Property value increases in Norwood have tracked lower than the TAS average of 18.88% over the last 12 months.
If we look at median property appreciation over just the last three months, Norwood has given property investors a paper return of 4.02%. This puts Suburb as 91 on a list of fastest fasting appreciating suburbs in TAS
Norwood7250 is located in TAS which offers an average discount of -4.46% to property investors. Norwood itself is showing figures that indicate -5.29% is the average achievable by property buyers investing in the suburb.
At number 668 in a list of fastest selling suburbs, Norwood is in the TOP 20% of suburbs in Australia with an average of days on market 37.1364 for properties listed there.
Often selling an investment property can take time, and in Norwood the average time real estate has been on the market is 15.2727 days.
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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.