Life comes back to Ipswich property market
LIFE is returning to the Ipswich property market as the city's median house prices increased by 1.7% during the March quarter.
Five out of the 21 suburbs listed in REIQ's half-yearly report posted positive results in the three months to March.
Eastern Heights recorded the largest quarterly change of 20.5%, while the median price tag in eight suburbs experienced a decline.
The biggest drops were seen at Yamanto and Augustine Heights which fell by 15.4% to 287,500 and 9.7% to $420,000 respectively.
But experts warn investors to look beyond the first year's return when buying in the region.
Real Estate Institute of Queensland zone chair Darren Boettcher said the market had recovered from the Global Financial Crisis and stabilised.
"Price growth is expected but it is long term," Mr Boettcher said. We should see a flat market over the next 12 months, then continuous stable growth over the next three years.
"Don't expect it to be the price surge of 2004 to 2007, but the market is showing positive signs."
Mr Boettcher said the region had "always been about affordability" and this was "a major factor in investment and affordable living".
"Ipswich's median price is approximately $150,000 cheaper than Brisbane's median price.
"Investors can achieve great returns, including some positive geared properties. First-home owners get more bang for their buck. The market is strengthening and improvement is imminent."