If you compare the increase in value of investment property in Griffith, 2680 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this NSW suburb was 1.17%.
When looking at the potential capital gains offered to property investors over the last 3 years, Griffith comes in at number 1109th in NSW.
At number 682th of NSW’s most discounted properties, Griffith is in the middle of the state/territory when listing in order of most discounted to least.
Griffith, 2680’s gross rental yield is 5.48%
Over the last year, property investments in Griffith, 2680 have given investors a capital gain of 1.27%. This compares badly with the 5.41% for NSW as a whole.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Griffith has fallen somewhat when compared to the 5 year average annual rate.
Property investors looking for a bargain in Griffith should be aiming for at least -2.77% off the asking price, which is the average vendor discount being achieved at the moment.
Griffith is 15th on a list of best yielding suburbs for rents in NSW with a 7.02% 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.