Panania Property Market Update 1st Half of 2020
In Q1 2020, Panania recorded a median house price of $1,000,000, and a median unit price of $822,500. This represents annual (Q1 2019 – Q1 2020) median price growth of 17.0% for houses and 25.6% for units. Between Q1 2019 – Q1 2020 total house sales slowed by -25.8% to 98 sales, whilst unit sales increased by 60.0% to 40 sales. With median price growing strong despite mixed sales activity (i.e in the number sales), there is high resilience in the Panania market and now is an ideal time to transact.
Average vendor discounts between Q1 2019 and Q1 2020 have swung to premium of 4.9% for houses and tightened to just -0.5% for units. Market conditions in Panania continue to further favour vendors, with sales achieving figures above or extremely close to their initial list prices. Now is the time to sell.
Over the past 12 months, house rental yields in the Panania has tightened slightly to sit at 3.0% in December 2019. This suggests the house rental market is in a fairly healthy position, especially when compared with Sydney Metro’s average house rental yield of 2.7% for the same period.
4+ bedroom houses provided investors with stable rental returns annually, achieving a median rent of $680 per week.
Panania recorded a vacancy rate of 1.9% in December 2019. This represents a declining trend over the past 12 months and is a well below the Real Estate Institute healthy benchmark of 3.0%. It is also well below the Sydney Metro vacancy rate of 3.6%, which confirms there is a healthier rental demand in Panania. This is good news for investors looking for an alternative outside of the capital city.