Suburb Profile Report for Griffith NSW (2680)

Griffith House: Median price $310,000, Annual capital growth 1.60%, Number of sales 307, Weekly median advertised rent $340

Griffith Unit: Median price $220,000, Annual capital growth 0.43%, Number of sales 36, Weekly median advertised rent $288

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Griffith has had a very poor year for property investment returns compared to the rest of NSW, giving investors a capital gain of 1.14% to date .

Comparing Griffith,2680 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

LACK OF BUYER INTEREST may well be the reason that Griffith is offering property investors an average of -5.35. This rate of discount on properties puts Suburb at number 584th in terms of most discounted suburbs in NSW

Often selling an investment property can take time, and in Griffith the average time real estate has been on the market is 66.87 days.

Using the current median advertised rental of $340 and the average annual increase in value of a median property of 1.60%, investors should hope to achieve an overall return of 5.70%

NSW has seen average median house prices change by 6.96% which means that Griffith, 2680 has done well for property investors by showing a capital gain of -3.08% over the last year

If we look at median property appreciation over just the last three months, Griffith has given property investors a paper return of 10.00%. This puts Suburb as 47 on a list of fastest fasting appreciating suburbs in NSW

Vendor discounting in Griffith is giving property investors an average Vendor Discount of around -0.78%. This puts suburb at number 458th in NSW when ranking the most discounted suburbs.

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Griffith lies around 500km west of Sydney and 150km northwest of Wagga Wagga. With 7.5% unemployment and sluggish population growth, Griffith may not look like the best bet for an investment proposition: however, it does have scope for an economic resurgence, thanks to the breaking of the drought and potential resurgence of the Riverland regionFull summary

Griffith lies around 500km west of Sydney and 150km northwest of Wagga Wagga. With 7.5% unemployment and sluggish population growth, Griffith may not look like the best bet for an investment proposition: however, it does have scope for an economic resurgence, thanks to the breaking of the drought and potential resurgence of the Riverland region.

“The drought is over,” proclaims John Lindeman, chief consultant at Property Power Partners. “Lakes, rivers and dams in the southern half of Australia are practically overflowing. That’s great news for the agricultural areas – particularly WA’s wheat belt, Victoria and NSW’s grain and dairy belts and the South Australia Riverland region. That should fuel growth in regional support towns, and I would expect to see investors gradually shifting their focus to include these areas as well as mining towns.”

Indeed, the hard years of the drought have seen Griffith – a key service centre for the irrigation region – suffer. However, this means houses are very affordable. This has also resulted in strong rental yields. Vacancy rates are also low: good news for investors seeking a high yield with scope for capital growth.

The town’s fundamentals are promising: it’s situated at the junction of Kidman Way, Burley Griffin Way and Irrigation Way, and has its own airport which operates daily flights to Sydney and Melbourne. It’s also self-sufficient in terms of amenities, with a range of grocery stores, shops, restaurants and cafes running along Banna Avenue and situated in shopping centres throughout the town. There are three schools in the town, along with a TAFE campus, and there are plans to construct a fifth campus of Charles Sturt University in Griffith.

And what is the scope for growth? Lindeman has predicted that Riverland towns could see value increases of up to 20-30% over the next few years: that hasn’t materialised yet in Griffith. However, property analyst Michael Matusik says an upward curve is beginning.

Close
Metrics i HOUSE UNIT
$310,000 $220,000
1.64% 10.00%
1.14% -3.08%
1.60% 0.43%
$340 $288
307 36
5.70% 6.80%
66.87 93.23

Source: CoreLogic

DSR Score for property investment : Very good (U), Very good (H)
Find a mortgage broker in Griffith NSW
Demographics
Total population 16973
Median household income ($/weekly) 1015
Median age of persons 35
Median housing loan repayment ($/monthly) 1595
Average household size 2.6
  • Census Count Percent(%)
    5-14 years 2420 14.3
    25-34 years 2321 13.7
    35-44 years 2187 12.9
    45-54 years 2088 12.3
    55-64 years 1786 10.5
    Others 6171 36.4
    Age Group
    Census Count Percent(%)
    Registered Married 6011 51.2
    Not Married 4756 40.5
    Defacto Relationship 982 8.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 12275 78.3
    Indonesia 720 4.6
    Japan 854 5.5
    Papua New Guinea 353 2.3
    Other 587 3.7
    Others 878 5.6
    Country of Birth
    Census Count Percent(%)
    Christianity 12675 82.0
    Hinduism 275 1.8
    Islam 336 2.2
    Other Religious Groups 612 4.0
    No Religion 1481 9.6
    Others 73 0.5
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 668 12.4
    $600-$799 622 11.6
    $800-$999 515 9.6
    $1,000-$1,249 516 9.6
    $1,500-$1,999 705 13.1
    Others 2343 43.6
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 4728 39.0
    Not in the labour force 4208 34.7
    Employed, worked part-time 2223 18.3
    Employed, away from work 531 4.4
    Unemployed, looking for work 448 3.7
    Person Characteristics
  • Census Count Percent(%)
    Managers 990 13.2
    Professionals 1019 13.6
    Technicians & trades workers 1064 14.2
    Clerical & administrative workers 928 12.4
    Labourers 1347 18.0
    Others 2135 28.5
    Occupation
    Census Count Percent(%)
    Pre-school 336 9.0
    Infants/Primary 1479 39.8
    Secondary 1080 29.1
    Technical or Further Educational Institution 448 12.1
    University or other Tertiary Institutions 271 7.3
    Others 99 2.7
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 13718 88.3
    Semi-detached, row or terrace house, townhouse 854 5.5
    Flat, unit or apartment 900 5.8
    Caravan, cabin, houseboat 48 0.3
    House or flat attached to a shop, office 14 0.1
    Others 4 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 2104 36.4
    Fully owned 1952 33.8
    Being purchased 1691 29.3
    Other tenure type 34 0.6
    Tenure Type
Census 2011, ABS
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