Our land price is right
IPSWICH'S popularity with new home buyers is contributing to a rise in the value of land.
Research from property services group Oliver Hume shows the average value of land in Ipswich grew nearly 10% over the 12 months to the end of September.
Oliver Hume Queensland general manager Matt Barr said Ipswich was a south east Queensland hotspot.
"Ipswich's median land price continues to be the lowest in south east Queensland at $208,550, compared to a median land price of $366,625 in Brisbane and $333,688 on the Gold Coast,” Mr Barr said.
"Though a minimal growth in median prices was experienced over the year, median value rates say otherwise with an annual growth of 9 per cent.”
The prevalence of smaller blocks in new developments like those popping up around Ripley and Redbank Plains is also having an effect.
The demand for smaller lots has increased, with the most popular selling lots ranging from 301 to 400 square metres.
While the median price of land in Ipswich grew 3% to $208,550 for the year, the average size of blocks continues to shrink, driving up the per square metre rate for land to $482.
"Smaller, 300-400 square metre lots have grown in popularity by 35%, as Ipswich is projected to be the fastest growing region by 2041,” Mr Barr said.
Providence South Ripley, which has now sold and settled more than 1,200 blocks of land, expects to bring a number of new releases to market over the coming months to meet demand.
Project director Michael Khan said Providence has been able to maintain a strong flow of land sales over 2018.
"Ipswich, particularly the Ripley Valley growth corridor, is increasingly being seen by a greater number of people as a place to call home, and at Providence we are receiving buyer inquiries as quickly as we can release new land opportunities,” Mr Khan said.