At number 1061th in the list of Australian suburbs ordered by increase in median house value over the last year, Prospect Vale, 7250 is in the top 30% with a property value increase of 19.37% recorded in median house prices.
Comparing Prospect Vale,7250 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
With the median price for a house in Prospect Vale being $470000 and the advertised rent reaching $395 the gross rental yield for property investors calculates out to be 4.37%
If you compare the increase in value of investment property in Prospect Vale, 7250 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this TAS suburb was -1.54%.
Across a shorter period, Prospect Vale, 7250 has seen a median price increase of -0.31% over the last quarter.
Often selling an investment property can take time, and in Prospect Vale the average time real estate has been on the market is 44.0741 days.
Advertised rents are around the $330 mark per week – giving a return of 5.36% based on the median price in Suburb
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.