Property value increases in Griffith have tracked just higher than the NSW average of 7.93% over the last 12 months.
When looking at the potential capital gains offered to property investors over the last 3 years, Griffith comes in at number 955th in NSW.
Sellers are offering property buyers an average discount of -4.00% to buyers in Griffith at the moment, which is less than average for the rest of NSW.
At number 1996 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 82.42 for properties listed there.
Advertised rents are around the $320 mark per week – giving a return of 5.42% based on the median price in Suburb
With a capital gain of 4.99% for the last 12 months, Griffith, 2680 has performed for property investments than its average annual -1.17% property growth over the last 5 years.
Over the longer term, Griffith has seen property prices show investors a -3.61% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Griffith should be aiming for at least -5.42% off the asking price, which is the average vendor discount being achieved at the moment.
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.