Panania Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Panania* recorded a median house price of $1,500,000, and a median unit price of $1,165,888. This is an annual (Q3 2024 – Q3 2024) price growth of 12.9% for houses and 22.1% for units. Comparing Q3 2023 – Q3 2024, sales declined by -29.2% for houses (to 165 sales in Q3 2024) and increased by 68.4% for units (to 96 sales in Q3 2024). This suggest there is an undersupply in the house market and a highly demanded unit market, which created a buffer against higher interest rates – hence the price growth for both house and units. This indicates that now is an ideal time for owners to capitalise on their investments and sell.
CHANGE FROM LAST
YEAR
Panania is set to see approximately $132.7M of new projects commencing construction in 2024. Residential
$18.1M
HALF YEAR
Commercial
HOUSE SALE S
Mixed-Use
HOUSE ME DIAN PRICE
$44.7M
$62.4M
Projects
HOUSE RE NTAL PRICE Infrastructure
UNIT SALE S
UNIT RE NTAL PRICE
$ MARKET CONDITIONS
$1.5M
MEDIAN PRICE Q3 2024
$795
SALES
$1.16M
AVERAGE DAYS ON MARKET Q3 2024
36
50
HOUSE
U N I T
RENTALS
$850
$2.0M
There are multiple residential and mixed-use projects planned for 2024 that will help boost supply, including:
UNIT ME DIAN PRICE
MEDIAN PRICE Q3 2024
Industrial
$2.0M
•
Riverlands Site (350 Lots)
•
Riverlands Milperra Dwellings & Dual Occupancy (12 Dwellings)
•
Tower Street Shoptop (32 Units)
•
Iberia Street Units (14 Units)
Although new stock is planned, most are units. This will not answer the demand in the housing market. There are new lots created; however, it will take time to build houses. There is an absence in new houses, suggesting an undersupply will remain. This will push up prices even further, for all property stock types.
AVERAGE DAYS ON MARKET Q3 2024
18
20
HOUSE
U N I T
50 Units/ Apartments
12 Dwellings
350 Lots