Ipswich property market on the up
AFTER one of the toughest years on record for Ipswich real estate, the market may finally be turning the corner.
A number of Ipswich realtors told The Queensland Times October had been their best month of the year, after a dismal first 10 months.
The agents said the outlook for the market was strong, with Tuesday's cut in interest rates likely to continue the trend.
Real Way Property Consultants Yamanto principal Karen Bagenal said she believed the market was in recovery thanks to an influx of first homebuyers entering the market.
"I think a lot of them have been saving up for the past few months and now they all seem to have the 5% deposit," she said.
"Even our open houses are having a lot more interest.
"I think we're going to have a good Christmas and new year.
"And next year will be even better. Things can't be any worse than this year."
Real Estate Institute of Queensland Ipswich chairman and PRD Nationwide principal Peter Mendoza agreed the outlook was brighter.
"This year has been the worst I've seen it in 21 years," he said.
"But October was the best month we've had since March 2010.
"Some people I've talked to said October wasn't great but they had a good September.
"It's just not consistent yet. It's getting better, but it's not back to where it was two years ago."
The Ipswich property market has been struggling throughout 2011, with potential buyers being scared off by economic uncertainty and the January floods.
The first half of the year saw total sales slump to levels not seen since the 1990s, but the average sale price has remained well above the $300,000 mark.
Anne Webber Group sales manager Lyn Armit said October had been a turnaround month.
"We've been noticing quite a lot of buyers in the last month," she said.
"We had a good month in October, a much better month than we've had all year."
Ms Bagenal said people weren't as paranoid about flooding as they had been earlier in the year.
"We don't hear about it nearly as much any more.
"People normally ask if a property was flooded and as soon as they know it wasn't they're fine.
Both Mr Mendoza and Ms Bagenal said they expected the 0.25% drop in interest rates by the Reserve Bank to continue to help the market.
"It's a start," Mr Mendoza said.
"It's not a biggie, but another drop, which some economists are predicting, could make a real difference."