Unit prices across Ipswich may be on the road to recovery
UNIT prices across Ipswich have tumbled since last year according to a report from the Real Estate Institute of Queensland, but may be on the road to recovery.
Across the Ipswich local government area the median unit sale prices dropped 6.1% from $285,000 in March 2012 to $267,500 at the end of March this year.
However, the more recent results paint a very different picture with prices up 6.6% in the March quarter in Ipswich, making up the ground lost through 2012.
But according to the REIQ report unit sale prices in Brookwater have fallen 14.7% in the same quarter. The yearly figures for the suburb were not available.
The jump in most of Ipswich in the first quarter of the year was against the trend statewide that saw steady or lower median prices.
The greater Brisbane and Sunshine Coast median prices remained steady, while the Gold Coast median dropped just 0.3% and Toowoomba dropped 0.8%, making Ipswich the only city in the south-east to see positive median price growth over the March quarter.
Queensland-wide, the March quarter saw some a rise in prices, but most were still below last year's median sales prices year-on-year.
REIQ Ipswich chairman Darren Boettcher said the market for units was still in a strong position for buyers, but getting better for sellers.
"Those figures would be the same in the housing market." Mr Boettcher said there had been a jump in sales and inquiries in the unit and townhouse market in Ipswich this year.
"There's a lot more inquiries in the market at the moment.
"We believe the market has bottomed out and is starting to come back.
"The people are there now and looking, but price is the last thing to change. The cheaper properties will be taken off the market and the demand will drive prices up."