If you compare the increase in value of investment property in Griffith, 2680 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this NSW suburb was 1.83%.
Over the longer term, Griffith has seen property prices show investors a 15.28% return over the last 3 years. This is worse than over the last 12 months
Our latest figures would indicate that property sellers in Griffith are currently offering property investors an average price cut of -4.56% below the asking price at the moment.
Situated 470.24km from the CBD, Griffith is one of Griffith localities in the postcode 2680.
NSW has seen average median house prices change by 5.73% which means that Griffith, 2680 has done well for property investors by showing a capital gain of 1.27% over the last year
A -9.91% growth in median value for property investors in Griffith,2680 puts this suburb at number 219th in terms of best performing suburbs in NSW
Vendor discounting in Griffith is giving property investors an average Vendor Discount of around -2.15%. This puts suburb at number 443th in NSW when ranking the most discounted suburbs.
The NSW suburb of Griffith, 2680 is in the Griffith local government area.
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
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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 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.