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Norwood’s YOY house price increase highest in a decade

61 Ivy Rd, Norwood, Kobus LG T12Some 40% of Norwood’s year-on-year home sales occurred in the final three months of the year (November 2016 to January 2017).

Based on 60 sales concluded between February 2016 and the end of January this year in the Johannesburg suburb, the median house price spiked from R2,23m in 2016 to R2,9m at the end of January. This is a year-on-year increase of 30% which, according to Lightstone data, is the steepest increase seen in the suburb in the past decade.

According to Kobus Venter, area specialist for Lew Geffen Sotheby’s International Realty, the most activity is in the entry- to mid-level market where demand is strong for houses priced between R2m and R4m.

“Of the 24 properties sold since November 2016, 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,” he said, adding that four sales were concluded in the R3m-plus bracket which sold at an average of R3,44m, with the only sectional title sale during the three month period being in this price band.

Photo: This spacious, multi-level home has everything the modern family needs, from three generous bedrooms, a cosy pyjama lounge and a games room, to an established garden with a pool and a wine cellar. It’s on the market for R2,699m through Lew Geffen Sotheby’s International Realty


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