Giving property investors a an unimpressive capital gain of 0.41% for the last year, Griffith, 2680 is the 2991th highest performer in Australia in this respect.
Over the longer term, Griffith has seen property prices show investors a 16.23% return over the last 3 years. This is worse than over the last 12 months
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.23% offered to property buyers. Sellers in Griffith itself are offering an average vendor discount of -4.85% to real estate investors.
Residents and property investors in Griffith have been waiting around 70.61 days to sell a property.
Griffith is 66th on a list of best yielding suburbs for rents in NSW with a 5.74% return
Griffith has had a A very good year for property investment returns compared to the rest of NSW, giving investors a capital gain of 35.00% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Griffith comes in at number 144th in NSW.
LACK OF BUYER INTEREST may well be the reason that Griffith is offering property investors an average of -4.12. This rate of discount on properties puts Suburb at number 408th in terms of most discounted suburbs in NSW
Often selling an investment property can take time, and in Griffith the average time real estate has been on the market is 99 days.
With the median price for a house in Griffith being $270000 and the advertised rent reaching $290 the gross rental yield for property investors calculates out to be 5.59%
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.