Norwood, 5067 ranked 187th in SA when comparing growth in median property values or capital gain over the last 12 months. Norwood is one of 853 in our list for SA
Taking the average capital gain, or increase in median house value, Norwood,5067 has racked up an average of 2.48% over the period. This ranks it number 2135th in the whole country for real estate investors looking at median house price increases.
The most recent median price for Norwood is $825000, with sellers offering an average of -4.96% off the asking price.
The SA suburb of Norwood, 5067 is in the Norwood Payneham St Peters (C) local government area.
With a capital gain of -7.83% for the last 12 months, Norwood, 5067 has performed for property investments than its average annual 3.76% property growth over the last 5 years.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Norwood has increased when compared to the 5 year average annual rate.
Norwood, 5067 is offering SA ‘s 52th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this SA.
On average over the past year, suburb has had 5.00 sales per month, which equates to 60 per year.
Situated 3.17km from the CBD, Norwood is one of Norwood Payneham St Peters (C) localities in the postcode 5067.
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Norwood is a well-known and cosmopoiltan suburb, around 3km from the Adelaide CBD.
“There are lots of cafes, shops and restaurants on the parade that are all within walking distance, and you can walk to the CBD in five to 10 minutes," explains Toop & Toop’s Simon Veitch
In terms of demographics, he explains that Norwood attracts a wide range of people who are attracted to the combination of its lifestyle and accessibility. These include retirees, young professionals and families.
Being so close to the CBD he adds that houses tend not to be on large blocks, but there are some beautiful small- to medium-sized character homes that rent well to families in particular.
“The houses are generally three-bedroom,” he adds. “And there’s a good price range. I sold one to an investor recently in the low 600s, and that will rent out for $450 to $500 per week.”
In terms of renovation prospects, owners do well by renovating or extending character homes. The newer 1950s and 1960s homes that aren’t protected by heritage laws tend to be demolished and replaced with newer real estate.
“Developers will build a new home, or a pair of homes,” says Veitch. “These attract retirees in particular because they like newer homes that don’t have so much of a garden to maintain."