First-time home buyers and retirees target homes under $300k
FIRST-home buyers and retirees are fuelling the Ipswich real estate market by taking advantage of houses under $300,000.
Median house prices in 12 of the 21 suburbs surveyed in REIQ's March quarter data fell under the $300,000 price tag.
While a majority of suburbs experienced a drop in sale prices in the year to March 2013, Ipswich City local government area had gained momentum, increasing by 1.7% in the past quarter.
Realway Property Consultants Ipswich principal Karen Bagenal said she had seen a number of home buyers in the market who were taking advantage of the value-for-money houses presented at $300,000 and under.
"This price range is affordable to first-home buyers as well as the older generation that are looking to downsize," she said.
"The investors are looking around this price range as well, as it gives them a fantastic return and an added bonus to their portfolios as the market is at its lowest."
She said buyers could snap up a range of homes in this price range, from lowset brick and post-war homes, to highset chamferboard and brick dwellings and units.
- $289,000: 24 Greenham St, Raceview - 974sq m block, three bedrooms, two bathroom, modern kitchen, dining, family and rumpus, ducted air-conditioning and shed.
- $259,000: 2 Wren Crt, Bundamba - three bedrooms, one bathroom, two-car accommodation, lounge dining and original kitchen, bullnose verandas and air-conditioning.
- $299,000: 17 Jupiter St, Wulkuraka - four bedrooms, two bathrooms, two-car accommodation, lounge, family, rumpus and air-conditioning.
She said it wasn't hard to find 800-900sq m block sizes for less than $300,000.
"The larger blocks are mostly found in the older suburbs where back in the day 800 and 900sq m blocks were the normal house block.
"These can still be found in some parts of Raceview like Greenham St, Booval, North Booval, Silkstone, Blackstone, Bundamba and Churchill."
REIQ Ipswich chairman Darren Boettcher said: "For $350,000 or less investors can get a brand new home with rent from $360-$380 a week."