The $200,000 reason why you should buy in Ipswich
IPSWICH house and land prices remain some of the most affordable in the nation, despite the city's real estate values growing faster than anywhere else in south-east Queensland.
Land prices across the city averaged a growth rate of 11 per cent over the past 18 months, from $174,950 to $192,750.
This figure is forecast to exceed an average of $200,000 per lot by late 2016.
Data released by real estate agent Oliver Hume suggests the 11% growth in Ipswich is acres ahead of the average 7.5% growth accross the rest of the south-east Queensland region.
Oliver Hume managing director Brinton Keath said affordability, better roads and job opportunities were driving the growth.
"The Federal Government's commitment to Ipswich infrastructure projects, despite budget pressure, is a firm nod to the area's significance and potential for expansion and economic growth," Mr Keath said.
"On average, Ipswich land prices have risen by $18,000 but are still priced low at $192,750, signalling the early stages of a land sales explosion in the region."
Development applications and approvals have also been soaring ahead in Ipswich - thanks mainly to new communities being carved out of the bush in Ripley and Redbank Plains.
There were more than 14,500 approvals in Ipswich in the first three months of this year, compared to only 5800 in Logan and 3700 on the Gold Coast.
In terms of affordability, Ipswich's growth has not put it beyond the reach of first-home buyers, with an median land price for retail lots of $192,750, compared to Brisbane's median of $395,000 - a difference of more than $200,000.