Panania Property Market Update 2nd Half 2023
In Q3 2023, Panania recorded a median house price of $1,330,000, and a median unit price of $1,015,000. This is annual (Q3 2022 – Q3 2023) growth of 6.4% for houses and 18% for units. Sales increased between Q3 2022 – Q3 2023, by 13% (to 217 sales) for houses and significantly to 93 sales for units. Median house and unit prices did see a slight dip in 2022 and the first quarter of 2023, due to cash rate hikes and customer uncertainty. This has bounced back since mid-2023, with properties in high demand. Panania proves to be a resilient market, holding its value despite changing economic conditions.
Key Findings:
- In Q3 2023, Panania (Which includes the suburbs of Panania, East Hills, Padstow, Picnic, Revesby and Milperra) recorded a median house price of $1,330,000, and a median unit price of $1,015,000. This is annual (Q3 2022 – Q3 2023) growth of 6.4% for houses and 18% for units. Median property prices in the area have bounced back since late-2022, with properties in high demand. Panania proves to be a resilient and stable market, holding its value despite changing economic conditions.
- 2-bedroom houses have provided investors with +15.6% rental growth annually, achieving a median rent of $520 per week. House rental yields in Panania was 2.9% in September 2023, above Sydney Metro (2.7%).
- A total of $163.6M in project development is scheduled for the 2nd half of 2023, mainly focusing on the industrial and commercial sectors. Approximately 32 units and 197 lots are planned, which will assist with current demand. That said there is still no ready-to-sell houses planned, which will continue to put pressure on house prices.
- Vacancy rates in Panania were a low 0.5% in September 2023, indicating strong rental demand. Vacancy rates in Panania have held steady over the past 12 months, indicating stability in its rental demand and quicker rental occupancy.
- Property prices in Panania is slightly lower than Sydney Metro, with a higher rental yield and lower vacancy rates. With an undersupplied rental market this makes Panania an attractive, more affordable, ideal area for investment.
