Budget highlights affordability of Ipswich property market
IPSWICH property has become even more attractive for buyers, after this week's Federal budget announcements.
A new scheme designed to help first-home buyers save for a deposit was heralded as a game changer by the Federal Government as it attempts to deflate the housing bubble squeezing Australians out of the property market.
But a real estate agent says Ipswich's booming market will be largely unaffected by the budget because prices are affordable, which is driving the latest boom.
Ipswich Real Estate Institute of Queensland chairman Darren Boettcher said the scheme was designed to help people living in Sydney and Melbourne where stock was limited.
"In Sydney and Melbourne the market is overheating because the demand is high and the stock is low," Mr Boettcher said.
"Here in Ipswich, agents are crying out for more property but the market is still buoyant and there are still homes coming onto the market to meet demand.
"The biggest different is price.
"What we pay for houses here in Ipswich is what they need for a deposit in Melbourne or Sydney."
Buyers can expect to pay about $320,000 for a house in Ipswich compared to $643,000 in Brisbane and more than $1 million in Sydney.
That price difference is attracting buyers from Brisbane and investors from across the country.
The latest data from the REIQ shows continued growing demand for property in Ipswich as the population throughout the whole southeast corner expands.
The vacancy rate, a tool used to measure the number of homes available to rent, has tightened in Ipswich to 2% in the March quarter, down from 2.4% in the previous quarter.
If the vacancy rate drops below 2% for more than six months, that generally indicates there will be a housing shortage.
But in the Ipswich region that's offset by the number of new homes being released on to the market every week with more major residential developments in the pipeline.