Canberra Now Boasts A 7-figure Median House Price
With double-digit growth and the steepest price acceleration in almost three decades, Canberra continues to dominate the...
GRIFFITH, 2603 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Average median house prices in ACT have risen as a whole, pulling GRIFFITH, 2603 values up and netting property investors a capital gain of 14.58% for the past year.
Investors saw the median home price rise to $1,670,000.
Profits due to an upward trend in home prices in the suburb averaged 5.32% per annum over a 3-year period.
GRIFFITH now ranks at the 40th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in GRIFFITH are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $720 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In GRIFFITH, homes and units usually stay on listing for an average of 64.6 days.
In 2016, 50 properties were sold in GRIFFITH during the past year, making it the 39th most active market in ACT based on total real estate transactions.
Griffith is an inner-city suburb in Canberra situated opposite the Parliament House. As one of Canberra’s oldest and most affluent suburbs, Griffith is home to the country’s politicians, especially notable members of the parliament, who are drawn to its prestige and heritage. Like other surrounding suburbs, Griffith was based on the design of famed American architect Walter Burley Griffin, whose vision brought the city of Canberra to life.
Griffith has a population that numbers 4,575, with a median age of 40. The most common ancestries in Griffith are English, Australian, Irish, Scottish and Chinese. Majority of people living in the suburb are Australian-born. Meanwhile, other countries of birth include England, India, New Zealand, China and the United States.
Griffith’s real estate landscape is dotted by both detached houses in modernist and interwar Functionalist style. The suburb has a wealth of open green spaces; in fact, it has 12 parks that feature cycling and walking tracks.
Griffith is home to a number of heritage properties which include the Whitley House, the first single-story detached house in Australia designed by the government; St. Paul’s Church; and Evans Crescent Housing. Griffith also has a sporting facility, the Manuka Oval, where its rugby matches are held, as well as a swimming pool. As for the residents’ lifestyle needs, the suburb has the Manuka Terrace and Shopping Centre.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||14.58%||11.05%|
|Median 3 years||15.97%||10.44%|
|Median 5 years||28.46%||1.78%|
|10 years average annual||4.92%||1.26%|
|Weekly media advert. rent||$720||$500|
|Time on Market||64.6 days||77.0 days|
|Gross Rental Yield Percent||2.24%||5.17%|