If you compare the increase in value of investment property in Griffith, 2603 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this ACT suburb was 2.94%.
Across a shorter period, Griffith, 2603 has seen a median price increase of 0.00% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Griffith is offering property investors an average of -3.63. This rate of discount on properties puts Suburb at number 63th in terms of most discounted suburbs in ACT
On average over the past year, suburb has had 3.50 sales per month, which equates to 42 per year.
At number 815th in the list of Australian suburbs ordered by increase in median house value over the last year, Griffith, 2603 is in the top half with a property value increase of 4.74% recorded in median house prices.
The five-year average increase in median property values for Griffith,2603 has given property investors a potential capital gain of 25.15% across each of those five years.
State is the 2nd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -3.82% offered to property buyers. Sellers in Griffith itself are offering an average vendor discount of -2.46% to real estate investors.
Residents and property investors in Griffith have been waiting around 77.34 days to sell a property.
Using the current median advertised rental of $430 and the average annual increase in value of a median property of 5.36%, investors should hope to achieve an overall return of 4.22%
Griffith is situated less than 2km south of Parliament House, and is one of Canberra’s prestige suburbs. While houses in the suburb are some of the most expensive in the federal capital, with the median price surpassing the $1m mark, units are still relatively affordable.Full summary
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Griffith is situated less than 2km south of Parliament House, and is one of Canberra’s prestige suburbs. While houses in the suburb are some of the most expensive in the federal capital, with the median price surpassing the $1m mark, units are still relatively affordable.
Griffith’s median unit price is well below that of Kingston, Barton, and ultra-prestige Forrest, for example..
The suburb’s local economy is driven by the federal government, as its home to a number of government departments. It’s also well served for cafes, bars and recreational facilities, both within the suburb and nearby locales of Kingston and Manuka.
Griffith is within easy reach of the airport and just a short walk from Lake Burley Griffin. It attracts a high-income demographic, with a significant proportion of high-level civil servants and a number of diplomatic staff.
The more affordable median is due to a number of unit developments taking place amongst the prestige properties, serving junior and mid-level government workers and the aforementioned diplomatic staff. This also creates demand for rental properties. While units aren’t cheap, a recent slowdown in price growth suggests there may be buying opportunities in a desirable suburb where demand is likely to remain steady for the foreseeable future.