Penrith has been identified as an investor hotspot by PRDnationwide.

The report revealed steady growth in house and unit prices and a robust increase in rents positioned Penrith City as a low-risk long-term investment.

PRDnationwide Penrith principal Darren Latty said current development of public and private infrastructure and the development of a new housing estate in North Penrith will increase employment in the City and support population growth.

"Buyer activity has been steadily increasing as investors take advantage of rent returns which in many cases exceed 6%. The last time we had returns this strong was back in the late 1980s. At the peak of the market in 2003 the returns were as low as 3%."

The Penrith City Council aims to increase the city's population by allowing higher density construction around transportation hubs and creating 10,000 new jobs in the CBD.

"Penrith urgently requires an urban consolidation policy to streamline the development of large residential projects around the CBD to support the increase in employment," he said.

Penrith has been identified as an investor hotspot by PRDnationwide.

According to the PRDnationwide research the median rent for a three bedroom house climbed 44% (2750 postcode) and 40% (2747 post code), while a two bedroom apartment experienced a 62% and 59% increase in the 2750 and 2747 postcodes respectively.

"Firm demand for rental accommodation led to strong growth in the Penrith rental prices over the past five years," the report says.

The data shows the median unit price rose 1.9% to $263,000, while the median house price increased by 3.3% to $377,000 in the twelve months to July 2012.

Mr Latty said the outlook for the region was positive: "Increased activity, above average rent returns, affordable housing, record low unemployment and low interest rates are all great indicators. These conditions are coupled with nearly nonexistent building activity within the CBD areas. Investors should be getting as excited as we are."

Media enquiries:
Kerry McDuling
p: +61 410 578 194
E: kerrymcduling@prd.com.au