Penrith Property Watch Q1 2014
The Penrith LGA housing market has witnessed a remarkable 12.6 per cent growth phase over the past 12 months to November 2013 which is directly reacting to the shift in price point which has been spurred by increased number of buyers in the market forcing a noticeable shift toward the higher end.
The House Sales Cycle graph highlighted consistent sales activity with over 1,000 sales per half yearly period since 2003. Observing the five year sales cycle its evident that the Penrith LGA has performed better than most Sydney regions registering 5.3 per cent annual sales incline paired with a 6.2 per cent annual median price increase to close the November 2013 half year period with 1483 transactions recording a $439,000 median price.
The Penrith LGA median rental price has idled over the previous 24 months with strong and comparably affordable house and unit pricing paired with a dramatic increase in land sales, landlords are enticing the rental market with consistent rental price in what is now a very competitive market.
Two bedroom unit and houses have both recorded zero change in median asking rent since the period ending June 2012 while the 1-bedroom unit and 3- bedroom houses have witnessed marginal increases of $20/wk and $10/wk respectively.
In January 2014, the Penrith market registered a vacancy rate of 1.1%, suggesting with the more affordable product the region is shaping as one of the strongest markets in Sydney.