If you compare the increase in value of investment property in Griffith, 2680 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this NSW suburb was 12.73%.
While Griffith,2680 ranked number 420th in NSW for increase in median house value (annualised) increase, it is ranked 957th over the last 5 years.
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.52% offered to property buyers. Sellers in Griffith itself are offering an average vendor discount of -4.15% to real estate investors.
At number 2061 in a list of fastest selling suburbs, Griffith is just in the bottom half of suburbs in Australia with an average of days on market 83.35 for properties listed there.
Situated 472.86km from the CBD, Griffith is one of Griffith localities in the postcode 2680.
NSW has seen average median house prices change by 8.14% which means that Griffith, 2680 has done well for property investors by showing a capital gain of 13.51% over the last year
When looking at the potential capital gains offered to property investors over the last 3 years, Griffith comes in at number 509th in NSW.
Property buyers and investors in Griffith 2680 should be seeing an average reduction in asking price of around -5.60% . This means that Griffith is holding prices well when compared to other suburbs in NSW.
Griffith is 28th on a list of best yielding suburbs for rents in NSW with a 6.19% 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
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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.