If you compare the increase in value of investment property in Griffith, 2680 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this NSW suburb was 3.90%.
When looking at the potential capital gains offered to property investors over the last 3 years, Griffith comes in at number 1082th in NSW.
Property buyers and investors in Griffith 2680 should be seeing an average reduction in asking price of around -4.25% . This means that Griffith is holding prices well when compared to other suburbs in NSW.
Often selling an investment property can take time, and in Griffith the average time real estate has been on the market is 68.67 days.
The NSW suburb of Griffith, 2680 is in the Griffith local government area.
Property value increases in Griffith have tracked higher than the NSW average of 7.48% over the last 12 months.
Taking the average capital gain, or increase in median house value, Griffith,2680 has racked up an average of 28.79% over the period. This ranks it number 255th in the whole country for real estate investors looking at median house price increases.
Griffith, 2680 is offering NSW ‘s 444th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this NSW.
Residents and property investors in Griffith have been waiting around 104.21 days to sell a property.
With the median price for a house in Griffith being $255000 and the advertised rent reaching $290 the gross rental yield for property investors calculates out to be 5.91%
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.