Panania Property Factsheet 1st Half 2018
The Panania property market has continued to show positive capital growth over the past 12 months (Q1 2017-Q1 2018), however at a more sustainable rate when compared to 2nd half 2017 research report.
The Panania property market has continued to show positive capital growth over the past 12 months (Q1 2017-Q1 2018), however at a more sustainable rate when compared to 2nd half 2017 research report.
Panania’s median house price in Q1 2018 was recorded at $1,094,000; representing an annual price growth of 3.8%. The unit market recorded a median house price of $778,550; representative of a 2.1% annual price change. In comparison, Panania recorded a median price growth of 13.2% (house) and 6.7% (units) in 2nd half 2017 research report. The return to a more sustainable level of price growth in Panania is similar to the Canterbury-Bankstown LGA. Between Q1 2017-Q1 2018 median house price grew by 1.4% (to $1,011,500) and median unit price softened by -0.3% (to $585,000). This shows a more moderate growth when compared to 2nd half 2017 research report – of 11.3% (house) and 9.1% (units).
This is good news for those wanting to enter the market, as there is increased affordability. This also gives owners a crucial signal that now is the time sell, to ensure they are still benefitting from positive capital growth.
Panania continues to be an investment hotbed, with median rental price for both house and unit growing over the past 12 months to Q1 2018, both by 7.5%. Panania’s vacancy rate was recorded at 1.4% in December 2017, lower than Sydney Metro (2.6%), indicating a healthier rental demand.