THIS affordable property market is tipped for a resurgence of interest driven by a huge new employment driver.
THE Ipswich property market is tipped to take off following the awarding of a massive defence contract to the region. The $5 billion contract for 211 hi-tech armoured vehicles announced earlier this year, is tipped to create defence jobs for the region for about 40 years. Other state government commitments to spending on infrastructure and roads in the area would also help create a construction boom. With a reasonably low median house price in the area it is a more affordable option for many buyers, particularly when compared to Brisbane’s median house price of a much higher $530,000.
Redbank Plains – Town Centre Source: Powe Architects http://www.powearchitects.com/portfolio/redbank-plains-shopping-centre/
“This is likely a result of its geographic distance from central Brisbane and the coastline, where most of the housing demand is centred. “The Ipswich LGA 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. For investors the area has a high median rental return of 5.2 per cent for houses and 5.8 per cent for units.
Photo Source: https://bellbirdparkssc.eq.edu.au/Pages/default.aspx
Changes in the area will translate into a growth in median house prices in the medium to long term. Property analyst Michael Matusik’s latest Matusik Missive said Ipswich was going through a period of intense urbanisation. He said there were a number of things the property market in the region had going for it. “Most of Ipswich’s housing types are in the recovery phase of the property cycle. All should peak sometime over the next twelve to 18 months,’’ he said. He said sales volumes had more than doubled in the last five years and he tipped it to grow by another 20 per cent before the next peak. The Missive said at present both new and resale housing supply were struggling to keep up with sales.
Author: Michelle Hele MAY 6, 2018 8:30AM, for News.com Source: http://www.news.com.au/finance/real-estate/this-property-market-is-tipped-to-take-off/news-story/9070d9966321eccaa6bd0af4ef170244