The rent prices in real estate in Penrith, in the New South Wales region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per m² in Penrith has had a strong fall during the last 6 months. In May, the average price per m² was $161.56. In the following month the price per m² fell considerably to $66.84. The price for the following two months in (July, August) had a considerable fall of 68 with regard to the previous two months. The price per m² has fallen 90 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $96.05 to $86.02 during September, and October.
When referring to the price in Penrith (suburbs), this has fallen considerably in the last 6 months. The average price for May is $18,058. During June the price had a considerable fall till $9,400. During the following two months (July, August) the average price had a considerable fall of 77 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from $12,153.25 to $6,893.5, which means a 57 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $6,247 they are 94 % more affordable than the average price for Penrith . The properties with the highest average price have 4 bedrooms, Their price is 104 % more expensive than the average. After that we have properties with 3 bedrooms priced at $456.
With regard to the average price per m², those properties with 3 bedrooms are the most affordable ones at a cost of $2.21 / m², with an average $96.06 / m² price in Penrith. The properties with the most expensive average prices have 4 bedrooms. They are 18 % more expensive than the average followed by properties with 1 bedroom with a price at $5.48 / m².
With regard to the average price based on the property in Penrith we can see that the least affordable type of property is "Apartment" at $12,718, which is 104 % more expensive than the average price. "Apartment" has the most expensive price. This price is 104 % more expensive than the average price aforementioned.
According to the average area price by m² the most expensive property type is "Apartment with an average cost of $113 / m². "Apartment" at an average price of $113 / m² has the highest price and would be directed at more affluent cities.