With a capital gain of 1.16% for the last 12 months, Griffith, 2680 has performed for property investments than its average annual 1.46% property growth over the last 5 years.
Across a shorter period, Griffith, 2680 has seen a median price increase of 1.16% over the last quarter.
Our latest figures would indicate that property sellers in Griffith are currently offering property investors an average price cut of -4.59% below the asking price at the moment.
With the median price for a house in Griffith being $305500 and the advertised rent reaching $330 the gross rental yield for property investors calculates out to be 5.62%
Giving property investors a an unimpressive capital gain of -0.24% for the last year, Griffith, 2680 is the 1111th highest performer in Australia in this respect.
Comparing Griffith,2680 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
At number 456th 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.
Residents and property investors in Griffith have been waiting around 107.63 days to sell a property.
Property investors should expect to get $280 weekly from the median priced house in this suburb.
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.