Investment property in Griffith has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 2.28%
Taking the average capital gain, or increase in median house value, Griffith,2680 has racked up an average of 2.28% over the period. This ranks it number 2063th in the whole country for real estate investors looking at median house price increases.
The most recent median price for Griffith is $313500, with sellers offering an average of -4.46% off the asking price.
Residents and property investors in Griffith have been waiting around 72.42 days to sell a property.
Renters in Suburb are facing rents around $4080 per annum or $340 every week.
At number 58th in the list of Australian suburbs ordered by increase in median house value over the last year, Griffith, 2680 is in the top 10% with a property value increase of 28.83% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Griffith comes in at number 227th in NSW.
At number 448th of NSW’s most discounted properties, Griffith is in the TOP 10% of the state/territory when listing in order of most discounted to least.
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.