Prospect Vale is a rural/residential locality in the local government areas (LGA) of Launceston (1%) and Meander Valley (99%) in the Launceston LGA region of Tasmania. The locality is about 7 kilometres (4.3 mi) south-west of the town of Launceston. The 2016 census recorded a population of 5067 for the state suburb of Prospect Vale. It is a small suburb of Greater Launceston. Prospect Vale has a small shopping centre, Prospect Vale Marketplace, containing a Woolworths supermarket and a small industrial park lies within its boundaries. Sporting grounds include the St Patrick’s Old Collegians Football Club Oval, who compete in the Northern Tasmania Football Association.