GRIFFITH IN TOP TEN AFFORDABLE REGIONS!
The Griffith Local Government Area (LGA) has been named one of Australia’s Top Ten Affordable Regions in an article from Smart Property Investment last week.
PRD Chief Economist Dr Diaswait Mardiasmo delved into Australia’s suburbs to find the “top 10 regional affordable areas 2022”, based on five selection criteria.
Griffith came in at number 6, alongside Whitsunday (QLD), Mackay (QLD), Toowoomba (QLD), Upper Hunter (NSW), Wagga Wagga (NSW), Northern Grampians (VIC), Wodonga (VIC), Greater Bendigo (VIC), and Central Highlands (TAS).
Acknowledging housing affordability as an increasingly pressing issue, an economist has crunched the numbers to find out where Australians can get the most bang for their buck.
Highlighting that the weighted average Australian median house price increased by 25 per cent to $1,021,710 while median family weekly incomes rose just 5 per cent, PRD chief economist Dr Diaswati Mardiasmo has done a deep dive on Australia’s suburbs to find the “top 10 regional affordable areas 2022”.
Based on five selection criteria (as outlined below), these are the most affordable regions for Australian property purchasers in 2022.
- Whitsunday LGA (Qld)
- Mackay LGA (Qld)
- Toowoomba LGA (Qld)
- Upper Hunter LGA (NSW)
- Wagga Wagga LGA (NSW)
- Griffith City LGA (NSW)
- Northern Grampians LGA (Vic)
- Wodonga City LGA (Vic)
- Greater Bendigo LGA (Vic)
- Central Highlands LGA (Tas)
Dr Mardiasmo has called these locations “roaring regions”, considering them as affordable alternative areas with solid fundamentals for sustainable future growth.
In all of these areas, recorded median house prices remain below $550,000 – a far cry from the weighted average Australian median house price of $1.02 million.
According to the chief economist, regional areas are leading the way when it comes to affordability and liveability, while the Australian dream of property ownership still exists.
She also acknowledged that regional areas became the most attractive option in 2021, with buyers “capitalising on lower median property prices and utilising flexible remote working conditions introduced amidst COVID-19”.
In selecting the top 10 regions for affordability, Dr Mardiasmo used five major pieces of selection criteria, outlined below:
- Affordability – that the local government area (LGA) has a median house price below the calculated maximum affordable property sale price. This is the state average loan, plus 20 per cent.
- Property trends – the LGA considered must have had 20 or more transactions take place in 2020 and 2021 and have witnessed positive median house price growth over those two years.
- Investment – the LGA must have showcased on-par or higher rental yield than its corresponding capital city, as well as an on-par or lower vacancy rate compared to its city.
- Project development – the LGA has a high estimated value of future project development, inclusive of a higher concentration of commercial and infrastructure projects, hence ensuring a positive economic outlook.
- Unemployment rate – the LGA should have an on-par or lower unemployment rate than the state average, as of the September quarter 2021, to ensure there is local job growth.
“Our LGA has been experiencing continued growth for some time now, a fact which we are very proud of as a Council,” said Councillor Curran.
“Dr Mardiasmo has conducted a very thorough study and I am pleased to see Griffith meets all of the five criteria – our housing is affordable, our real estate market is strong, the rental market and investment properties are in demand, we have a higher than average number of property, commercial and infrastructure projects underway, and our LGA boasts a low unemployment rate – all in all, we are in a very strong economic position.
“We are committed to seeing Griffith prosper and thrive now and into the future and this study demonstrates that we are on the right track,” added Councillor Curran.
Councillor Curran said Griffith really is the envy of our region, if not the State, and Dr Mardiasmo’s findings are proof of that.
“You don’t have to look far to see a project, an investment opportunity or a new business thriving – Griffith continues to grow and develop the local economy despite the external challenges, and I know many LGAs would be excited to be experiencing the level of opportunity we are,” he said.
The demand for housing is high in Griffith thanks to a strong economy and high employment rates, however affordable housing demand outweighs the current availability. Council has developed a Housing Strategy to address the gap and is currently working with Argyle Housing and the Australian Government on the $12M Griffith Green Affordable Housing Project which will see approximately 42 affordable housing blocks and 20 townhouses constructed.
https://www.smartpropertyinvestment.com.au/research/23687-what-makes-australia-s-10-most-affordable-regions-so-enticing & Griffith City Council Facebook, Image sourced from https://en.australia51.com/place
