A LEADING economist has painted a sombre picture of Griffith's short-term economic outlook.

But, it is not all doom and gloom.

With a low unemployment rate and plenty of room for growth, smart planning could turn things around in the long-term.

Speaking at a seminar in Griffith last week, Housing Industry Association (HIA) senior economist Ben Phillips said the forecast for housing affordability for the next 12 months was not a good one � interest rates are on the way up, the first home buyers boost is being wound back, and a high exchange rate was putting pressure on local export performance.