With a capital gain of 9.03% for the last 12 months, Prospect Vale, 7250 has performed for property investments than its average annual 1.89% property growth over the last 5 years.
Over the longer term, Prospect Vale has seen property prices show investors a 13.77% return over the last 3 years. This is worse than over the last 12 months
Prospect Vale7250 is located in TAS which offers an average discount of -5.38% to property investors. Prospect Vale itself is showing figures that indicate -5.41% is the average achievable by property buyers investing in the suburb.
Renters in Suburb are facing rents around $19734 per annum or $379.5 every week.
Investment property in Prospect Vale has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 2.40%
A 39.13% growth in median value for property investors in Prospect Vale,7250 puts this suburb at number 40th in terms of best performing suburbs in TAS
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.19% offered to property buyers. Sellers in Prospect Vale itself are offering an average vendor discount of -3.14% to real estate investors.
Using the current median advertised rental of $290 and the average annual increase in value of a median property of 4.27%, investors should hope to achieve an overall return of 4.71%
Information supplied by:
Both stock and values fall
Median house price: $350,000
Stock on market: -45.0%
12-month growth: -1.4%
A strong growth pocket within the Greater Launceston area, Prospect Vale was once a part of the neighbouring suburb of Prospect, and was originally a cattle grazing spot.
The number of houses in Prospect Vale fell sharply from 52 to just 28 in the 12 months to January 2019, tightening the market further. Over the January 2019 quarter, however, growth stalled, with values slipping by 4.1%.
Since its beginnings in the late 1950s, Prospect Vale has become home to two schools, namely, Prospect High School and St Patricks College. The local oval is used by the St Patrick’s Old Collegians football club. Moreover, the Prospect Vale Marketplace caters to residents’ needs through a Woolworths supermarket. The establishment of an industrial park within the shopping centre’s boundaries also makes Prospect Vale an ideal residence for working professionals.