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:
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.