Investors out-bid first-home buyers in booming market
IPSWICH'S housing market is putting more cash into sellers' pockets as cashed-up investors swoop on the region's established stock and first-home buyers converge on new developments.
This is Ipswich Real Estate Institute of Queensland Zone chair Darren Boettcher's assessment of the local government area's market in light of the recent release of the June quarter sales data.
The REIQ statistics show 632 Ipswich houses and 82 units changed hands in the three months to June 30.
The region's median sale price for houses dropped 0.3% to $320,000 while the median for units was significantly lower on $238,000.
The unit median sale price was down 11.9% on the previous quarter.
Springfield Lakes had the highest April to June median house price of $427,000.
Nearby Springfield was not far behind with a median of $410,358.
Camira was also quite strong with that suburb sitting on $380,000.
Redbank Plains had the highest property turn-over, with 74 houses sold.
Springfield Lakes had 65 house sales and one unit sale.
Brassall had the third highest number of sales with 36 houses and nine units changing hands during the reporting period.
Mr Boettcher said sellers were the big winners as real estate agents struggled to meet the region's high demand for properties.
"Houses are really pumping along at the moment," he said.
"From a seller's point of view it's very, very good - they hold all the cards at the moment.
"It's really difficult to get enough houses to sell - I wouldn't say it's a list and sell situation but it's pretty close.
"Twenty-five years ago when I was cutting my teeth in real estate, we had 120 listings and one buyer.
"Now it feels like we've got 120 buyers and one listing."
Mr Boettcher said cashed-up investors were "aggressively" chasing high-rent-yield established houses, leaving first-home owners looking to new developments for their purchases.
"The established stock is very competitive between the investor and the first-home buyers and normally the investor wins," he said.
"The investors have a little more clout, a bigger deposit and more experience.
"The investors are picking up properties with 6% to 7% yield and that's why they are very aggressive against the first-home owners.
"The growth areas of Springfield Lakes, Brassall, Ripley, Redbank Plains and Deebing Heights - the first-home owners are going to these places." - ARM NEWSDESK