Norwood, 5067 ranked 75th 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
Across a shorter period, Norwood, 5067 has seen a median price increase of 1.24% over the last quarter.
Our latest figures would indicate that property sellers in Norwood are currently offering property investors an average price cut of -6.64% below the asking price at the moment.
The SA suburb of Norwood, 5067 is in the Norwood Payneham St Peters (C) local government area.
Property investors who have had real estate in Norwood, 5067 should be unhappy with this SA suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -9.10%
Taking the average capital gain, or increase in median house value, Norwood,5067 has racked up an average of -9.10% over the period. This ranks it number 743th in the whole country for real estate investors looking at median house price increases.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Norwood, 5067. Typically our figures indicate that -4.44% is being offered, which puts this SA suburb at 770th most discounted overall in Australia.
With the median price for a house in Norwood being $504500 and the advertised rent reaching $390 the gross rental yield for property investors calculates out to be 4.02%
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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."