Panania Property Market Update 1st Half of 2023
In Q1 2023, Panania recorded a median house price of $1,207,500, and a median unit price of $855,000. This represents annual (Q1 2022 – Q1 2023) median price softening of -10.6% for houses and a price growth of 0.6% for units. Quarterly (Q4 2022 – Q1 2023), median house and unit price grew by 0.6% and 8.9% respectively.
This suggests cash rate hikes did translate into the market, but consumer confidence have returned. House sales did decline in the past 12 months, by -31.0%, thus an undersupply is evident. For those looking for a more affordable market, especially houses, time is of the essence.
A total of $16.0m in project development is scheduled for the 1st half of 2023 in Panania, with a large focus on industrial projects. 8 units/apartments, 14 townhouses, and 3 dwellings are planned in the 1st half of 2023, which adds to the available stock but is not enough to answer current high demand.
House rental yield in Panania was 3.1% in March 2023, above Sydney Metro (2.9%). Median house rent price increased by 16.2% (to $688 per week) in the past 12 months to Q1 2023 and the number of houses rented increased marginally by 0.6%.
Panania recorded a vacancy rate of 0.7% in March 2022, below Sydney Metro’s 1.3% average. Vacancy rates in Panania remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and remained steady in early 2023, indicating higher demand and quicker occupancy of rentals.
