Property investors who have had real estate in Park Grove, 7320 should be ok with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -0.88%
If we look at median property appreciation over just the last three months, Park Grove has given property investors a paper return of 0.60%. This puts Suburb as 103 on a list of fastest fasting appreciating suburbs in TAS
The most recent median price for Park Grove is $337000, with sellers offering an average of -5.69% off the asking price.
On average over the past year, suburb has had 5.00 sales per month, which equates to 60 per year.
Property investors who have had real estate in Park Grove, 7320 should be unhappy with this TAS suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -21.09%
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 fallen somewhat when compared to the 5 year average annual rate.
In the last year 11 properties changed hands in Park Grove, which puts it as the 66th most active market in TAS when comparing the number of sales per suburb.
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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.