Why Ipswich is the top selling growth corridor
IPSWICH has regained its crown as the top selling growth corridor in south east Queensland according to the latest figures.
The latest Quarterly Market Insights report released by property services group Oliver Hume shows the south east Queensland land market was on the up before the outbreak of COVID-19.
Prices and sales volumes in the first quarter of 2020 were tracking above long-term averages and the market had begun to show signs of recovery to the end of March.
This comes after a challenging first half of 2019.
The data is compiled by analysing sales across more than 150 projects across the Ipswich, Brisbane, Gold Coast, Logan, Moreton Bay and Redland local government areas.
More than 1500 lots were sold over the March quarter, which was a 24 per cent increase on the same period last year and a 10 per cent increase on the long-run average.
Prices began to rise with the median prices rising by 0.9 per cent over the quarter while, annually, median price increased by 3.4 per cent.
The research also showed Ipswich has retaken its position as the market share leader after Logan led the market for the past two quarters.
Oliver Hume national head of research George Bougias said the south east Queensland land market was looking good before coronavirus restrictions came in.
"Looking forward, the land market will depend on the borders re-opening and a recovery in key sectors including tourism," he said.
"As with Melbourne and Victoria, the Brisbane and the broader SEQ markets have good long-term fundamentals.
"These include affordability, liveability, a large and growing population and good economic prospects driven by a diverse range of industries.
"While there are still many uncertainties around the national and global economies, the Queensland land market is well placed to recover and resume its trajectory once movement and consumer spending return to normal."
Ipswich and Logan continue to take the largest market share with a combined 49 per cent of all sales.
Oliver Hume Queensland general manager Matt Barr said buyers are looking for where they can get more "bang for their buck".
"Ipswich and Logan will continue to dominate the market for the foreseeable future until we see more affordable offerings in those other local government areas," he said.
Developers Okeland are building 7000 houses for 20,000 people in the Providence estate in South Ripley.
Providence sales manager Jamie Martin said land sales had experienced a lift in buyer activity since the State Government relaxed COVID-19 restrictions.
"Buyers are purchasing vacant land lots featuring established amenities such as large areas of open green spaces, parklands, walking and cycle pathways and wanting key essential amenities close by such as education, transport and retail," he said.
"Many buyers are choosing new homes with additional floor space to accommodate extra bedrooms and bathrooms and upgrades to the home office and entertaining areas."
Tyronne Fletcher and Krystal Goodman purchased a block of land at Providence to build their first home.
The couple compared prices at estates in the Ripley Valley, Springfield and Redbank Plains.
"We had a lot of requirements," Mr Fletcher said.
"We needed a home that was part of a good community, had enough space to grow with us as a family and had the potential for some good capital growth.
"The whole of Ripley is moving ahead so quickly and Providence is a major part of that.
"For us, it was just as much about what is coming in the future as what is here now."