Property guru says Ipswich is Australia's hottest property
IPSWICH has out-performed the south-east's real estate market over the past 10 years in an "unprecedented" fashion and that upward trend is set to continue well into the future.
That is the view of highly regarded real estate expert Terry Ryder, whose latest column for propertyobserver.com.au states: "There is no other instance where one corner of a metropolitan area so totally dominates the capital growth rankings."
Mr Ryder added that "Ipswich's evolution into a hotspot of national standing will continue well into the future and the area is poised to resume strong growth."
Australian Property Monitors data reveals that Ipswich suburbs hold the top six spots and eight of the top 10 positions for average annual capital growth rates over the past 10 years out of Brisbane's 300 residential suburbs.
Top spot is Ipswich central with 13.7% annual growth. Then follows Booval, Goodna, Silkstone, Riverview and North Ipswich. Tivoli and Leichhardt also make the top 10. All those suburbs recorded over 12% growth.
The top 20 also includes Eastern Heights, Churchill and Redbank Plains. All of those suburbs in the top 20 have a median house price under $325,000.
"With those average growth rates you are talking about values doubling every six years," Mr Ryder told the QT.
"Long-term growth is the most important measure in real estate and Ipswich totally dominates the charts for the metropolitan area of Brisbane in a way that no other area in any other city dominates. It really stands out."
Mr Ryder said the indications were "that it will continue because Ipswich has the wonderful combination of affordability, lots of jobs and good transport links."
"Ipswich, like most of the Brisbane metropolitan area, has had a pause in growth and it has gone backwards a little bit in the last two years. That is part of a national trend but has been exacerbated by the floods at the start of last year.
"But Ipswich is now starting to recover and moving forward it has all the facts that I look for in terms of a future hot spot.
"I did a research exercise recently that showed that throughout Brisbane the strongest combination for capital growth is affordability and train links.
"Many of those suburbs of Ipswich have that key factor of affordability ... and commuter rail links to the CBD. Ipswich also has lots of major job nodes going for it which is going to continue happening."
The recent $2.8 billion upgrade of Ipswich Motorway and the under-construction Darra to Springfield rail line combined with more planned commercial and residential expansion at Springfield, the Ripley Valley development, opening up of industrial estates and the Ipswich Hospital and RAAF base expansion, are all contributing to Ipswich's attractiveness.
Calibre Real Estate principal Ben Walker said Mr Ryder was spot on with his views.
"The more the infrastructure is upgraded, the closer Brisbane seems," Mr Walker said.
"You can buy a house in the best suburb in Ipswich for less than $400,000 but 20 minutes down the road at Red Hill you'd be paying $1 million for it.
"The investors have really stepped back into the market in Ipswich, which is really driving the market along.
"Our auction clearance rate in the last three months is near on 100% and 90% of them have sold prior to the day. That is a really good sign."
Councillor Paul Tully said that the western corridor was set to experience another increase because of the infrastructure that is in place and planned for the future.
"Springfield has got another 20 years before it is going to be fully developed plus you will have Ripley Valley," he said.
"I agree with Terry. All the likelihood is that the boom will continue."