Ipswich suburbs cash in on growth

CAMIRA has topped a list of the city’s top performing suburbs, recording 9.8 per cent growth over the past quarter.

The suburb, where homes average $365,000, out-performed Flinders View, which scored a 9.3 per cent increase with Raceview a 5.5 per cent growth.

The figures, part of the Real Estate Institute of Queensland’s (REIQ) December quarter 2009 report, show over the past year Karalee was the best performing suburb overall with a 15.9 per cent increase followed by Flinders View on 12.5 per cent.

LJ Hooker Ipswich sales partner David Bennet said it was no surprise Karalee had returned such a good result.

“Karalee has been a strong performer,” Mr Bennet said.

“Riverside Estate has recorded significant sales. It is a pretty prestigious housing estate.”

Property Palace principal Suzy Niemeyer said Karalee had been a sound performer for years.

“We have seen prices really start to go up out there,” she said.

Property Palace sales consultant Judy Manning agreed.

“There is a big demand for Karalee,” she said.

“People are willing to pay big money for properties.”

Across the city, average house prices experienced a 1.6 per cent increase from $315,000 to $320,000 from December 2008 to December 2009.

Ipswich City Council Planning and Development chairman Paul Tully said Ipswich had weathered the global financial crisis remarkably well.

“Prices have held up in most suburbs and the developing western corridor remains strong with house and land prices set to increase significantly in future years,” Cr Tully said.

“The development potential between Springfield and the Ripley Valley will ensure Ipswich’s population will double from 166,000 to over 320,000 in the next 20 years.”

Action Realty Ipswich First National Real Estate principal Garth Llewellyn said it was a great result for the city, even the suburbs which had shown a negative growth over the year or quarter.

“It just proves another fact, when you look at Ipswich overall as a city, the average price is around $300,000,” he said.

“If you look at Brisbane the average is around $500,000.

“Ipswich is so much more affordable than anywhere else.”

Real Estate Institute of Queensland (REIQ) chairwoman Pamela Bennett said while agents have been reporting a healthy level of sales this year, the recent run of interest rate rises may put a dampener on the burgeoning market recovery as housing affordability worsens.

The REIQ report – part of the REIQ’s Queensland Market Monitor research publication – found sales under $500,000 dropped 22 per cent in the period.