Ipswich has a “two-speed” property market depending on a house’s location.
Statistics from the Real Estate Institute of Queensland show location has become the driving factor in Ipswich house prices.
Over the March 2016 quarter median house sale prices in Flinders View rose 14.7% to $370,000 and in North Ipswich rose 15.9% to $301,250.
In comparison over the same quarter the median house sale price in Springfield Lakes dropped 3.4% to $412,000 and in Raceview it dropped 5.2% to $303,250.
REIQ Ipswich zone chair Darren Boettcher said location was becoming a more important factor than price in house sales.
“It’s like a two-speed market at the moment,” he said.
“You can list a property in one area and it will stay on the market for months. But one listed in another suburb will be gone in days.”
Mr Boettcher said he believed the dip in Springfield Lakes prices was due to increasing competition from housing developments in Ripley.
According to the REIQ figures the Ipswich-wide median sale price remained relatively steady – increasing by just 0.2% to $321,500 over the March quarter.
Mr Boettcher said the number of out-of-town investors looking to Ipswich had dropped in recent months – but still represented a major part of the market.
“What we were finding about six months ago is that seven out of 10 buyers were investors from interstate,” he said.
“But then banks changed their lending criteria. Now it’s about four out of 10 buyers who are from out of town.”
Mr Boettcher said prices were looking up in Ipswich’s eastern suburbs – but faced competition from new developments attracting first home buyers.
Over the March quarter median house prices increased in Redbank Plains by 3.9% to $324,000 and Goodna prices rose 5.2% to $313,000.
Mr Boettcher said he believed suburbs in Ipswich’s south would perform strongly over the coming months including Ripley and Deebing Heights.