New figures show city's unit sales keep going up
IPSWICH is growing up. Literally.
Real estate figures published today reveal an increase in unit sales in Ipswich.
The latest Real Estate Institute of Queensland figures, published in today's Queensland Market Monitor, showed 60 units were sold in Ipswich in the first three months of 2015, an increase of 3% on the previous quarter.
The data also showed a 9% increase in the median sale price in the same period.
Ipswich REIQ zone chairman Darren Boettcher said the unit market was coming alive.
He said units had not been as popular as housing in the past but a younger generation and interstate investors were snapping up units.
The data showed the median unit price in the March quarter was $261,250. This was a 20% increase on the same three months last year.
Mr Boettcher said the June quarter data, to be released later in the year, would reveal even more unit sales.
"(Previously) people would want to buy a house and not a unit, but now there are a lot more units in Ipswich and there is now a lot more out there being approved," he said.
"Ipswich is growing up."
He said units were becoming a popular choice because of an undersupply of houses.
In the first three months of this year, 561 houses were sold in the Ipswich local government area. This was a 7% increase on the previous quarter.
The median house price in Ipswich for the March quarter was $315,500, a slight decrease on the previous three months.
Mr Boettcher said figures showed there was a boom in the March quarter but did not expect this to continue for the rest of 2015.
He expected there would be fewer sales this quarter because the market was tightening and because house purchases were always popular early in the year.
Number of homes sold in March quarter and median price:
- Ipswich total: 561 sold, price: $315,500
- Redbank Plains: 53 sold, price: $308,000
- Springfield Lakes: 44 sold, price: $426,250
- Yamanto: 40 sold, price: $430,000
- Raceview: 38 sold, price: $301,500
- Brassall: 29 sold, price: $309,500
- Collingwood Park: 27 sold, price: $300,000
- Augustine Heights: 17 sold, price: $499,000