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 January, the average price per m² was $122.08. In the following month the price per m² fell considerably to $77.24. The price for the following two months in (March, April) had a considerable fall of 67 with regard to the previous two months. The price per m² has had a considerable rise of 138 % 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 $83.04 to $114.2 during May, and June.
When referring to the price in Penrith (suburbs), this has fallen in the last 6 months. The average price for January is $12,835. During February the price had a slight fall till $11,977. During the following two months (March, April) the average price fell 86 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 119 % during the last two months.
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 $9,400 they are 96 % more affordable than the average price for Penrith . The properties with the highest average price have 4 bedrooms, Their price is 36 % more expensive than the average. After that we have properties with 3 bedrooms priced at $485.
With regard to the average price per m², those properties with 3 bedrooms are the most affordable ones at a cost of $2.92 / m², with an average $66.84 / m² price in Penrith. The properties with the most expensive average prices have 4 bedrooms. They are 75 % more expensive than the average followed by properties with 1 bedroom with a price at $5.97 / 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 $12,770, which is 36 % more expensive than the average price. "Apartment" has the most expensive price. This price is 36 % 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 $117 / m². "Apartment" at an average price of $117 / m² has the highest price and would be directed at more affluent cities.