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 realized 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 face lift 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 draw card, 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.