Property investors who have had real estate in Griffith, 2680 should be ok with this NSW suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 3.79%
Griffith,2680 has offered an average of 3.79% return per annum in house price rises to property investors over the last three years.
Vendor discounting in Griffith is giving property investors an average Vendor Discount of around -4.46%. This puts suburb at number 822th in NSW when ranking the most discounted suburbs.
Often selling an investment property can take time, and in Griffith the average time real estate has been on the market is 77.36 days.
At number 973th in the list of Australian suburbs ordered by increase in median house value over the last year, Griffith, 2680 is in the BOTTOM 50% with a property value increase of 1.27% recorded in median house prices.
The most recent median price for Griffith is $200000, with sellers offering an average of -5.14% off the asking price.
In the last year 30 properties changed hands in Griffith, which puts it as the 367th most active market in NSW when comparing the number of sales per suburb.
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%
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.