Norwest Property Factsheet 2nd Half of 2018
Over 2018, Norwest has continued to experience cooling, where median prices have become more affordable – particularly for houses. This is reflective of Sydney's cooling in property prices, presenting greater opportunities for affordability in this premium market. Buyers are urged to act now and take advantage of this window of affordability.
Norwest recorded a median house price of $1,247,500 and $847,000 for units in Q2 2018, which represents an annual price change of -10.3% and -2.6% respectively. Over the same period of time, house and unit prices in The Hills Shire Local Government Area (LGA) softened by -0.2% to $1,268,000 and -3.9% to $835,000, respectively.
Average vendor discounting over the past 12 months to Q2 2018 have widened to -4.4% for houses and -6.7% for units. This suggests that Norwest is a buyers’ market where sellers are more willing to negotiate the initial asking price. Now is the perfect time to transact – buyers to capitalize on affordability and sellers to minimize further risks in cooling capital growth.
Norwest is set to see approximately $1.5B of new projects commencing in the 2nd half of 2018. The majority of total project value will be dedicated to increasing residential stock (67.7%), delivering an additional 1,763 units, 2,804 apartments and 77 lots. This is followed by mixed-use (19.6%) and commercial (12.7%) activity that will deliver a unique balance of employment opportunities connectivity and cultured lifestyle.