PRD Penrith Level 1/27 Lawson Street Penrith, NSW, 2750 02 4732 3711
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PRD Penrith  →  Research Hub  →  Penrith Property Factsheet 2nd Half 2018

Penrith Property Factsheet 2nd Half 2018

In Q3 2018, Penrith Local Government Area (LGA) recorded a median house price of $676,500 and a median unit price of $495,000, representing annual (Q3 2017-Q3 2018) price changes of -3.3% and -4.3% respectively. Compared to Penrith 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) median price change of -1.4% (house) and -2.3% (units), properties in Penrith LGA have become more affordable. This cooling of prices is in line with expectations in the wider Sydney market, and represents a return to more sustainable price levels.

In Q3 2018, Penrith Local Government Area (LGA) recorded a median house price of $676,500 and a median unit price of $495,000, representing annual (Q3 2017-Q3 2018) price changes of -3.3% and -4.3% respectively. Compared to Penrith 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) median price change of -1.4% (house) and -2.3% (units), properties in Penrith LGA have become more affordable. This cooling of prices is in line with expectations in the wider Sydney market, and represents a return to more sustainable price levels.

From 2016 to 2018, the suburb of Kingswood experienced strong price growth of 13.0%, with a median house price of $695,000. The suburb of St Marys also saw positive price growth between 2016-2018, of 5.2% to $615,500. These suburbs have performed well compared to Penrith (individual suburb only) and Werrington between 2016-2018, presenting the real possibility of ongoing capital growth value for property owners in these suburbs.

Rental demand for houses and units in Penrith LGA is growing. The number of houses rented increased by 40.2% over the past 12 months to Q3 2018, whilst the number of units increased by 47.4%. With such a large influx in available stock often comes notable declines in median rental prices, however both median house and unit rental prices have remained relatively stable, declining just $10 each in the 12 months to Q3 2018 - to $450 per week for houses and $380 per week for units. This emphasises that there is a strong level of ongoing demand for both house and unit rental stock in Penrith LGA.

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