Norwest Property Factsheet 2nd Half of 2017
Norwest is a business park located approximately 28km from the Sydney CBD, a vibrant and growing employment node. Norwest and its surrounding suburbs presents a sough after premium market compared to the wider Hills Shire LGA region, with excellent capital growth. House median price is currently sitting at $1,390, 000 with an annual price change of 14.9% in Q2 2017, whilst unit median price is $870,000 with 11.5% annual growth.
Norwest is an attractive market for investors, as both house and units median rent has seen a stable increase over the past 12 months to Q2 2017, currently at $620/week and $550/week respectively. Vacancy rates are declining at a steady rate as new stock is becoming occupied, an excellent trend when compared to Sydney’s increasing vacancy rates. Astute investors are currently benefitting from 2.3% (house) and 3.3% (units) rental yields in the Norwest area.
Project development in the Hills Shire for the 2nd half 2017 is valued at approximately $788.2M, the majority of which are mixed-use developments (80.2%) and residential projects (17.5%), to meet the increasing demand for high quality stock. A main mixed-use development is the Spurway Drive Master Planned Development, which will add 1300 dwelling into the Baulkham Hills suburb. Another key project is the Norwest Lake mixed-use development, constructing 247 apartments, a dedicated retail level, and 3 levels of commercial office space. Commercial developments include the Mercedes Benz Castle Hill Showroom and Annangrove Road Mixed Development, both of which are crucial in maintaining Norwest’s momentum as a busy business park with good local job growth.