Over the last year, property investments in Griffith, 2680 have given investors a capital gain of 10.05%. This compares favourably with the 7.15% for NSW as a whole.
If we look at median property appreciation over just the last three months, Griffith has given property investors a paper return of 0.00%. This puts Suburb as 823 on a list of fastest fasting appreciating suburbs in NSW
LACK OF BUYER INTEREST may well be the reason that Griffith is offering property investors an average of -5.53. This rate of discount on properties puts Suburb at number 798th in terms of most discounted suburbs in NSW
On average over the past year, suburb has had 26.83 sales per month, which equates to 322 per year.
Situated 468.91km from the CBD, Griffith is one of Griffith localities in the postcode 2680.
With a capital gain of 0.76% for the last 12 months, Griffith, 2680 has performed for property investments than its average annual -0.90% property growth over the last 5 years.
Taking the average capital gain, or increase in median house value, Griffith,2680 has racked up an average of 0.76% over the period. This ranks it number 1447th in the whole country for real estate investors looking at median house price increases.
Griffith2680 is located in NSW which offers an average discount of -4.48% to property investors. Griffith itself is showing figures that indicate -5.42% is the average achievable by property buyers investing in the suburb.
Griffith is 11th on a list of best yielding suburbs for rents in NSW with a 6.83% return
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
Information supplied by:
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.