Second home explosion

MOVE over first home buyers, cashed up second and third home buyers have hit the Ipswich market.

The Australian Finance Group (AFG) Mortgage Index showed that in the month of August, trade-up buyers accounted for 22.8 per cent of all mortgage sold, compared to just 14.3 per cent in February this year.

Anne Webber Group principal Anne Webber said while the first homer buyers were definitely still there, the majority of the Ipswich market was now second or third home buyers.

“With interest rates at such a great level, they are able to spend more and move up into the next bracket,” Ms Webber said.

Ms Webber said Ipswich had largely escaped the brunt of the global economic crises, with employment growth meaning people had more money to spend on property.

“They are either moving up from a smaller worker's cottage to a larger colonial or a four-bedroom, two-bathroom brick,” she said.

“We are seeing a lot of those and generally if they have children, they are also looking for a bigger backyard.”

Brisbane grandmother Fay Dyson currently lives at Tanah Merah on Brisbane's outskirts, but recently signed the contract on her second home in Raceview through PRDnationwide.

Ms Dyson said a desire to be closer to her grandchildren had led to the move.

“I got a bigger house and better value going out to Ipswich rather than staying in Brisbane,” she said.

The Virgin Blue customer service operator said she was surprised at the Ipswich house prices.

“What I sold in Brisbane, I got three times the better deal price and house wise moving to Ipswich,” Ms Dyson said.

“The travel time is a little longer, but not much.”