Suburb Profile Report for Griffith NSW (2680)

Griffith House: Median price $302,500, Annual capital growth 1.46%, Number of sales 300, Weekly median advertised rent $330

Griffith Unit: Median price $200,000, Annual capital growth -0.64%, Number of sales 30, Weekly median advertised rent $270

  • 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 0.17% to date .

Over the longer term, Griffith has seen property prices show investors a 12.04% return over the last 3 years. This is worse than over the last 12 months

LACK OF BUYER INTEREST may well be the reason that Griffith is offering property investors an average of -5.49. This rate of discount on properties puts Suburb at number 812th in terms of most discounted suburbs in NSW

At number 1477 in a list of fastest selling suburbs, Griffith is in the TOP 40% of suburbs in Australia with an average of days on market 71.77 for properties listed there.

Griffith is in the bottom 30% in NSW when comparing median price capital growth over the last year. Griffith gave property investors a disappointing capital gain figure when compared to the rest of the state, with 0.00%.

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

Using the current median advertised rental of $270 and the average annual increase in value of a median property of -0.64%, investors should hope to achieve an overall return of 7.02%

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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
$302,500 $200,000
-1.79% 1.01%
0.17% 0.00%
1.46% -0.64%
$330 $270
300 30
5.67% 7.02%
71.77 N/A

Source: CoreLogic

DSR Score for property investment : Very good (U), Good (H)
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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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