Griffith CityEconomic profile
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Griffith City

Housing valuation

At June 2016, Griffith City had a median house valuation of $298,000, $339,533 lower than the median house valuation for New South Wales.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2011-2016, Housing Valuation System

Housing values
Griffith City20162013Change
Housing value (at June)Griffith CityNew South WalesGriffith City relative to New South WalesGriffith CityNew South WalesGriffith City relative to New South Wales2013 to 2016
House--------------
First Quartile$240,231$418,171-42.6%$218,680$331,720-34.1%+$21,551
Median$298,000$637,533-53.3%$257,110$457,239-43.8%+$40,890
Third Quartile$387,221$1,038,768-62.7%$314,735$701,375-55.1%+$72,486
Unit--------------
First Quartile$174,547$422,764-58.7%$171,265$305,938-44.0%+$3,282
Median$204,714$614,575-66.7%$197,775$430,178-54.0%+$6,939
Third Quartile$259,013$811,857-68.1%$220,665$570,847-61.3%+$38,348

Source: Hometrack 2011-2016, Housing Valuation System.

Housing values, 2016
Housing values, 2016 Third Quartile, New South Wales: $811,857 Median, New South Wales: $614,575 First Quartile, New South Wales: $422,764 Third Quartile, New South Wales: $1,038,768 Median, New South Wales: $637,533 First Quartile, New South Wales: $418,171 Third Quartile, Griffith City: $259,013 Median, Griffith City: $204,714 First Quartile, Griffith City: $174,547 Third Quartile, Griffith City: $387,221 Median, Griffith City: $298,000 First Quartile, Griffith City: $240,231
Source: Hometrack 2011-2016, Housing Valuation System
Change in housing values, 2013 to 2016
Change in housing values, 2013 to 2016 Third Quartile, New South Wales: $241,010 Median, New South Wales: $184,397 First Quartile, New South Wales: $116,826 Third Quartile, New South Wales: $337,393 Median, New South Wales: $180,294 First Quartile, New South Wales: $86,451 Third Quartile, Griffith City: $38,348 Median, Griffith City: $6,939 First Quartile, Griffith City: $3,282 Third Quartile, Griffith City: $72,486 Median, Griffith City: $40,890 First Quartile, Griffith City: $21,551
Source: Hometrack 2011-2016, Housing Valuation System

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