With a capital gain of 5.89% for the last 12 months, Park Grove, 7320 has performed for property investments than its average annual 1.84% property growth over the last 5 years.
While Park Grove,7320 ranked number 83th in TAS for increase in median house value (annualised) increase, it is ranked 113th over the last 5 years.
Our latest figures would indicate that property sellers in Park Grove are currently offering property investors an average price cut of -5.85% below the asking price at the moment.
The TAS suburb of Park Grove, 7320 is in the Burnie local government area.
Sellers are offering property buyers an average discount of -4.27% to buyers in Park Grove at the moment, which is less than average for the rest of TAS.
A five-minute drive from the Burnie CBD, the suburb of Park Grove is a hotspot for tenantsFull summary
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A tight squeeze
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