New study shows Ipswich railway suburbs are booming
IPSWICH's bounty of affordable housing close to train stations has made it the south-east's top performer for real estate price growth, a new study has revealed.
National property analyst and former Ipswich resident Terry Ryder, the founder of hotspotting.com.au, has investigated the link between train stations and property price growth across the greater Brisbane area.
The study analysed 240 suburbs and, using average property price growth rates over the last 10 years, Mr Ryder discovered that suburbs with train stations had 9.97% per annum growth, compared to 9.25% one suburb removed from a train station and 9.08% in suburbs without train services.
Out of Brisbane's top 300 suburbs, eight of the top 10 suburbs for average annual growth over the past decade were in Ipswich.
Of those eight, Ipswich Central, Booval, Goodna and Riverview all have dedicated railway stations while Leichhardt, Silkstone and North Ipswich are within close proximity to stations.
"That is why Ipswich dominates the Brisbane metropolitan area's top 10 for long term capital growth rates," Mr Ryder told the QT.
"Most of the Ipswich suburbs are affordable and they have some sort of access to the commuter trains to Brisbane. It is a powerful combination.
"The train line from central Ipswich through to central Brisbane is the spine, with suburbs north and south of it. A lot of people can live in those affordable suburbs and catch the train, which is something I used to do when I lived at Bundamba and worked in Brisbane."
All of those above mentioned suburbs had over 12 % per annum growth over the past 10 years and all of them have a median price range under $325,000.
Switch Realty's Bronwyn Handley said proximity to rail stations was an attraction for buyers.
"It has always been the case, particularly with investors because they are the sort of things that tenants look for as well," she said.
"With the price of fuel going the way it is, more and more people are choosing to use public transport and that is going to make suburbs close to train lines quite desirable.
"Prices have also come down which makes it more affordable for people.
"There are a lot more people around now purchasing.
"It is start picking up and people are getting a bit more confidence."
PRD Ipswich's Peter Mendoza said: "We get a lot of first home buyers from Brisbane and they want to be near the rail because they commute to Brisbane each day."
He said that applied "everywhere from the CBD to East Ipswich, Booval, Bundamba, Ebbw Vale, Dinmore, Riverview and Redbank.
"Booval, East Ipswich, Newtown and parts of Eastern Heights are the most popular ones, where there are more affordable homes," he said.
TOP RAIL SUBURBS
Annual growth over the past decade:
Ipswich Central +13.7%