Floods take toll on house prices in most city areas
MEDIAN housing prices across Ipswich have dropped on quarterly, yearly and five-yearly basis according to the Real Estate Institute of Queensland (REIQ).
According to the REIQ's June quarter median house price report prices have dropped in almost all Ipswich suburbs.
The drops are in stark contrast with much of south-east Queensland with the REIQ reporting a jump in median prices in the Brisbane, Moreton Bay and Redlands local government areas.
Almost all Ipswich suburbs were down from the March to June quarters, from last year to this year and from 2007 to 2013.
The heavily flood-affected suburbs of Goodna, Leichhardt and Ipswich suffered the greatest median price drops over a five-yearly basis. Goodna saw a 16.7% median price drop; Ipswich saw a 17.9% drop and Leichhardt fell 17.7%.
Ipswich REIQ chairman Darren Boettcher said the local market had been performing well, but had slowed down after a strong couple of months at the beginning of the year.
He said the effects of the floods were still being felt across Ipswich.
"It's not a surprise to see the figures where they are in comparison. The next move in the market is up though. I feel the market has bottomed out," he said.
Mr Boettcher said there were a lot of buyers looking for houses, but many were holding out to buy quality properties.
"There are plenty of buyers out there, but they are just waiting for what they want to come onto the market," he said.
- Ipswich LGA March to June: - 4.7%; 2012-2013: - 2.7%; 2007-2013: - 5.0%
- Brassall March to June: - 0.8%; 2012-2013: - 0.7%; 2007-2013: - 11.6%
- Goodna March to June: 5.7%; 2012-2013: - 4.2%; 2007-2013: - 16.7%
- Newtown March to June: - 3.3%; 2012-2013: 6.6%; 2007-2013: 9.4%
- Springfield March to June: - 1.8%; 2012-2013: - 3.4%; 2007-2013: - 1.1%
- Yamanto March to June: 18.6%; 2012-2013: - 0.7%; 2007-2013: 3.0%