At number 2589th in the list of Australian suburbs ordered by increase in median house value over the last year, Summerhill, 7250 is in the BOTTOM 40% with a property value increase of 2.89% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Summerhill comes in at number 127th in TAS.
Property buyers and investors in Summerhill 7250 should be seeing an average reduction in asking price of around -5.27% . This means that Summerhill is holding prices well when compared to other suburbs in TAS.
Residents and property investors in Summerhill have been waiting around 37.18 days to sell a property.
Summerhill is 34th on a list of best yielding suburbs for rents in TAS with a 6.02% return
The five-year average increase in median property values for Summerhill,7250 has given property investors a potential capital gain of -10.57% across each of those five years.
Sellers are offering property buyers an average discount of -6.23% to buyers in Summerhill at the moment, which is less than average for the rest of TAS.
Often selling an investment property can take time, and in Summerhill the average time real estate has been on the market is 63.9 days.
Summerhill is 31th on a list of best yielding suburbs for rents in TAS with a 5.49% return
Summerhill is situated 3km to the south of the Launceston CBD. It’s a primarily 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. Full summary
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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.