Af­ford­abil­ity drives buy­ers

The Courier-Mail - Home - - NEW FACILITIES - EMILY BLACK

New re­search has re­vealed that it is cheaper to buy a house in Ip­swich than a unit in the greater Bris­bane re­gion.

Risk­wise Prop­erty Re­search CEO Doron Pe­leg said it was no won­der the re­gion was be­com­ing a hot­bed for buy­ers and in­vestors, with Ip­swich and its sur­rounds ex­pected to de­liver solid re­turns thanks to af­ford­able dwelling op­tions and on­go­ing pop­u­la­tion growth.

“The Ip­swich re­gion me­dian house price is $375,705 and the me­dian price for units is $275,092,” Mr Pe­leg said.

“Greater Bris­bane houses is $540,251, while units are $385,835.

Mr Pe­leg said the area’s price growth was slightly be­low av­er­age in com­par­i­son to the greater Bris­bane and Aus­tralian bench­marks over the past five years.

“But this bodes well for those look­ing for af­ford­abil­ity and the area has a house-price-to-in­come ra­tio of 5.2, which is well be­low that of Bris­bane and the rest of Aus­tralia.”

He said the $5 bil­lion De­fence con­tract awarded to Ip­swich would have a pos­i­tive im­pact on house price growth and was ex­pected to cre­ate more than 330 per­ma­nent jobs from the out­set.

“The con­tract is for 211 hi-tech ar­moured ve­hi­cles and will re­sult in a new mul­ti­mil­lion­dol­lar Cen­tre of Ex­cel­lence at Red­bank and De­fence jobs for 40 years,” he said.

The State Gov­ern­ment al­lo­cated $868 mil­lion to­wards in­fra­struc­ture and road projects in July 2017 and this would likely trig­ger a con­struc­tion boom, which Mr Pe­leg said would grow lo­cal em­ploy­ment and hous­ing de­mand.

Agent Ryan Wil­mot of @realty said sub­urbs in­clud­ing Goodna, Bell­bird Park and Camira were among the top per­form­ers.

“I think we’ll see val­ues rise by at least five per cent in the com­ing years,” Mr Wil­mot said. “A lot of re­zon­ing has pro­vided de­vel­op­ers with new op­por­tu­ni­ties for res­i­den­tial devel­op­ment, at­tract­ing plenty of in­ter­est.”

He said in­fra­struc­ture up­grades had al­ready been com­pleted, in­clud­ing re­tail precincts.

“The shop­ping op­tions have im­proved sig­nif­i­cantly in re­cent years, in­clud­ing cen­tres such as Spring­field Cen­tral and Red­bank Plains Town Square,” he said. “Ip­swich Mall is also get­ting re­done in the heart of the city. “As our pop­u­la­tion in­creases (and is ex­pected to con­tinue to grow), there is a lot more work be­ing car­ried out to im­prove health and ed­u­ca­tion fa­cil­i­ties. There’s a new pri­vate hos­pi­tal at Spring­field Cen­tral, while Ip­swich Hos­pi­tal is set to un­dergo a ma­jor up­grade too.”

Rail up­grades are also un­der­way, and the leas­ing pro­gram has opened for Stage 1 of the 25ha Ya­manto Town Cen­tre. Ya­manto Cen­tral will be a 20,000sq m shop­ping, din­ing and life­style precinct.

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