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 0.00%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Prospect Vale has increased when compared to the 5 year average annual rate.
At number 67th of TAS’s most discounted properties, Prospect Vale is in the TOP 40% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 50 days.
Using the current median advertised rental of $380 and the average annual increase in value of a median property of 1.15%, investors should hope to achieve an overall return of 5.49%
Prospect Vale has had a A very good year for property investment returns compared to the rest of TAS, giving investors a capital gain of 27.53% to date .
The five-year average increase in median property values for Prospect Vale,7250 has given property investors a potential capital gain of 16.24% across each of those five years.
Sellers are offering property buyers an average discount of -3.02% to buyers in Prospect Vale at the moment, which is less than average for the rest of TAS.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 59.4103 days.
Prospect Vale is 55th on a list of best yielding suburbs for rents in TAS with a 4.46% return
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.