House prices in Ipswich are skyrocketing and its growth outstripping every other region in Queensland, including Brisbane, the Gold and Sunshine coasts.
The Domain regional house price report shows Ipswich house prices increased by 6.3 per cent during the March quarter –a massive result compared to the rest of the state, where most house prices fell.
Out of 14 regions in Queensland, only four others recorded positive growth during the March quarter: Cairns (0.7 per cent), the Gold Coast (1.1 per cent), Redlands (1.0 per cent) and the Sunshine Coast (2.7 per cent). Brisbane’s house price fell by 3.2 per cent to a median of $635,925.
Ipswich also recorded the strongest growth in Queensland over the past 12 months, with house prices increasing a whopping 11 per cent.
The only other regions that came remotely close to Ipswich’s result were the Gold Coast (8.2 per cent rise in 12 months) and the Sunshine Coast (7.5 per cent rise in 12 months). Brisbane’s house price grew by 3.1 per cent during that time.
Local Ipswich agents reported last year that affordable house prices were driving a recovery in Ipswich as first-home buyers and investors took advantage of a market that struggled since the 2011 floods.
Gillian Dargusch of First National Karalee Prestige says buyers from Brisbane are continuing to turn to Ipswich, often seeking out character properties that would otherwise be out of their reach in the capital city.
“Brisbane people are looking for better value and they can see it here,” Ms Dargusch says.
Young couple Ashley and Priscilla Payne saw the value in Ipswich after they sold their house at Stafford Heights in Brisbane earlier this year. They wanted a forever home and couldn’t justify paying Brisbane prices, Mr Payne says.
“We’d bought our Stafford Heights home five years earlier so we’d done well but of course everything else had also moved up,” he says.
“My wife grew up in Wavell Heights and it was hard convincing her to leave there – but it was a no-brainer once we looked past the stigma of Ipswich and talked to some locals.
“We’d considered Logan and Redlands but Ipswich had so much appeal with its character homes and, more importantly, so much potential, now and in the future.”
The couple settled on an adorable Queenslander house at French Street, Booval, for just over $300,000 and are looking forward to starting work on their forever home, with “big plans” in mind.
Luke Buckel of Ray White Bundamba says it’s not just the house prices bringing buyers to Ipswich from Brisbane.
“There’s those who won’t ever move out here because of perceptions but those who come out here find everything’s here; the airport is 40 minutes away, there’s wonderful amenities, beautiful housing and excellent schools,” he says.
“Gorgeous old homes you can bag here like 8 Thorn Street, Ipswich, for $569,000, or move them closer to Paddington and you’ll be paying more like $1.5 million. That’s difficult to ignore.”
Originally Published: https://www.domain.com.au