News

Houses under $350,000 see rise in sales

THE affordability of Ipswich suburbs is driving demand with Real Estate Institute of Queensland figures showing a 24 % increase in sales state-wide in the September quarter for houses under $350,000.

Ipswich suburbs with the most sales for the quarter were Springfield Lakes (39), Redbank Plains (33), Collingwood Park (26) and Raceview (25).

REIQ CEO Anton Kardash said "investors are recognising that yields have improved and are making a move on affordable property, given our market appears to be turning a corner".

The three most affordable suburbs in Ipswich over the period by median house price were Gailes at $220,000, Leichhardt at $220,000 and North Ipswich with $335,000. Median house prices in Ipswich for the September quarter stayed steady at $290,000.

Houses prices have been flat or in slightly negative territory in Ipswich since the floods but property guru Terry Ryder predicted in The QT last week that prices would increase in the years ahead.

The September quarter figures did show quarterly rises for several Ipswich suburbs with Springfield Lakes (8.9%), Yamanto (9.5%), Raceview (8.3%) and Redbank Plains (2.6%) among the best performers.

Ben Walker, principal of Calibre Real Estate, said he was "very bullish about Ipswich" and that the number of sales in his office suggested a higher increase than 24 % for the September quarter.

"We have found that the investors are keen to pick up the cheaper houses," he said.

Mr Walker said homeowners also had plenty of incentive to buy.

"It is cheaper to own than to rent, so I can only see the market going forward from this point," Mr Walker said.

Ray White Ipswich's Clinton Sippel said there was "high interest in affordable homes" across the board.

He said the "old adage that you buy the worst house in the best street" still applied, particularly in suburbs with a range of cross-era homes at either end of the price scale.

Median house prices September 2012

Topics:  house prices, property, real estate, real estate institute of queensland



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