At number 1359th in the list of Australian suburbs ordered by increase in median house value over the last year, Norwood, 7250 is in the top 40% with a property value increase of 1.92% recorded in median house prices.
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.
Sellers are offering property buyers an average discount of -5.58% to buyers in Norwood at the moment, which is less than average for the rest of TAS.
At number 173 in a list of fastest selling suburbs, Norwood is in the TOP 10% of suburbs in Australia with an average of days on market 44.3962 for properties listed there.
Renters in Suburb are facing rents around $19760 per annum or $380 every week.
Property value increases in Norwood have tracked lower than the TAS average of 5.31% over the last 12 months.
Norwood,7250 was ranked 545 in Australia by increase in median property value over the quarter.
Information supplied by:
Stock tumbles in affordable suburb
Median house price: $347,750
Stock on market: -39.4%
12-month growth: 9.5%
House stock fell from 30 to 17 in the 12 months leading up to January 2018, which could spur demand in the suburb of Norwood.
Situated just about 4km from the city of Launceston, Norwood has been recording growth since 2013 – even then, house values remain low at a median of under $350,000. Thus, such properties only stay on the market for an average of 60 days. Rental yields are also high at an average of 5%, which could encourage investment activity.
The suburb contains many older-style family homes alongside modern dwellings. It is also well-stocked with a supermarket and two schools, namely, Norwood Primary and Queechy High. Norwood is in close proximity to tourist spots like the Cataract Gorge, as well as several parks.