Norwood’s market stability underpinned by value and diversity

Despite a dip in sales volumes last year, property values in Norwood have continued to grow at a steady pace and 2017 has kicked off on a promising note with 24 (40%) of the 60 sales concluded between February 2016 and the end of January this year being is the last three months.

The median house price has also spiked from R2.23 million in 2016 to R2.9m recorded at the end of January, reflecting a solid year-on-year increase of 30% which, according to Lightstone data, is the steepest increase seen in the suburb during the last decade.

Kobus Venter, Area Specialist for Lew Geffen Sotheby’s International Realty, says: “We are seeing the most activity in the entry to mid-level market where there is a strong demand for houses priced between R2m and R4m.

“Of the 24 properties sold since November, 14 were in the R1.5m to R3m price band at an average sale price of R2.22m and six homes priced between R800 000 and R1.5m realised an average sale price of R1.25m.”

Venter adds that there were four sales in the R3m plus bracket which sold at an average sale price of R3.44m, with the only sectional title sale during the three month period being in this price band.

“Norwood is predominantly a freehold area with only a few sectional title properties mainly situated along Grant Avenue and the most sought-after homes are the newly renovated houses with good security as well as the character cottages, despite the small stands.”

Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says that while the average house price in Norwood depends on its location, condition and, in the case of older homes, the degree of renovation, the generally accessible price point and central location make it a very popular residential destination.

“The area is attracting increasing interest from upwardly mobile professionals and young families, as well as mature buyers who are downsizing as most of the plots are a very manageable 500m².

“There has also been an increase in Muslim couples and families because of the suburb’s proximity to several mosques.

Geffen adds: “Norwood has a broad appeal as it’s a well-established garden suburb which makes it particularly attractive to families seeking a traditional suburban outdoors lifestyle, but it also has a distinctly vibey and cosmopolitan atmosphere.”

Says Venter: “Grant Avenue is the main hub of the suburb and it is home to a variety of shops, cafes and restaurants and, being within walking distance for all residents, it creates an open and friendly sense of community.

“The street has received a major facelift in recent years and this is attracting more and more upmarket businesses which in turn impacts positively on property values and the quality of investors and residents.”

Venter says that the suburbs convenient location in close proximity to Sandton City and the CBD is also a major drawcard, with residents enjoying easy access to the city’s main road networks and highways.

“The Gautrain station is only a few kilometres away in Rosebank and several of Johannesburg’s top schools, best hospitals and most popular shopping destinations are within easy driving distance.”

And ticking the most crucial box of all is the fact that the Norwood Police Station situated within the suburb and, with a highly active community-policing programme in place, it is widely considered to be one of the more secure suburbs of the city.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 19 Mar 2018
      If a landlord opts to use a managing agent for the rental of his or her property, the inspection process can be easier as the agent is not emotionally involved and will certainly have concluded an in-depth inspection report in the interests of all parties.
    • 19 Mar 2018
      We all wish we could have the cheat sheet for selling a property – a simple Ctrl+Shift+C code that will magically secure an offer on your home in an instant. Though it is not possible to provide you with this cheat code (sadly, reality does not come with such perks), it is possible to provide you with a list of the most common blunders some of your neighbours have committed in their efforts to sell their homes
    • 19 Mar 2018
      Although property technology is now widely accepted as an established trend, especially in the international real estate arena, the industry has been cautious to advance and smaller markets like South Africa are still hesitantly dipping their toes in the water.
    • 16 Mar 2018
      Strange as it may seem, there is a stock shortage looming now in the luxury sector of the Johannesburg property market, because astute buyers have for the past few months been hurrying to snap up high-end homes being offered at excellent prices.
    • 16 Mar 2018
      No one likes having to claim but having insurance for your household contents is vital, and at the start of a new financial year, homeowners either applying for new household insurance or revising their existing insurance should take a comprehensive inventory of their possessions and keep track of the total value.
    • 15 Mar 2018
      First-time buyers typically need to save for at least three years to afford the deposit on a home, and the VAT and fuel price increases announced in this year’s budget are going to make it even more difficult for them to reach that goal.
    • 15 Mar 2018
      Sea Point shows how developers use these organisations to advance their own interests
    • 15 Mar 2018
      As the rand strengthens against other major currencies, the prospect of investing in properties abroad is an increasingly appealing option for South African investors. Several factors, local and international, are sending a clear message: now is the time.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us