Griffith house prices continue to climb while Wagga and Albury flatten out

Rising interest rates and cost-of-living pressures saw property prices flatten across many Australian cities in 2024, but there was one noticeable exception in the Riverina.

In Griffith, the average cost of a house rose 11.7 per cent over the 12-month period, much higher than the national average, according to the Domain 2024 House Price report. By contrast, growth in Wagga slowed to 3.2 per cent while Albury prices went backwards slightly, by 0.3 per cent.

As the average price of a Griffith dwelling now touches $600,000, Elders real estate agent Brendan Catanzariti explained why the town continues to grow against the odds.

“The economy and interest rates have hit Albury and Wagga harder,” he said.

“But in Griffith, people need to live somewhere, and there’s a real shortage of housing. There are less houses available on that market, that’s what’s kept the prices high here.”

Over the past five years, growth has been astronomical in all three towns – 63.3 per cent in Wagga, 58.8 per cent in Albury and 51.4 per cent in Griffith.

Nearby Leeton is also growing strongly – 6.9 per cent over the past year and 52.9 per cent since 2020.

Real estate research firm Hotspotting thinks the party is over for investors in Griffith, labelling it as one of 36 postcodes in Australia that are “no go” zones for buyers in 2025.

Mr Catanzariti says he strongly disagrees.

“We had 11 per cent growth even though interest rates kept rising. What does that tell you?

“The town is growing; we are not getting smaller. Baiada [chicken producer] is looking to expand as are other businesses,” he said.

“We’ve got 92 different nationalities in Griffith; it’s a unique country town. So a lot of the migrant groups are helping us to grow.

“We’re getting lots of people, like teachers and health workers and skilled workers coming into town and we still can’t house them.”

The Australian Housing and Urban Research Institute says the housing shortages in rural towns like Griffith are preventing essential workers from moving to these areas. It has called on the Federal Government to intervene to fund a guaranteed program of ongoing work and new builds.

Mr Catanzariti warned though that expected problems with the planned new hospital, including staff shortages and surgical services not operating, could have a further negative impact on the town.

“We need to maintain strong medical services in the city especially with the brand new hospital opening. It’s essential to keep attracting new people into the area. Strong health and education are a must,” he said.

The Riverina property price boom and housing shortage is also causing more pain for renters. While Wagga and Albury’s housing prices eased in 2024, rents continued to surge, by 4 and 12 per cent respectively.

Rents are also rising in Griffith (9 per cent), where the average weekly price of a lease is now $490. Only one out of the 50 properties available for rent costs less than $300 per week.