Penrith Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Penrith* recorded a median house price of $1,000,000, and a median unit price of $615,000. This represents annual (Q3 2023 – Q3 2024) price growth of 11.1% for houses and 6.0% for units. Comparing Q3 2023 – Q3 2024, sales declined by -19.6% for houses (to 578 sales in Q3 2024) and by -3.6% for units (to 349 sales in Q3 2024). An undersupply is evident, for houses and units, which created a buffer against higher interest rates; hence price growth. With prices continuing to rise, now is an ideal time for owners to capitalise on their investments. Most of the new incoming stock are units, which presents an opportunity for buyers.
CHANGE FROM LAST
YEAR
Penrith will see approximately $3.9B of new projects commencing in 2024. Residential
$81.6M
Projects
$812.2M
HOUSE ME DIAN PRICE
These projects will stimulate economic growth and create new job opportunities in Penrith. This should have a spill-over impact on the real estate market, in the form of higher demand for housing stock.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
Across 2024 there are several projects that plans to bring more housing stock. These include:
$ MARKET CONDITIONS
MEDIAN PRICE Q3 2024
$700
SALES
•
Mayfair Mixed Use Development (286 Apartments/Shops/Office)
•
Mulgoa Road & Ransley Street Apartments & Retail Premises Stage 4 (171 Apartments/Retail). This project has attracted a high demand, with $100M selling of the plan in 2024.
•
Caddens Hill Quarter Dwelling and Residential Subdivision Stage 10 (35 Dwellings/35 Lots)
AVERAGE DAYS ON MARKET Q3 2024
35
57
HOUSE
U N I T
RENTALS
$530
$979.7M
$1.6B
UNIT SALE S
$615K
Industrial
Infrastructure
HOUSE RE NTAL PRICE
$1.0M
$392.0M
Mixed-Use
HALF YEAR
HOUSE SALE S
MEDIAN PRICE Q3 2024
Commercial
AVERAGE DAYS ON MARKET Q3 2024
21
19
HOUSE
U N I T
588 Units/ Apartments
46 Townhouses
81 Dwellings
82 Lots