Investment property in West Nowra has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -7.11%
While West Nowra,2541 ranked number 1067th in NSW for increase in median house value (annualised) increase, it is ranked 435th over the last 5 years.
Vendor discounting in West Nowra is giving property investors an average Vendor Discount of around -5.46%. This puts suburb at number 622th in NSW when ranking the most discounted suburbs.
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Houses stumble in Nowra neighbour
Median house price: $445,000
Three-year growth: 41.5%
Rental yield: 4.3%
Situated west of the bustling town of Nowra, the suburb of West Nowra has generally been a significant grower in the NSW house market. However, CoreLogic’s findings from the November 2017 quarter indicated a 1.7% decrease in prices that brought the median house value down to under $450,000.
This makes West Nowra houses quite affordable, which, coupled with the reasonable yield of 4.3%, could be a draw for investors. Demand is still strong, with vendors selling at an average discount of just 3.7%. Houses spend an average of just 54 days on the market.
West Nowra residents are in close proximity to the amenities of Nowra. In addition to being a major tourist destination for Sydneysiders and Canberrans, Nowra is also popular with retirees, which makes West Nowra a prospective spot for older people looking to live near the water.