: Median price $380,000, Annual capital growth 2.74%, Number of sales 74, Weekly median advertised rent $370

Prospect Vale Unit: Median price $315,000, Annual capital growth 4.61%, Number of sales 50, Weekly median advertised rent $270

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Aug 2019 as supplied by CoreLogic. Data is reported to the period ending May 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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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:


April 2019

M
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W
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Both stock and values fall

Postcode: 7250

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.

Metrics i HOUSE UNIT
$380,000 $315,000
2.78% 3.11%
4.23% 32.91%
2.74% 4.61%
$370 $270
74 50
5.06% 4.46%
41.9830508474576 77.0857142857143

Source: Monthly data update for Aug 2019 as supplied by CoreLogic. Data is reported to the period ending May 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Very good (U)
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Demographics
Total population 5020
Median household income ($/weekly) 942
Median age of persons 42
Median housing loan repayment ($/monthly) 1500
Average household size 2.3
  • Census Count Percent(%)
    5-14 years 590 11.8
    25-34 years 499 9.9
    35-44 years 677 13.5
    45-54 years 693 13.8
    55-64 years 634 12.6
    Others 1927 38.4
    Age Group
    Census Count Percent(%)
    Registered Married 1933 51.1
    Not Married 1517 40.1
    Defacto Relationship 332 8.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 4372 89.8
    New Zealand 32 0.7
    Papua New Guinea 39 0.8
    United Kingdom 205 4.2
    Other 49 1.0
    Others 174 3.6
    Country of Birth
    Census Count Percent(%)
    Buddhism 25 0.5
    Christianity 3595 76.8
    Hinduism 11 0.2
    Other Religious Groups 14 0.3
    No Religion 1030 22.0
    Others 6 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 197 10.7
    $400-$599 268 14.6
    $600-$799 227 12.4
    $1,500-$1,999 220 12.0
    $2,000-$2,499 182 9.9
    Others 739 40.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1609 39.8
    Employed, worked full-time 1421 35.1
    Employed, worked part-time 754 18.6
    Employed, away from work 148 3.7
    Unemployed, looking for work 113 2.8
    Person Characteristics
  • Census Count Percent(%)
    Managers 292 12.6
    Professionals 348 15.0
    Technicians & trades workers 344 14.8
    Clerical & administrative workers 402 17.3
    Sales 290 12.5
    Others 650 27.9
    Occupation
    Census Count Percent(%)
    Pre-school 50 4.7
    Infants/Primary 401 38.0
    Secondary 324 30.7
    Technical or Further Educational Institution 124 11.7
    University or other Tertiary Institutions 122 11.6
    Others 35 3.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4154 87.9
    Semi-detached, row or terrace house, townhouse 319 6.8
    Flat, unit or apartment 252 5.3
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 777 39.2
    Being purchased 697 35.2
    Rented 496 25.1
    Other tenure type 10 0.5
    Tenure Type
Census 2011, ABS
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