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.
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