Menu
Property

'Doom and gloom days' of Ipswich property behind us: Agent

Darren Boettcher is the new REIQ chairman for the Ipswich region.
Photo: Rob Williams / The Queensland Times
Darren Boettcher is the new REIQ chairman for the Ipswich region. Photo: Rob Williams / The Queensland Times Rob Williams

IPSWICH real estate agents will use the Christmas period to prepare for what is expected to be a good 2018 for the region's property market.

With about one week to go before the holiday season shuts down the sector, data from the Real Estate Institute of Queensland has revealed a positive year of growth in 2017.

The institute's quarterly market monitor found the Ipswich house market demonstrated consistent growth over the past year, adding 3.1% to the median price, reaching $335,000.

In the quarter, 5161 homes were on the market at an average list time of 40 days.

Ipswich's median house price for the quarter rose 0.7% to $337,250, with 592 sold.

Real Estate Institute of Queensland Ipswich representative Darren Boettcher said the market was showing positive signs.

"The days of doom and gloom in Ipswich area over," he said.

"There will be steady growth in the Ipswich market, I predict at about 3% a year for the next three to five years."

Mr Boettcher said the market was suffering a stock shortage.

"All year has been fantastic - there are not enough houses for sale," he said.

With Brisbane's median property price at $660,000, Mr Boettcher said Ipswich was undervalued.

He expected the price would correct within three years.

He said there was an oversupply in Ipswich's rental market, with timber post-war homes becoming increasingly competitive with newly constructed homes.

The institute noted Ipswich was part of southeast Queensland's growth corridor, along with Logan, and was an active market for first home buyers.

Queensland has the highest proportion of first home buyers across the nation, with these new property seekers making up about 20% of the buying population, according to ABS lending data.

The strong performance of the southeast corner's coastal markets helped drive Queensland's growth over the past year, with more than 58,000 houses sold and an annual median price growth of 2.4 per cent.

The unit market in Ipswich is more volatile.

The market has grown 5.8% over the past 12 months to an annual median of $329,000, however, suffered a quarterly loss of 20.3%.

The REIQ statistics

- In the past year, Ipswich's median property price increased 3.1% to $335,000

- For the last quarter the median price rose 0.7%

- Ipswich has the lowest annual median price in the Greater Brisbane area

- The sale of 1674 vacant blocks for the year had a median price of $190,000, a 1.5% fall on the previous year

- First home buyers make up about 20% of Queensland's purchasing population - the highest in the nation.

- The gross rental yields for homes was steady at 4.8% while unit yields were down more than 2%.

Topics:  darren boettcher ipswich property real estate real estate institute of queensland



HOME BIRTH TRAGEDY: Mum arrived at hospital critically ill

INVESTIGATION: Vicki Butler, 41, tragically died in hospital after complications following the birth of her sixth child.

Woman dies after the birth of her sixth child

Council to award contract for $2.8m fit out of new library

TAKING SHAPE: The council plans to award a $2.84 million contract for the new Springfield Central Library. Pictured: Councillors Morrison, Pahlke and Mayor Antoniolli. INSET: Artist impression of the new building.

Tenders for the works were released in December

Sisters bring a pizza the action to Orion Lagoon

TOP THAT: Vicki Martin of Two Sisters Pizza shares one of her fabulous pizzaas with Orion Lagoon lifeguard Bartek Zamorski.

Two Sisters Pizza opened its doors on December 1

Local Partners

How to make $1 million ‘flipping’ houses

Alicia and Tom Hall are professional "flippers". Picture: Supplied

“It can be a bit stressful — it never stops and it’s very consuming."

City housing development could lead to 'landslides'

Phil Collins speaks at the meeting regarding a new housing estate in Prince Henry Heights . Tuesday, 16th Jan, 2018

The development could see traffic increase by 130 per cent

Coast business taking the US by storm

MAKING MOVES: BoxBrownie director has take the company's latest real estate marketing tool to New York City as it continues to make massive inroads into the United States.

Coast company cracks the US real estate market

Cost-effective hacks bring high-class style to your home

Create warmth with vintage-style light bulbs.

These home hacks can make a big difference for a small spend.