While out-of-area investors increasingly drive sales in other locations of the Penrith LGA, second-generation buyers who themselves have been raised in South Penrith are dominating the South Penrith residential market.
Sales activity over the last 12 months has heightened, with the area boasting an average of 63 people looking for property at any one time. This is more than three times the NSW average!
There are a number of factors as to why this is happening. One is undoubtedly the strong median growth in the area – over the last three years, house price growth rates have been consistently higher in South Penrith than that of the average growth across the Penrith City region. This has not gone unnoticed by our buyers as they recognise the suburb as an ideal location for investment.
Another factor is the second-generation buyers who are keen to raise their families in the area. Having experienced all that South Penrith has to offer, we are seeing a consistent influx of young couples and families who quite obviously value the strong sense of community that South Penrith provides. With not only diverse options for education and medical treatment, as well as first-class sporting, recreation and retail facilities, these buyers also find South Penrith’s affordability and value-for-money appealing. Couple this with the strong median growth in the area, and you have the perfect family investment!
The significant sales growth that Property Central has experienced in South Penrith is echoed by research undertaken by RP Data. Over the last 12 months alone, we have seen some impressive statistics: 186 houses sold at a median sale price of $405,000, and eight units sold at a median sale price of $312,000.
With a guaranteed return on investment, it is clear that the popularity of the area is on an upwards trajectory.
Is it the spacious property sizes, the wide roads, and the cycling and walking paths that make it so appealing? Perhaps it’s the close location to the Penrith CBD, or the family-friendly atmosphere? Regardless, one thing is clear – if you’re looking to relocate into an area that is conveniently-located, has plenty of amenities that suit all ages groups and is growing in value, South Penrith is the suburb for you!