Legana has had a quite poor year for property investment returns compared to the rest of TAS, giving investors a capital gain of 0.37% to date .
Legana,7277 was ranked 2415 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Legana should be aiming for at least -4.73% off the asking price, which is the average vendor discount being achieved at the moment.
Property value increases in Legana have tracked close to the TAS average of 2.66% over the last 12 months.
When looking at the potential capital gains offered to property investors over the last 3 years, Legana comes in at number 47th in TAS.
On average over the past year, suburb has had 1.08 sales per month, which equates to 13 per year.
Using the current median advertised rental of $323 and the average annual increase in value of a median property of 2.01%, investors should hope to achieve an overall return of 5.42%
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Growth slows in wine hub
Median unit price: $303,000
Three-year growth: 8.8%
Rental yield: 5.3%
Just approximately 10 minutes from Launceston, the suburb of Legana is close to the Tamar Valley wineries.
Aside from being along the wine route, Legana is also a short distance from Riverside, putting families in proximity to Riverside Primary School and Riverside High School. The suburb is also home to a shopping centre, supermarkets, cafes, a pub and restaurants. Social activities are centred on sports – the community precinct is home to the Legana Cricket Club and a bicycle dirt jump park.
Following a strong run over the 2013-2018 period, however, Legana’s unit market may be easing up, with value increases going from double-digit to single-digit growth. Nonetheless, Launceston has gotten some shine lately with some spillover from Hobart – coupled with the affordability of Legana apartments and its strong rental returns, we could see things pick up again.