ACT has seen average median house prices change by 4.34% which means that Griffith, 2603 has done well for property investors by showing a capital gain of -8.51% over the last year
If we look at median property appreciation over just the last three months, Griffith has given property investors a paper return of -4.53%. This puts Suburb as 86 on a list of fastest fasting appreciating suburbs in ACT
Our latest figures would indicate that property sellers in Griffith are currently offering property investors an average price cut of -3.30% below the asking price at the moment.
Renters in Suburb are facing rents around $41600 per annum or $800 every week.
Over the last year, property investments in Griffith, 2603 have given investors a capital gain of -2.20%. This compares badly with the 4.05% for ACT as a whole.
Griffith,2603 has offered an average of -2.20% return per annum in house price rises to property investors over the last three years.
Property investors looking for a bargain in Griffith should be aiming for at least -3.86% off the asking price, which is the average vendor discount being achieved at the moment.
The ACT suburb of Griffith, 2603 is in the Unincorporated ACT local government area.
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Pricey suburb welcomes renters
Median house price: $1,515,000
Vacancy rate: 1.7%
Three-year growth: 41.6%
The premium suburb of Griffith in Canberra saw a strong influx of renters in the 12 months to May 2018.
The average vacancy rate tightened considerably from 3% in 2017 to just 1.7%, indicating high demand for rental properties even though the average rent rate is steep at $800 per week.
While investors reap only 2.7% yield, the growth trend in the suburb certainly shows that it has a lot of steam for the long term. House prices rose by over 40% in 2015, and in the May 2017-2018 period alone, increased by 10.6% to hit a median of $1,515,000.
Griffith’s convenience contributes to its remarkable performance – it is home to the Manuka Shopping Centre and to the Russian Embassy in Canberra. Many schools are established in Griffith as well, including St Edmund’s College.