Local real estate agents say confidence is at an all time high, with the value of property and land across Griffith rising and showing no signs of stopping.
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The NSW Valuer General, Dr David Parker, released land values for the Riverina region last week.
Total land value in the Riverina increased 5.9 per cent from July 2019 to July 2020, going from $21.9 billion to $23.2 billion.
In Griffith, land value increased 8.2 per cent.
Nathan Thomas and Angelo Cirillo from Soul Property Agents in Griffith said the reality is even better than what the numbers suggest.
"Those figures don't reflect what happened at the end of last year," Mr Thomas said.
"The energy of the Griffith market was very, very strong ... it was quite frantic.
"The value of land that is ready to build on would have easily grown about 20 per cent ... there is just so much urgency in the market."
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According to Mr Cirillo, more people than ever are looking to secure property in Griffith, including a steady increase in out of towners.
He attributes this to the amount of employment available, good wages, the affordability of property and the expansions taking place by a number of local businesses.
The rising property values means it is a "very exciting time" for homeowners in Griffith, Mr Thomas said.
"For home owners, the rising value gives them the comfort that they are paying off an asset that is now worth more than when they bought in."
The pair were extremely confident that the rising values were not a flash in the pan, and were instead a sign of things to come for real estate in Griffith.
"The confidence is real," Mr Cirillo said.
"There's not a single thing you can point to suggest it's going to be any different in the future."
Both Mr Cirillo and Mr Thomas said the creation of an additional 1200 residential lots, as part of the Lake Wyangan urban development would be vital to creating enough property to meet demand.
"I think it's quite exciting because it seems to us with the amount of inquiry matched with the volume of employment available, we really do need to be growing," Mr Thomas said.
"So although that many residential lots seems quite high, in actual fact I think we'll be surprised at how quickly they're all taken up."
They also said the area would be helpful in spreading Griffith's population and reducing traffic bottlenecks around schools.
Monty Jacka
Monty is a journalist at The Daily Advertiser in Wagga. He can be reached at m.jacka@austcommunitymedia.com.au
Monty is a journalist at The Daily Advertiser in Wagga. He can be reached at m.jacka@austcommunitymedia.com.au
