Opportunities for savvy homebuyers
THERE are bargains galore on the Ipswich property market for savvy investors according to independent property advisors Herron Todd White.
Herron Todd White's senior valuer Brett McGrath said the down trending market in Ipswich made 2011 the perfect time to buy.
“The property market has been a contentious topic over the past six months due to a disastrous start to the year and the uncertainty of the global economy,” Mr McGrath said.
“And, whilst it is easy to understand the concern, on the flip side, this could be the best opportunity in many years to buy property.
“The current limited activity in the market is resulting in downward pressure on prices and this is clearly evident in the lower sector of the market for properties under $300,000.
“The local property market began to retract in late 2010, with sales volumes now lower than in 2001, before the boom.”
Homes in suburbs such as Churchill are being advertised for under $200,000.
“The result is that properties in Ipswich are selling for under $200,000, which no one expected to see again,” Mr McGrath said.
“When sale prices are as low as they currently are, and coupled with a strong rental market, investing in property now would be a smart option.
Prospective buyers can bid for a number of cheap properties at Ray White's enormous auction at Brookwater this weekend.
There will be 67 properties going under the hammer with houses from Yamanto, Bundamba, Goodna, Redbank Plains and Springfield up for grabs.
Ray White Ipswich estate agent Trent Quinn said there was no time like the present to purchase a house.
The auction starts at 10am at Brookwater Golf Club tomorrow.
While house prices have been slashed, rental properties are scarce forcing rent hikes across Ipswich.
“A positive for this sector of the market is that rental vacancies are currently around a low 2%, whilst rents have increased on average by approximately 10% since the floods,” Mr McGrath said.
“In a market where prices are correcting and rents are increasing, strong returns can be expected.
“With prices at a five-year low in some cases, there are opportunities for all buyers.”