SA has seen average median house prices change by 1.50% which means that Norwood, 5067 has done well for property investors by showing a capital gain of -2.57% over the last year
Norwood,5067 has offered an average of -2.57% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Norwood 5067 should be seeing an average reduction in asking price of around -4.87% . This means that Norwood is holding prices well when compared to other suburbs in SA.
Using the current median advertised rental of $490 and the average annual increase in value of a median property of 2.60%, investors should hope to achieve an overall return of 3.21%
With a capital gain of 6.37% for the last 12 months, Norwood, 5067 has performed for property investments than its average annual 3.48% 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.
At number 41th of SA’s most discounted properties, Norwood is in the TOP 40% of the state/territory when listing in order of most discounted to least.
Renters in Suburb are facing rents around $19240 per annum or $370 every week.
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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."