Suburb Profile Report for Park Grove TAS (7320)

Park Grove House: Median price $330,000, Annual capital growth 1.47%, Number of sales 62, Weekly median advertised rent $340

Park Grove Unit: Median price $222,500, Annual capital growth 0.69%, Number of sales 22, Weekly median advertised rent $280

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

At number 1825th in the list of Australian suburbs ordered by increase in median house value over the last year, Park Grove, 7320 is in the top half with a property value increase of 3.45% recorded in median house prices.

Comparing Park Grove,7320 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.12% offered to property buyers. Sellers in Park Grove itself are offering an average vendor discount of -7.11% to real estate investors.

On average over the past year, suburb has had 5.17 sales per month, which equates to 62 per year.

Advertised rents are around the $340 mark per week – giving a return of 5.36% based on the median price in Suburb

Giving property investors a a poor capital gain of -25.21% for the last year, Park Grove, 7320 is the 1623th highest performer in Australia in this respect.

Park Grove,7320 has offered an average of -25.21% return per annum in house price rises to property investors over the last three years.

At number 11th of TAS’s most discounted properties, Park Grove is in the bottom 20% of the state/territory when listing in order of most discounted to least.

At number 1362 in a list of fastest selling suburbs, Park Grove is in the bottom 20% of suburbs in Australia with an average of days on market 126.33 for properties listed there.

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September 2018

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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
$330,000 $222,500
-0.38% -12.75%
3.45% -25.21%
1.47% 0.69%
$340 $280
62 22
5.36% 6.54%
68.95 126.33

Source: CoreLogic

Disclaimer: The data presented here is the latest available data at the time of upload each month. Please note that data is routinely updated by our partners, so may change month to month.

DSR Score for property investment : Very good (H), Above average (U)
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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
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