Property investors who have had real estate in Norwood, 5067 should be ok 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 -3.81%
Across a shorter period, Norwood, 5067 has seen a median price increase of 0.45% over the last quarter.
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 -6.26% is being offered, which puts this SA suburb at 1893th most discounted overall in Australia.
At number 1471 in a list of fastest selling suburbs, Norwood is just in the top half of suburbs in Australia with an average of days on market 71.4773 for properties listed there.
With the median price for a house in Norwood being $782000 and the advertised rent reaching $465 the gross rental yield for property investors calculates out to be 3.09%
Norwood has had a pretty good year for property investment returns compared to the rest of SA, giving investors a capital gain of 4.46% to date .
A 21.97% growth in median value for property investors in Norwood,5067 puts this suburb at number 61th in terms of best performing suburbs in SA
Vendor discounting in Norwood is giving property investors an average Vendor Discount of around -5.49%. This puts suburb at number 43th in SA when ranking the most discounted suburbs.
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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."