Over half of Panania listings sold in less than 60 days: PRDnationwide
Over 50% of houses in Panania, East Hills, and Picnic Point, NSW sold in 60 days or less, according to the latest report from PRDnationwide.
The report conducted a days on market analysis for houses in the 2213 postcode for the six months to June 2013.
It found 32% of houses sold in 30 days or less, and 21% of houses sold between 30 to 60 days.
Despite the optimistic figures, 28% of houses were on the market for over 120 days, suggesting that buyers were price sensitive.
Len Horne from PRD nationwide Riverview told Property Observer that Panania’s property market is doing well.
“Listings are rather short at the moment. The average days for auction sales is 23 days, and private treaty sales average 35 days,” he said.
Congruent with the report’s findings, Horne has found that “million dollar plus properties take longer to sell.”
Conversely, duplexes with a price range of $630,000 to $730,000 have been “very saleable”.
While most property buyers in Panania are owner-occupiers, Horne has noticed more investors coming into the market. In addition, he revealed an increase of buyers wanting to move into the Panania area from other suburbs.
Darren Musgrave of Professionals Padstow told Property Observer that the property market in Panania, East Hills and Picnic Point is “very strong” at the moment.
“In fact, most houses sell a lot faster, more like 30 days (on the market),” he said.
“Quality homes in the $700,000 to $800,000 range are selling really really well,” he added.
He also revealed that most home buyers in the Panania area already reside in the area, and are owner-occupiers.
Located about 23 kilometres south-west of the Sydney CBD, Panania, East Hills and Picnic Point have a total population of 20,377 according to the 2011 Census.
Musgrave added that homes in the Panania area are still very affordable compared to other suburbs within a similar radius. It is also relatively accessible via the M5 motorway, and the East Hills railway also services the area. An express train ride to the city takes less than 30 minutes.
Other amenities include the Georges River National Park, sporting grounds, recreation areas, and good schools.
According to the latest RP Data report, the median sale price for houses in Panania is $600,000, up 3.3% on last year. The average discount required to sell a house is 4.5%, while private treaty sales average 66 days on market.
The median asking rent for houses is $490 per week, while gross rental yield currently stands at 4.2%.
Houses that have recently sold in Panania, East Hills, and Picnic Point include:
The four-bedroom brick house (pictured below) sold at auction in May this year for $871,000 through Professionals Padstow. Prior to this sale, it last sold for $58,950 in 1988, according to RP Data records.
{yoogallery src=[images/stories/2013/07/july30p1]}
Houses for sale in Panania, East Hills, and Picnic Point include:
913 Henry Lawson Drive, Picnic Point
The four-bedroom house (pictured below) has been listed for sale at $899,000 through Alliance Real Estate Panania. It last sold for $666,000 in 2011, according to RP Data records.
{yoogallery src=[images/stories/2013/07/july30p2]}
It has been listed for sale since 14 June this year. It was also listed for sale in September 2011, where it spent 54 days on the market, according to RP Data records.
The house has also been listed for rent from January to March 2012, at an asking price of $420 per week, according to RP Data records.