Panania Property Market Update 1st Half of 2022
In Q1 2022, Panania* (inclusive of Panania, Picnic Point, Padstow, Revesby, Milperra and East Hills) recorded a median house price of $1,340,000, and a median unit price of $1,032,500. This represents annual (Q1 2021 – Q1 2022) median price growth of 21.8% for houses and 36.8% for units. Between Q1 2021 – Q1 2022 total house sales declined by -32.5% (to 158 sales), but unit sales increased by 18.3% (to 71 sales). Q1 2022 recorded the lowest house sales volumes since 2020, indicating an undersupply. This has resulted in double digit median price growth, thus an ideal time for owners to transact.
Average vendor discounts between Q1 2021 and Q1 2022 have further increased towards a higher premium for houses, to 4.8%. It has decreased for units, to 1.5%. Market conditions in Panania* (inclusive of Panania, Picnic Point, Padstow, Revesby, Milperra and East Hills) continue to favour sellers, as buyers are willing to pay above the initial listing price. Now is the time to sell.
In March 2022 house rental yields in Panania¥ were recorded at 2.5%. In the 12 months to Q1 2022 the median house rental price increased by 7.7% to reach $598 per week, while average days on the market declined by -25.0% (to 18 days). Median house price growth between Q1 2021 – Q1 2022 (21.8%) outstripped rental price growth in Panania¥. That said rental properties are spending less time vacant on the market, thus ensuring consistent cashflow for investors.
4+ bedroom houses have provided investors with +7.7% rental growth annually€, with a median rent of $700 per week.
Also in March 2022, Panania¥ (inclusive of inclusive of suburbs in postcode 2213) recorded a vacancy rate of 0.7%, below that of Canterbury-Bankstown LGA (1.6%) as well as Sydney Metro (1.6%). Vacancy rates in Panania¥ are once again at record low and have continued to remain within the 1.5% band in the past 12 months. This confirms there is an increasingly healthy rental demand and investors can be confident of a conducive investment environment in Panania¥.
