Norman Park is an suburb of Brisbane situated in the Inner East and is known for being one of Brisbane's premiere riverfront suburbs.
Originally a farmland estate, Norman Park was largely developed through the early 1900s. Post World War II, Norman park had a rather large development of public housing, though this is long gone.
Norman Park today is one of Brisbane's best located suburbs, within 10 minutes from the easter suburbs, CBD and Woolloongabba district.
As a key suburb to the heartland of Brisbane, Norman Park is one of the wealthiest suburbs in Brisbane, with a very high median income. House prices are over $1.4M with many homes selling above the $2M mark.
Lifestyle
Norman Park is one of the best located family suburbs in Brisbane. It is within 10 minutes of the CBD & Fortitude Valley and 5 minutes from the Eastern Suburbs & Woolloongabba District.
Norman Park is bounded by the Brisbane River, and Norman Creek, which both serve as great lifestyle options. Many residents enjoy kayaking along both waterways.
Norman Park, Vectis Street Park and Wilson Park are all located close to Norman Creek, and serve as a great facility for locals to walk, exercise, picnic and play sports. On weekends these can be very busy locations, especially on Saturdays.
Local culture is strong in Norman Park, and this can be seen within many morning run clubs and fitness groups. Coffee culture is also popular, amongst the small local cafes that exist in the suburb.
School Zones
Norman Park Primary School is the most common school for younger residents to attend, and is located within the suburb. Coorparoo State School and Seven Hills State School take in some residents of Norman Park from the southern part of the suburb.
Most adolescent public students attend Coorparoo Secondary College, and others if lucky attend Brisbane State High School - known as one of the premiere schools in public education.
As a wealthy suburb, Norman Park has many students who attend Private Schools. The most common for boys is Anglican Church Grammar School, in East Brisbane, straight across from Norman Creek.
Brisbane Grammar School and Somerville House are also popular. Brisbane Girls Grammar School and St Margaret's Anglican Girls School are popular for girls.
Narbethong Special School is the closest school for students of special needs, in nearby Woolloongabba.
Demographics
Norman Park is one of Brisbane's wealthiest suburbs, which is only strengthening year to year.
Norman Park's median household income has nearby doubled over the past 15 years, growing from $1,479 per week in 2006 to $2,918 in 2021. This is an income consistent with many north shore suburbs and eastern suburbs of Sydney, an incredible number.
Norman Park has one of the longest hold periods for houses of any suburb in Brisbane, averaging over 10 years, with some streets being as long as 15 years.
This is largely due to the presence of very low living expenses in comparison to income, particularly mortgages, which have a very low loan to value ratio in Norman Park.
Employment
Around 60% of Norman Parks employees work within professional services or management. Many of these employees have very high paying jobs including jobs as Doctors, Lawyers and Accountants.
Healthcare, IT, Law and Government are the largest employers of Norman Park residents, many working within the Cannon Hill, Woolloongabba and CBD precincts.
Cafe's and restaurants employ many of the younger adolescent residents that still live at home. Many of the young residents live at home in Norman Park as it is quite unaffordable for the standard young person.
Transport
Norman Park Station is serviced by the Cleveland railway line running toward the CBD and Bayside of Brisbane every 15 minutes during peak hour and half an hour during off peak times.
Norman Park residents also have buses that service the suburb, commonly along Bennetts Road, Norman Avenue and Wynnum Road. They go towards the CBD, Woolloongabba, the Bayside and Brisbane's southern suburbs.
Private transport is very common in Norman Park, as many families live within the suburb. Most families and households have 2 or more vehicles. This is largely due to the open space in the suburb compromising of mainly detached homes on original blocks.
Many residents also walk and cycle to work, as there are many job hubs very close by, and health is a very popular focus for many residents of Norman Park.
Shopping Centre's, Restaurants & Facilities
Despite being a suburb of great space and mostly larger homes, Norman Park still remains a very walkable suburb with a walkscore of 77/100.
The access to transport, local cafes, schools and work is the main reason for the great walkability. Many residents in Norman Park have a fantastic lifestyle triangle, with commuting often under 10 minutes.
Cricket, Rugby League, AFL & Soccer are all popular sports in Herston, with the Norman Park Sports and Community Club Complex being the main centre where the events take place.
Easts Rugby Union is also a very popular location where many of the residents enjoy playing and watching Rugby Union. This is largely popular amongst the wealthier residents and those who attended private schools.
There are many local community groups who also enjoy running, walking, arts and crafts together.
Development
Norman Park is mostly compromised of detached homes that make up close to 70% of the suburb. Most of the development in the homes between Bennetts Road and Wynnum Road are all renovation and redevelopments of existing homes.
Most of the units and townhouses within Norman Park are on Wynnum Road and Bennetts Road, or otherwise in towards Norman Park Station.
There are a few original double blocks that still exist in Norman Park, on 810m2, with two double 405m2 lots. These are hot in demand by developers and rarely come to market.
Capital Growth
Norman Park is one of Brisbane and Queensland's premiere capital growth suburbs. It has performed at close to 8.5% capital growth year on year for houses over the past 70 years.
Many homes in the quieter streets can perform at above 11% capital growth, and are the stock that often has extremely long holding periods.
Townhouses and Units perform at 7% and 5% capital growth, which is one of the better performing strata titled assets in Brisbane.
Cash Flow
Houses in Norman Park generally yield between 3-3.4% yield, largely due to the incredible increases in asset value due to strong capital growth year on year.
Townhouses and units tend to yield closer to 4.5% capital growth year on year. Often units closer to the river tend to yield for significantly more.
Homes can rent for as much as $4,000 per week in Norman Park, particularly if they are riverfront, as some are the best homes in all of Brisbane.
Rental Demand
Houses in Norman Park have very low average vacancy rates. Generally they average close to 1.1%, however since the COVID19 pandemic the vacancy rates has been below 0.8% consistently.
This has contributed to an incredible shortage of housing, with rents jumping close to 50%, a number that has never been seen.
Townhouses and units average closer to 2% vacancy rates. This is again a fairly low number due the changing nature of smaller dwellings.
Rental increases are very common in Norman Park and generally average between 3-3.5% per annum. In turn, Norman Park rarely experiences a rental downturn, even within COVID, rents remained stable.
Why You Require a Buyers Agent in Norman Park
Norman Park has had a stock shortfall consistently over the past few decades, with less than a quarter of the stock yearly available than what was 20 years ago.
Hold periods average above 10 years in Norman Park, with many of the better streets having incredible hold periods of over 15 years.
Bidding and negotiating in Norman Park is fierce, as you have wealthy professionals, developers, interstate investors and companies now competing for stock which blows the average person completely out of the market.
As a premiere suburb, many high profile people also reside in Norman Park, meaning many homes transact entirely off market and are not open to the public, but by private viewing only.
Having a buyers agent in your corner will ensure you have the right access to the right stock, at the right price. In turn this will ensure that you will save thousands of dollars on the way in, and make possibly millions in future years to come.
Why not seek Professional Advice from one of our Buyers Agents
We are unbiased market investors, who will put you first.
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