Investment property in Norwood 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 -10.68%
Over the longer term, Norwood has seen property prices show investors a 4.63% return over the last 3 years. This is worse than over the last 12 months
LACK OF BUYER INTEREST may well be the reason that Norwood is offering property investors an average of -6.81. This rate of discount on properties puts Suburb at number 290th in terms of most discounted suburbs in SA
At number 854 in a list of fastest selling suburbs, Norwood is in the TOP 30% of suburbs in Australia with an average of days on market 57.0263 for properties listed there.
Norwood, 5067’s gross rental yield is 3.28%
Over the last year, property investments in Norwood, 5067 have given investors a capital gain of 13.26%. This compares very favourably with the 2.02% for SA as a whole.
The five-year average increase in median property values for Norwood,5067 has given property investors a potential capital gain of 30.72% across each of those five years.
At number 51th of SA’s most discounted properties, Norwood is in the TOP 20% of the state/territory when listing in order of most discounted to least.
Often selling an investment property can take time, and in Norwood the average time real estate has been on the market is 65.525 days.
Situated 3.04km 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."