Suburb Profile Report for Griffith ACT (2603)

Griffith House: Median price $1,340,000, Annual capital growth 5.21%, Number of sales 60, Weekly median advertised rent $795

Griffith Unit: Median price $447,500, Annual capital growth 3.02%, Number of sales 74, Weekly median advertised rent $475

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Aug 2019 as supplied by CoreLogic. Data is reported to the period ending May 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
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Griffith, 2603 ranked 90th in ACT when comparing growth in median property values or capital gain over the last 12 months. Griffith is one of 126 in our list for ACT

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Griffith has increased when compared to the 5 year average annual rate.

Investment property in Griffith has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -1.65%

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.

The most recent median price for Griffith is $447500, with sellers offering an average of -4.25% off the asking price.

At number 815 in a list of fastest selling suburbs, Griffith is in the bottom 40% of suburbs in Australia with an average of days on market 82.6271 for properties listed there.

A $475 per week rent on the median house gives suburb investors a gross yield of circa 5.52%, without taking into account capital value appreciation, which has been averaging out at 3.02%.

Information supplied by:


August 2018

M
O

W
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Pricey suburb welcomes renters

Postcode: 2603

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.

Metrics i HOUSE UNIT
$1,340,000 $447,500
-1.11% -1.65%
-11.84% -1.65%
5.21% 3.02%
$795 $475
60 74
3.09% 5.52%
80.0227272727273 82.6271186440678

Source: Monthly data update for Aug 2019 as supplied by CoreLogic. Data is reported to the period ending May 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Good (U)
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Demographics
Total population 3899
Median household income ($/weekly) 2182
Median age of persons 38
Median housing loan repayment ($/monthly) 2500
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 361 9.3
    25-34 years 760 19.5
    35-44 years 510 13.1
    45-54 years 636 16.3
    55-64 years 487 12.5
    Others 1146 29.4
    Age Group
    Census Count Percent(%)
    Not Married 1392 46.0
    Registered Married 1260 41.6
    Defacto Relationship 376 12.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 2768 75.0
    Indonesia 53 1.4
    Papua New Guinea 59 1.6
    United Kingdom 194 5.3
    Other 208 5.6
    Others 408 11.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 60 1.7
    Christianity 2042 58.3
    Hinduism 50 1.4
    Islam 35 1.0
    No Religion 1272 36.3
    Others 45 1.3
    Religious Affiliation
  • Census Count Percent(%)
    $1,500-$1,999 174 11.6
    $2,000-$2,499 123 8.2
    $2,500-$2,999 244 16.2
    $3,000-$3,499 135 9.0
    $4,000 or more 226 15.0
    Others 604 40.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 1630 50.8
    Not in the labour force 833 25.9
    Employed, worked part-time 506 15.8
    Employed, away from work 157 4.9
    Unemployed, looking for work 85 2.6
    Person Characteristics
  • Census Count Percent(%)
    Managers 480 21.0
    Professionals 901 39.3
    Technicians & trades workers 128 5.6
    Community & personal service workers 184 8.0
    Clerical & administrative workers 357 15.6
    Others 240 10.5
    Occupation
    Census Count Percent(%)
    Pre-school 27 2.9
    Infants/Primary 238 25.4
    Secondary 244 26.1
    Technical or Further Educational Institution 78 8.3
    University or other Tertiary Institutions 326 34.8
    Others 23 2.5
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 2158 60.2
    Flat, unit or apartment 1254 35.0
    Semi-detached, row or terrace house, townhouse 168 4.7
    House or flat attached to a shop, office 4 0.1
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 766 46.3
    Fully owned 445 26.9
    Being purchased 434 26.3
    Other tenure type 8 0.5
    Tenure Type
Census 2011, ABS
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