Thinking about buying in Norval? Now could not be a better time, with just 21 residential dwellings it's a highly sought after location.
The average property price for this area is $484,000 with prices in this suburb ranging from $484,000 to $484,000.Distance to the coast is 125 Km.
Consistent high demand relative to supply is a key feature in Norval driving regular price increases. Recent rapid price increases however may constrain future growth by limiting demand. In this area of average incomes, there is a mix of housing size and quality. While this may present buying opportunities, growth may be constrained. As buyers begin to examine Norval due to other areas being out of the price range and the trend to working from home, "gentrification" may incease price growth. The slightly lower than average earnings from occupations in Norval changes the housing and lifestyle preference. It is more a matter of what can be afforded rather than what would we prefer, leading to slower price increases over time. Low population density implies low demand and limits housing choices and price increases. Could be a good entry point for first home buyers needing to somehow get into the market. With very low industrial sector presence in Norval the focus is on lifestyle, driving specific demand around facilities, services, and open space. Most people are employed in service sectors with a higher than average proportion being able to work from home. This may incease demand over the medium term.
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|Average Properties Within 50M|
|17 TOWER RD, NORVAL, VIC, 3377||$450,000 - $480,000|
None within suburb boundary(While the above schools are located with the suburb of Norval there may also be nearby schools whose catchments cover this suburb)
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source: Australian Government Bureau of Meteorology
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