The locality is about 8 kilometres (5.0 mi) south of the town of Launceston.

The 2016 census recorded a population of 1722 for the state suburb of Prospect.

The Mount Pleasant Laboratories[2] are Tasmanian government laboratories located in Prospect and include: A sawmill, stonemason, Tasmanian Independent Retailers[3] state distribution centre dominate the area.

There are a number of restaurants and shops along Westbury Road - Prospect's main commercial corridor - including IGA.

[4] The Silverdome Complex[5] is a multi use facility incorporating an indoor cycling track, netball courts and concert seating.