Griffith, 2603 ranked 54th in ACT when comparing growth in median property values or capital gain over the last 12 months. Griffith is one of 126 in our list for ACT
A 41.59% growth in median value for property investors in Griffith,2603 puts this suburb at number 45th in terms of best performing suburbs in ACT
Griffith, 2603’s gross rental yield is 3.68%
Griffith has had a pretty average year for property investment returns compared to the rest of ACT, giving investors a capital gain of 2.28% to date .
Over the longer term, Griffith has seen property prices show investors a 12.96% return over the last 3 years. This is worse than over the last 12 months
Property buyers and investors in Griffith 2603 should be seeing an average reduction in asking price of around -4.24% . This means that Griffith is holding prices well when compared to other suburbs in ACT.
On average over the past year, suburb has had 11.92 sales per month, which equates to 143 per year.
Using the current median advertised rental of $410 and the average annual increase in value of a median property of 6.23%, investors should hope to achieve an overall return of 4.22%
Griffith is situated less than 2km south of Parliament House, and is one of Canberra’s prestige suburbs. While houses in the suburb are some of the most expensive in the federal capital, with the median price surpassing the $1m mark, units are still relatively affordable.Full summary
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Griffith is situated less than 2km south of Parliament House, and is one of Canberra’s prestige suburbs. While houses in the suburb are some of the most expensive in the federal capital, with the median price surpassing the $1m mark, units are still relatively affordable.
Griffith’s median unit price is well below that of Kingston, Barton, and ultra-prestige Forrest, for example..
The suburb’s local economy is driven by the federal government, as its home to a number of government departments. It’s also well served for cafes, bars and recreational facilities, both within the suburb and nearby locales of Kingston and Manuka.
Griffith is within easy reach of the airport and just a short walk from Lake Burley Griffin. It attracts a high-income demographic, with a significant proportion of high-level civil servants and a number of diplomatic staff.
The more affordable median is due to a number of unit developments taking place amongst the prestige properties, serving junior and mid-level government workers and the aforementioned diplomatic staff. This also creates demand for rental properties. While units aren’t cheap, a recent slowdown in price growth suggests there may be buying opportunities in a desirable suburb where demand is likely to remain steady for the foreseeable future.