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Griffith’s Property Industry in the Spotlight
REINSW President, Mrs Cristine Castle, said the Institute had brought its Board to Griffith and the Murrumbidgee because its Directors understand how important real estate and the property industry are to the future of the city and the region.
“In our view it is vitally important to discuss the future of NSW’s property industry in this vibrant and prosperous city because the issues that affect real estate practice in regional areas and on the land are just as important as anything that is going on in Sydney and because the N.S.W. in the Institute’s name stands for New South Wales and not Newcastle, Sydney and Wollongong,” Cristine Castle said.
“The Institute is also very aware of what is happening in Griffith and its Board members wanted to take a closer look for themselves.
“We have very active members here and REINSW Education & Training, which is the nation’s largest independent training provider for the real estate industry, regularly conducts courses and specialist Rural Day training sessions in the city and the region.
“What those members and the latest property industry figures tell us is that Griffith is thriving. Its diverse industrial base is underpinning economic growth. And its cultural diversity and natural beauty is attracting tourism and investment,”
Mrs Castle said a number of these investors are “Tree Changers”, who are Baby Boomers or young families escaping Sydney or Melbourne for a better quality of life and they are finding regional cities like Griffith, Wagga Wagga, Mudgee, Orange, Bathurst, Tamworth and Armidale particularly attractive.
“Looking at the local property market, NSW Department of Housing figures show that the median sale price for all dwellings in Griffith is now $261,000 which is an annual increase of 13.3%. Wagga Wagga’s median is $230,000, which is an increase of 7.5%,” Mrs Castle said.
“As far as the region is concerned, the median sale price for the Lower Murrumbidgee is $210,000, up 7.7%, while the median for Central Murrumbidgee is $150,000, down 3.2%.
“Australian Property Monitor figures show that the long term trend for price growth for houses in Griffith is 7.8% and 8.3% for units, and for Wagga Wagga the trend is 8.7% for houses and 3.1% for units.”
When it comes to the rental market, Mrs Castle said the Department of Housing’s figures also show that the number of total bonds held has increased by 6% over the year in the Lower Murrumbidgee to a total of 3,311 and has increased 4.3% in Central Murrumbidgee for a total of 2,164.
“The Institute’s own Residential Vacancy Rate Survey shows that there is a slight oversupply of rental properties at 3.4% but that fits with information from local agents who have told me that there is strong demand for good quality units and houses and that rents for these properties are rising, however, there are plenty of properties at the lower end of the market and rents for those properties are stable,” Mrs Castle said.
“REINSW member agents also say that there are plenty of buyers for homes around the $250,000 mark and that properties are selling well now that vendors have adjusted their expectations, but demand has eased in the last quarter for properties over $300,000 and $400,000.
“Of course this easing of prices comes off the back of phenomenal growth in the city and the region and the recent interest rate rises, but lower fuel prices and stable rates going forward should mean that strong demand for well priced properties will continue,” she said.
“As for rural properties, sales are still reasonably strong but they have been affected by the drought.
“Properties with water for rice production are still fetching good prices. Grape prices are down which is affecting sales of wine producing land and imported citrus concentrates are having an impact on the local orange industry but hopefully prices will improve.
“As for commercial property, demand is still very strong and there is a great deal of development going on in the city including Griffith Central, the New Homemaker Centre, and the Centrepoint offices and apartments in the CBD.
Mrs Castle said that with all this development, and large residential subdivisions in recent years, you could call Griffith a boom town, but she cautioned that a much more accurate description is that the city and the region are experiencing consistent and impressive growth that should continue well into the future.
“The Real Estate Institute is also looking to the future,” Mrs Castle said.
“The Institute has been the industry’s leader for more than 96 years and we have reinvigorated our products and services.
“We recently launched a unique member only Compliance Review Service to help real estate agents ensure their business is compliant with industry legislation and we have also taken the opportunity on our visit to Griffith to launch another vital and unique new service for real estate agents.
That service is the Real Estate Institute of NSW’s online Compliance Guide, which is a tool that agents have never had before and it is unashamedly for member firms only.
The Compliance Guide will help member agents, and ultimately their clients, right across the State to comply with a whole range of industry specific laws and regulations regarding:
- residential, rural, commercial, and industrial property sale processes and procedures;
- registration and licence display requirements;
- agency agreements;
- agent’s duties;
- banking practices and trust accounting;
- auction processes and procedures; and
- property management and leasing.
“This guide is an invaluable tool for all real estate professionals that will be continually updated and expanded to meet industry needs and it is further proof that real estate agents simply cannot afford not to be members of the Real Estate Institute of NSW,” Mrs Castle said.
Please direct all media enquiries to REINSW Communications Manager, Mr Nicholas Campbell, tel. (02) 8267 0527 / 0406 955 801.
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