Panania Property Market Update 1st Half of 2021

In Q1 2021, Panania (inclusive of Panania, Picnic Point, and East Hills) recorded a median house price of $1,135,000, and a median unit price of $873,500. This represents annual (Q1 2020 – Q1 2021) median price growth of 15.3% for houses and 21.2% for units. Between Q1 2020 – Q1 2021 total sales increased, by 15.3% for houses (to 151 sales) and by 188.0% for units (to 72 sales). Median price growth alongside increased sales suggests real returns on capital investment in the area. Owner-occupiers looking to benefit from a highly demanded market are encouraged to transact.

Average vendor discounts between Q1 2020 and Q1 2021 have widened in premium for houses, now at 4.9%. There is less of a premium for units, now at 0.6%. Market conditions in Panania (inclusive of Panania, Picnic Point, and East Hills) continue to favour vendors, as buyers are willing to offer above the first listing price.

In March 2021, house rental yields in Panania (inclusive of suburbs in postcode 2213) were recorded at 2.7%. In the 12 months to Q1 2021, the median house rental price has increased by 6.7% to reach $560 per week, while average days on the market declined by -14.3% (to 22 days). Overall, this suggests a strong rental market throughout COVID-19.

4+ bedroom houses have provided investors with +0.7% rental growth annually, achieving a median rent of $670 per week.

Also in March 2021, Panania (inclusive of inclusive of suburbs in postcode 2213) recorded a low vacancy rate of 1.4%, below that of Canterbury-Bankstown LGA (3.4%) and Sydney Metro (3.4%). Vacancy rates in Panania have been on a declining trend since March 2019 and remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. There is a healthy level of rental demand, indicating investors can be confident of a conducive investment environment.