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.
A five-minute drive from the Burnie CBD, the suburb of Park Grove is a hotspot for tenantsFull summary
Information supplied by:
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