Updated 14 August 2023
Published 28 June 2022
Norwest – A suburb with a promising future
Norwest already has a lot going for it and plenty more to look forward to for residents and homebuyers alike. Fairly new to the scene, it wasn’t until 2018 that Norwest was recognised as a separate suburb from the nearby areas of Kellyville and Baulkham Hills.
The residents, like the suburb are also young, with the median age being 37 years. More than 47% of residents are couples without children, with 39.5% of residents being couples with children. Almost 40% of homes are owned by investors, while 56% are owner occupiers. In that short period, Norwest has developed into a dynamic community offering a wide range of housing options to suit a wide range of people.
Living options in Norwest: A place for everyone
The suburb offers a range of living options, including family-friendly freestanding houses, which account for around 37% of occupied private dwellings in Norwest. The suburb also features a significant number of apartments, making up almost 54% of occupied private dwellings. With an array of different home types available, Norwest is a place where people from all walks of life can feel welcome and at home.
Demographics: Norwest as a hub for professionals and highly educated residents
With 22.8% more people employed in the “Professional, Scientific, and Technical Services” sector between 2016 and 2021, Norwest has become a hotspot for professionals. The suburb is still developing and growing, as seen by the construction industry’s strong growth and a 72% increase in employment during the same period. A further increase of 159 employees in the financial and insurance services industry from 2016 to 2021 shows Norwest’s growth as a prominent centre for these services.
Most people living in Norwest are highly educated, with almost 40% of people aged 21 and over having achieved bachelor’s degrees or above in 2021. There has also been a rise in residents with Advanced Diplomas, Diplomas, and vocational qualifications, showing dedication to skill development and specialised training.
These patterns demonstrate Norwest’s emphasis on developing a highly educated and talented workforce, enhancing its standing as a centre for information-based businesses and specialised knowledge.
Because it’s located in the heart of the popular Hills District, Norwest is well-placed to easily access work and the best of what Sydney has to offer. Via the Norwest Metro Station it’s a simple 45 minute commute to the CBD. It’s also just 25 minutes to Parramatta, Sydney’s second largest CBD, making it a desirable address for both homeowners and tenants.
Main drivers for moving to or investing in Norwest
The market trends also reflect the appeal of Norwest as an investment location. The typical gross yield is a decent 2.7%, which gives property owners an attractive return on their investment. Also, homes in Norwest are popular, as shown by the average number of days on the market before a sale, which is just 31. This means that buyers can secure their investment back quickly.
A suburb in growth mode, Norwest is reaping the rewards previously seen in highly sought-after areas such as Bella Vista, Kellyville and Castle Hill. Over the past twelve months, Norwest has experienced a substantial growth in prices according to propertyvalue.com.au figures, with the median value of houses rising to an impressive $1.9 million. Additionally, the rental market remains strong, with an average rent of $800 per week, offering great opportunities for rental property investments.
Landen’s Choice: Norwest as an ideal location for home and land development
Norwest doesn’t just look great on paper when savvy buyers crunch the numbers, it has a lot on offer as a lifestyle suburb. Norwest has already experienced phenomenal growth and is continuing to experience high demand with limited supply.
Local amenities just moments away include the employment hub of Norwest Business Park, Norwest Marketown, Parklea Markets, Castle Towers and Rouse Hill Town Centre. Its lifestyle and family features include the beautiful Bella Vista Farm, Norwest Lake, Castle Hill Country Club and great schools, such as Bella Vista Public School, Kellyville High School and William Clarke College.
Infrastructure and Projected Growth: Benefits for Norwest owners
Sydney’s North West is becoming an increasingly popular place to live thanks to state-of-the-art infrastructure that’s been in the pipeline for years and is now finally coming to fruition. Sydney Metro Northwest has opened up a raft of new opportunities for residents to live and work close to transport.
When the NSW State Government released the North West Rail Link Corridor Strategy in 2013, it identified a vision for the precincts surrounding each new railway station and targets for housing and employment growth into 2036. That growth and change, which began with the arrival of Sydney Metro Northwest, is ongoing with the local Council planning for new parks, playgrounds, sporting and community facilities.
The Hills Shire is only set to expand with the Council estimating the population will go from approximately 188,500 in 2021 to 250,000 by 2036.
Advantages of choosing a new build in Norwest
There are many benefits to building a brand new property, whether it will be a dream home or an investment. You can create the kind of space you wish to live in, or one you believe a long list of tenants would admire and pay strong rent for.
Landen’s double and triple storey home and land packages in Norwest have been specifically designed for each individual lot. From the design of the façade to the floorplan and premium inclusions within, these homes are elevated to reflect the exclusive location of Norwest. With these packages, you still have the opportunity to select your internal colour palettes and choose from a range of upgrades to give your home the right balance of bespoke design and personal taste.
But there are considerable financial perks to new builds too. When you buy an established property, you pay stamp duty on the purchase price, but when you build you typically only pay the duty on the land price, which could save you tens of thousands of dollars.
You will also be able to create a more energy-efficient home, which is great for the environment – and the household budget. And the benefits continue for investors because there may be depreciation advantages you could claim as a tax deduction, and often the building itself can be depreciated.
To find out more about Norwest, and the exciting opportunities in the neighbourhood, contact a Landen on 1300 526 336.