Property News You Need To Know: The Week Ending 19 September
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Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $1,100,000.
The upward trend in home prices in PANANIA, 2213 averaged 2.97% per annum over a 3-year period.
Average weekly rents on listings have reached the $600 mark, reflecting a 2.84% increase in returns based on the current median price in PANANIA.
An average of 19.83 real estate transactions take place per month in PANANIA which translates to 238 per annum.
238 properties were sold in PANANIA in 2016, making it the 842nd most active market in NSW based on total real estate transactions.
PANANIA, 2213 places 589th in Australia based on median property value growth during the quarter.
Panania sits on an area bounded by the suburbs of East Hills in the south-east, Revesby in the north-east and Picnic Point in the south. It borrows its name from the Aboriginal word for “sun rising in the east and shining on the hills”.
It used to be called Nioka, another Aboriginal word to describe a “green hill”. It is also believed that the suburb’s name was a corruption of “Pannonia”, an ancient Roman town whose shape resembles that of the suburb.
A fairly young suburb, Panania was originally part of East Hill and was established in the 1930s. However, it wasn’t after the Second World War when its residential communities had begun to flourish. Bungalows made from asbestos cement sheet or fibro were a common feature of the neighborhoods then, but some still exist today. Nowadays, houses sold in Panania reflect a mix of contemporary and traditional styles, with a spacious verandah or patio as a common denominator.
Panania’s demographics is evenly distributed into different age groups and gender, and majority is part of the labour force. Three thousand families currently live in the suburb, and each has an average of 1.9 children. As far as amenities are concerned, there’s no dearth of private and public schools in Panania, as well as hospitals, public facilities, shopping centres and accommodations that can cater to communities within the suburb.
Positive real estate outlook
Panania is currently on property investors’ watch list due to its proximity to Sydney’s central business district, available amenities, favourable job outlook and upcoming residential developments. Real estate authorities forecast sustained growth for the suburb, with rental income and median home sale prices up.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||12.24%||1.12%|
|Median 3 years||8.91%||9.62%|
|Median 5 years||20.61%||14.96%|
|10 years average annual||7.31%||6.37%|
|Weekly media advert. rent||$600||$450|
|Time on Market||45.9 days||37.7 days|
|Gross Rental Yield Percent||2.84%||2.97%|