Panania Property Market Update 2nd Half of 2021

In Q3 2021, Panania (inclusive of Panania, Picnic Point, Padstow, Revesby, Milperra and East Hills) recorded a median house price of $1,250,000, and a median unit price of $985,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 26.3% for houses and 32.4% for units. Between Q3 2020 – Q3 2021 total sales in both markets picked up, by 4.9% for houses (to 193 sales) and by 73.3% for units (to 52 sales). Increased sales volume and strong price growth indicates real returns on capital investment. Now is an ideal time for owners and down-sizers to transact in Panania.

Average vendor discounts between Q3 2020 and Q3 2021 have swung to a premium of 3.4% for houses and 1.3% for units. Market conditions in Panania (inclusive of Panania, Picnic Point, Padstow, Revesby, Milperra and East Hills) have now shifted to favour sellers, where buyers are willing to pay above the initial listing price. Now is the time to sell.

In September 2021, house rental yields in Panania were recorded at 2.2%. In the 12 months to Q3 2021 the median house rental price remained unchanged at $550 per week, while average days on the market declined by -17.4% (to 19 days). Median house price growth between Q3 2020-Q3 2021 (26.3%) has 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 +6.9% rental growth annually, with a median rent of $695 per week.

Also in September 2021, Panania (inclusive of inclusive of suburbs in postcode 2213) recorded a vacancy rate of 1.0%, below that of Canterbury-Bankstown LGA (2.5%) as well as Sydney Metro (2.7%). Vacancy rates in Panania remain well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is a healthy rental demand and investors can be confident of a conducive investment environment in Panania.