Suburb Profile Report for Park Grove TAS (7320)

Park Grove House: Median price $332,500, Annual capital growth 2.07%, Number of sales 47, Weekly median advertised rent $325

Park Grove Unit: Median price $255,000, Annual capital growth N/A, Number of sales 17, Weekly median advertised rent $260

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

Investment property in Park Grove has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 5.89%

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Park Grove has increased when compared to the 5 year average annual rate.

Our latest figures would indicate that property sellers in Park Grove are currently offering property investors an average price cut of -5.32% below the asking price at the moment.

Using the current median advertised rental of $325 and the average annual increase in value of a median property of 2.07%, investors should hope to achieve an overall return of 5.08%

Property investors looking for a bargain in Park Grove should be aiming for at least -4.11% off the asking price, which is the average vendor discount being achieved at the moment.

Information supplied by:


September 2018

M
O

W
E
A five-minute drive from the Burnie CBD, the suburb of Park Grove is a hotspot for tenantsFull summary

A tight squeeze

Postcode: 7320

Median unit price: $240,000

Vacancy rate: 3.6%

Three-year growth: 4.3%

A five-minute drive from the Burnie CBD, the suburb of Park Grove is a hotspot for tenants.

Over the 12 months to June 2018, the average vacancy rate plummeted from 7.8% to only 3.6%. Thus, renters will certainly be competing for a spot. This is likely due to how affordable this area is –the rent per week comes in at the average of $260, while netting 5.6% yield for the landlords. Park Grove also began reporting positive growth in 2015 – while this growth has been slight, it keeps unit values very low at under $250,000, increasing its attractiveness to buyers and renters on a budget.

Park Grove is primarily residential, but it has the distinction of being close to schools. Educational institutions in the area include Burnie Primary School, Maddington Child Services, Footprints Educational Complex and the Cradle Coast campus of the University of Tasmania.

Close
Metrics i HOUSE UNIT
$332,500 $255,000
-2.21% 6.25%
5.89% N/A
2.07% N/A
$325 $260
47 17
5.08% 5.30%
71.12 82

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
Find a mortgage broker in Park Grove TAS
Demographics
Total population 2358
Median household income ($/weekly) 1196
Median age of persons 40
Median housing loan repayment ($/monthly) 1354
Average household size 2.6
  • Census Count Percent(%)
    5-14 years 356 15.1
    35-44 years 347 14.7
    45-54 years 317 13.4
    55-64 years 265 11.2
    65-74 years 228 9.7
    Others 845 35.8
    Age Group
    Census Count Percent(%)
    Registered Married 992 58.9
    Not Married 565 33.5
    Defacto Relationship 128 7.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 1980 88.0
    Indonesia 31 1.4
    Papua New Guinea 23 1.0
    United Kingdom 98 4.4
    Other 27 1.2
    Others 92 4.1
    Country of Birth
    Census Count Percent(%)
    Christianity 1566 72.3
    No Religion 527 24.3
    Hinduism 35 1.6
    Buddhism 20 0.9
    Islam 17 0.8
    Others 0 0.0
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 72 9.3
    $400-$599 97 12.6
    $800-$999 75 9.7
    $1,500-$1,999 108 14.0
    $2,000-$2,499 79 10.2
    Others 340 44.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 700 38.8
    Employed, worked full-time 653 36.2
    Employed, worked part-time 344 19.0
    Employed, away from work 65 3.6
    Unemployed, looking for work 44 2.4
    Person Characteristics
  • Census Count Percent(%)
    Managers 133 12.5
    Professionals 246 23.2
    Technicians & trades workers 147 13.8
    Community & personal service workers 129 12.1
    Clerical & administrative workers 163 15.3
    Others 244 23.0
    Occupation
    Census Count Percent(%)
    Infants/Primary 258 41.5
    Secondary 161 25.9
    Technical or Further Educational Institution 70 11.3
    University or other Tertiary Institutions 114 18.3
    Other type of educational institution 10 1.6
    Others 9 1.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 2055 93.7
    Semi-detached, row or terrace house, townhouse 112 5.1
    Flat, unit or apartment 26 1.2
    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 376 44.4
    Being purchased 301 35.6
    Rented 169 20.0
    Other tenure type 0 0.0
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals