Located in Tasmania within the Launceston local government area, Norwood is a smaller suburb (postcode 7250). With a population of 3,869, the suburb has a mature demographic with a median age of 48. Households earn a median income of $75K per year, with an average household size of 2.3 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at -0.3% year-on-year at the LGA level. TAS employment has moved -0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. TAS also had 19 Commonwealth-backed major projects under construction, 0 underway, and 16 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, clerical & administrative, community & personal service. Employment in the area leans toward healthcare and education. The top ancestries reported are Australian, English, Scottish.
Norwood has a median house price of $625,000, which has risen by 3.2% year-on-year. Units have a median price of $485,000 (+14.7% YoY). The median weekly rent is $320 (Census 2021). This gives a gross rental yield of approximately 2.7%. The median monthly mortgage repayment is $1,343.
Norwood is served by 2 schools, including 1 primary, 1 secondary. The average ICSEA score is 976, which is around the national average of 1,000. Public transport access includes 2 rail stations, 20 bus stops.
Looking at the investment signals, Gross rental yield sits at around 2.7% (low yield). Property prices are near the state median ($625K/$750K). The price-to-income ratio of 8.3x is considered moderate. House prices have moved +3.2% year-on-year. Population growth of -0.3% year-on-year points to declining demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.