Surrounded by 14 small and major parks, and an average of just 5982 (as at 2016) residents within the ages of 20 to 29 (primarily, older residents make up less than 15% of the population), Norwood is considered prime hippie estate. An estate with many young professionals who are single and childless. With such demographic, Norwood South Australia house prices have been on a steady decline in the past year.
With the expected median income of each resident being $961 per week, houses and unit rentals have an average price of S450 and $375 respectively.
The whole of South Australia sees an average of 748 visits per property. This figure skyrockets to 1174 visits per property in Norwood, so the demand is extremely high here.
For investment purposes, the high demand market in Norwood means highly competitive prices and Norwood house inspection is the best. Houses have an average cost of $822K, way above the national average of $483k. Matured professional residents (about 20% of Norwood) make between $1800 – $2399 monthly mortgage repayments.
As at 2011, just 49.8% of homes were owner occupied. In 2016, that figure climbed to 50%, and is expected to keep increasing at a steady pace. Average houses sold per annum are 68, while units sold are fewer at 58.
Norwood is one of those tight knit, inner city communities, laced with all the delights found in typical urban cities. It’s more famous events include the February food and wine festival, with weekly support of the home football team, at the Adelaide stadium just a bus ride away.
Architectural designs feature cottage-style homes renovated from the 1800s to the early 1900s. Buildings in the central business district feature more modern upscale buildings, but prime cottages are just a stone’s throw away. East of Norwood are the larger Victorian styled homes, with town houses dotted in between.