Panania Property Factsheet 2nd Half of 2018
Panania recorded a median house price of $1,025,000 and $750,000 for units in Q3 2018, representing an annual (Q3 2017-Q3 2018) price change of -1.2% and -1.6% respectively. Compared to the Panania 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) price change of 3.8% (house) and 2.1% (units), properties in Panania have become more affordable. Now is an ideal time for first home buyers to enter the market.
Panania recorded a median house price of $1,025,000 and $750,000 for units in Q3 2018, representing an annual (Q3 2017-Q3 2018) price change of -1.2% and -1.6% respectively. Compared to the Panania 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) price change of 3.8% (house) and 2.1% (units), properties in Panania have become more affordable. Now is an ideal time for first home buyers to enter the market.
Annual (Q3 2017-Q3 2018) median prices have softened in the Canterbury – Bankstown Local Government Area (LGA), by -12.2% to $900,000 for houses and by -0.4% to $587,500 for units. Compared to the LGA, houses in Panania attracts premium pricing and have proven to be more resilient in terms of median prices, offering owners and investors higher capital growth. Panania’s unit market remains a premium compared to the LGA, attracting higher prices.
The Panania rental market continues to serve investors well, particularly those who have invested in houses. Median house rental price increased by 9.4% over the past 12 months to Q3 2018, currently at $580 per week. At the same time house rental supply increased by 33.1%, suggesting real rental returns and not a median rental price spike due to scarcity of rental supply.
Panania is set to invest approx. $587.3M of future development in the 2nd half of 2018, 49.7% of which will be dedicated to mixed-use projects. This is a mutually beneficial strategy for Panania to add property stock whilst attracting increased levels of commercial activity in the area.
