If you compare the increase in value of investment property in Summerhill, 7250 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this TAS suburb was 2.49%.
The five-year average increase in median property values for Summerhill,7250 has given property investors a potential capital gain of 26.54% across each of those five years.
Summerhill7250 is located in TAS which offers an average discount of -5.45% to property investors. Summerhill itself is showing figures that indicate -4.20% is the average achievable by property buyers investing in the suburb.
With a capital gain of 3.86% for the last 12 months, Summerhill, 7250 has performed for property investments than its average annual 1.17% property growth over the last 5 years.
Situated 158.55km from the CBD, Summerhill is one of Launceston (C) localities in the postcode 7250.
Information supplied by:
Summerhill is situated 3km to the south of the Launceston CBD. It’s primarily a residential suburb, but is located within each reach of two shopping centres, primary and secondary schooling, medical facilities, parks and public transport. Properties to the north-west of the suburb also overlook the Trevallyn recreational area and the South Esk River.
The suburb is dominated by families, with ABS figures reporting that more than half of its residents are aged between 20 and 60. Weekly family incomes are higher than the Tasmanian average, too, with SQM Research projections pegging salaries at $1,203pw. Twenty-seven per cent of properties are rented, with the remainder either paid off (40%) or under mortgage.
It’s an affordable suburb, with the median house price around $50,000 lower than northern neighbour West Launceston. Rents are comparable to West Launceston too. Herron Todd White’s Andrew Peck reckons that market conditions are contributing to high rental yields.
“With current housing stress, rents have been increasing and this suburb provides affordable family housing,” he says.
Peck adds that properties in the area are typically 1970s three-bedroom, one-bathroom, low set brick homes, and generally low maintenance. The fact that many houses are 1970s properties may also provide opportunities to add value via cosmetic renovation.