Panania Property Watch Q1 2014
The Panania house market has registered a total of 683 transactions in the annual period to November 2013 registering an eight per cent increase on the five year average. The Panania Area has similarly been very strong in the median price market registering an annual increase of 8.3 per cent to close the six month period concluding November 2013 at $675,000.
By observing the Panania Area House Sales Cycle chart, it becomes evident that the reasoning behind the aforementioned positive median price shift is the astounding decline in the more affordable housing price points under $600,000 which have registered an enormous 41 per cent decline in market share since the period ending November 2011.
The Bankstown LGA rental market has recorded a positive increase across all markets in the period ending December 2013. The weekly rental price for new bonds have increased by 22.5 per cent for one bedroom accommodation and 9.1 per cent for rental dwellings with at least four bedrooms since the period ending December 2013.
Heightened enquiry and competition in the house and unit markets in the Panania Area and throughout Sydneys south-west have heavily contributed to the increase in both transactional and purchase price figures. Resulting in vendors with reasonable price expectations and well presented properties will more than likely greatly reduce their properties number of days on market.