Griffith's residential market approaching its peak: HTW
NSW's Griffith residential market is approaching its peak, according to Herron Todd White’s April report.
The property valuation firm says that values have increased over the past six to nine months.
“The Griffith residential property market appears to be approaching the peak of the market.
"Values have been increasing in most market segments over the past six to nine months largely due to a shortage of stock relative to demand.
"The fear of missing out is pushing more affordable brackets ($250,000 to $350,000) well above expectations.
"The rise in the market is not limited to entry and middle market segments with buyers in the upper end of the market also showing a strong appetite producing strong results,” the report stated.
Low interest rates, shortage of land and optimism is driving the market at the present moment.
“So what is driving the market at present?
"A combination of things, including low interest rates, a shortage of land and the biggest factor being the optimism in the local agricultural sector and its impact on employment and investment.
"So what is likely to slow it down?
"The cost of money rising (interest rates), employment instability, the release of more land and the inability of the economy to retain its confidence,” the report warned.
A two bedroom house at 14B Grimison Avenue, Griffith (above) has been listed for $249,000.
Similarly a three bedroom house at 62 Madden Drive, Griffith (below) has been listed for $349,000.
The block of land was sold in 2015 for $95,000 with the house built in 2016.
A three bedroom house at 6 Evanside Parade, Griffith (below) was recently sold for $300,000.
It was last sold in 2012 for $252,000.
Similarly a four bedroom house at 72 Bromfield Street, Griffith (below) was recently sold in April this year for $300,000.
It was last sold in 2008 for $282,500 and in 1996 for $147,000.
