The Penrith Local Government Authority (LGA) housing market has outperformed other Sydney LGAs over the past five years, according to PRDnationwide.
Penrith LGA recorded a 5.3 per cent annual sales incline and 6.2 per cent annual median price growth.
The latest Property Watch report by PRDnationwide reveals Penrith has also experienced 12.6 per cent growth in the 12 months to November 2013.
PRDnationwide research analyst Angus McLean said an increased number of buyers flooding into the Penrith market had forced a noticeable shift in the price points.
“The average median price for a house in Penrith is continuing to climb as buyers do battle for limited stock,” Mr McLean said.
Competition is red hot for dwellings in the Penrith LGA, with the comparatively affordable housing within striking distance of the city offering genuine appeal to buyers,” he said.
PRDnationwide Penrith principal Darren Latty said that his office was experiencing a heightened volume of enquiries in Penrith as owner occupiers and investors looked to capitalise on forecast growth for the area.
“The interesting thing about the market today is that it is being driven by investors,” Mr Latty said.
“This is excellent news for Penrith property owners, since these buyers are looking for safe long-term investment and Penrith ticks all the boxes with its affordability, low vacancy rates and growing employment opportunities,” he said.
“Penrith property owners can look forward to more growth this year and sustained growth into the future.”