Land values in the Griffith local government area
Riverina region
General overview
There was a strong increase in land values in the Griffith local government area between 2016 and 2017. The increase in land values was not consistent across all market segments, with residential and commercial land values having a moderate increase, industrial land values remaining steady and rural land experiencing a very strong increase.
The upward trend in land values was largely driven by the rural sector with continued strong returns for livestock and most grains in the area, along with good seasonal rainfall.
Land value trends
| Property zone | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Residential | $880,051,700 | $956,077,650 | 8.6% |
| Commercial | $166,781,470 | $182,564,670 | 9.5% |
| Industrial | $64,211,500 | $64,807,100 | 0.9% |
| Rural | $455,696,620 | $591,563,550 | 29.8% |
| Other | $42,883,847 | $48,110,249 | 12.2% |
| Total | $1,609,625,137 | $1,843,123,219 | 14.5% |
Number of properties by zone
Total number of properties: 10,745
Residential land values
Residential overview
There was an overall moderate increase for residential land values in the Griffith local government area. The increase is mostly attributable to a shortage of supply of vacant land. The increase in land values was not consistent across all residential areas, with Griffith town west remaining relatively steady due to lack of demand. Yoogali had a moderate decrease due to a drop in demand.
Median land values and sale prices
The above chart shows movement in the property market and land values over a five year period. In areas where there are a low number of sales, median sale prices may not accurately reflect the property market. Land values may not always move directly in line with sale prices due to the influence of other factors, such as building costs.
Typical residential land values
| Address | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Richards St, Beelbangera | $75,000 | $85,000 | 13.3% |
| Bilbul Pl, Bilbul | $55,000 | $60,000 | 9.1% |
| Jondaryan Ave, Griffith | $190,000 | $201,000 | 5.8% |
| Kelly Ave, Griffith | $45,000 | $52,000 | 15.6% |
| Kookora St, Griffith | $90,000 | $110,000 | 22.2% |
| Ross Cres, Griffith | $108,000 | $108,000 | 0.0% |
| Salvanza Cres, Griffith | $110,000 | $124,000 | 12.7% |
| Verri St, Griffith | $113,100 | $118,000 | 4.3% |
| Walla Ave, Griffith | $78,000 | $78,000 | 0.0% |
| School St, Hanwood | $88,000 | $95,000 | 8.0% |
| Boorga Rd, Lake Wyangan | $90,000 | $102,000 | 13.3% |
| Lakes Rd, Lake Wyangan | $170,000 | $200,000 | 17.7% |
| Mancini Dr, Lake Wyangan | $165,000 | $198,000 | 20.0% |
| Lowde St, Nericon | $45,000 | $50,000 | 11.1% |
| Dunn St, Tharbogang | $48,000 | $48,000 | 0.0% |
| Bingar St, Yenda | $57,000 | $61,000 | 7.0% |
| Gorton St, Yoogali | $91,000 | $82,000 | -9.9% |
Commercial land values
Commercial overview
Overall commercial land values experienced a moderate increase with good demand in the central business district. In particular, investor interest was strong in the prime retail area along Banna Avenue and the adjacent mixed use area of Yambil Street. Fringe commercial land values remained steady with demand focussed in the prime areas.
Typical commercial land values
| Address | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Banna Ave, Griffith | $345,000 | $345,000 | 0.0% |
| Canal St, Griffith | $237,000 | $270,000 | 13.9% |
| Favell St, Griffith | $288,000 | $288,000 | 0.0% |
| Probert Ave, Griffith | $154,000 | $154,000 | 0.0% |
Industrial land values
Industrial overview
Industrial land values have remained steady with sufficient supply to meet demand.
Typical industrial land values
| Address | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Brown Rd, Tharbogang | $330,000 | $330,000 | 0.0% |
| Doug Mcwilliam Rd, Yenda | $258,000 | $258,000 | 0.0% |
| Oakes Rd, Yoogali | $182,000 | $182,000 | 0.0% |
Rural land values
Rural overview
Rural land values across the local government area showed a very strong increase over the past year. Most of the increase was driven by demand for larger irrigation farms used for cotton and rice growing.
Rural hobby farms showed a moderate increase in line with residential land values.
Typical rural land values
| Address | 01 Jul 2016 | 01 Jul 2017 | % change |
|---|---|---|---|
| Lawrence Rd, Bilbul | $130,000 | $150,000 | 15.4% |
| Brayne Rd, Griffith | $190,000 | $220,000 | 15.8% |
| Crawford Rd, Hanwood | $455,000 | $660,000 | 45.1% |
| Mcpherson Rd, Myall Park | $161,000 | $175,000 | 8.7% |
| Quarry Rd, Myall Park | $270,000 | $323,000 | 19.6% |
Added value of improvement tables
The added value of improvement tables show dollar values per square metre for the added value of improvements for the main residential property types in a local government area. It is the value the improvements add to the value of the land as demonstrated by the analysis of property sales.