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
    • 22 Jun 2018
      The rental market in many Johannesburg suburbs has shown encouraging signs of revival this year but it remains a competitive market and landlords who best cater to their market’s needs will reap the healthiest returns.
    • 22 Jun 2018
      Home design is constantly evolving to reflect the changing needs of society. We look at some of the ways in which our use of space is changing.
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us