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‘Doom and gloom days’ of Ipswich property behind us: Agent

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IPSWICH real estate agents will use the Christmas period to prepare for what is expected to be a good 2018 for the region’s property market.

With about one week to go before the holiday season shuts down the sector, data from the Real Estate Institute of Queensland has revealed a positive year of growth in 2017.

The institute’s quarterly market monitor found the Ipswich house market demonstrated consistent growth over the past year, adding 3.1% to the median price, reaching $335,000.

In the quarter, 5161 homes were on the market at an average list time of 40 days.

Ipswich’s median house price for the quarter rose 0.7% to $337,250, with 592 sold.

Real Estate Institute of Queensland Ipswich representative Darren Boettcher said the market was showing positive signs.

“The days of doom and gloom in Ipswich area over,” he said.

“There will be steady growth in the Ipswich market, I predict at about 3% a year for the next three to five years.”

Mr Boettcher said the market was suffering a stock shortage.

“All year has been fantastic – there are not enough houses for sale,” he said.

With Brisbane’s median property price at $660,000, Mr Boettcher said Ipswich was undervalued.

He expected the price would correct within three years.

He said there was an oversupply in Ipswich’s rental market, with timber post-war homes becoming increasingly competitive with newly constructed homes.

The institute noted Ipswich was part of southeast Queensland’s growth corridor, along with Logan, and was an active market for first home buyers.

Queensland has the highest proportion of first home buyers across the nation, with these new property seekers making up about 20% of the buying population, according to ABS lending data.

The strong performance of the southeast corner’s coastal markets helped drive Queensland’s growth over the past year, with more than 58,000 houses sold and an annual median price growth of 2.4 per cent.

The unit market in Ipswich is more volatile.

The market has grown 5.8% over the past 12 months to an annual median of $329,000, however, suffered a quarterly loss of 20.3%.

The REIQ statistics

 In the past year, Ipswich’s median property price increased 3.1% to $335,000

– For the last quarter the median price rose 0.7%

– Ipswich has the lowest annual median price in the Greater Brisbane area

– The sale of 1674 vacant blocks for the year had a median price of $190,000, a 1.5% fall on the previous year

– First home buyers make up about 20% of Queensland’s purchasing population – the highest in the nation.

– The gross rental yields for homes was steady at 4.8% while unit yields were down more than 2%.

Originally Published: www.sunshinecoastdaily.com.au

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Opinion

‘Doom and gloom days’ of Ipswich property behind us: Agent

Published

on

ipswich opinion

IPSWICH real estate agents will use the Christmas period to prepare for what is expected to be a good 2018 for the region’s property market.

With about one week to go before the holiday season shuts down the sector, data from the Real Estate Institute of Queensland has revealed a positive year of growth in 2017.

The institute’s quarterly market monitor found the Ipswich house market demonstrated consistent growth over the past year, adding 3.1% to the median price, reaching $335,000.

In the quarter, 5161 homes were on the market at an average list time of 40 days.

Ipswich’s median house price for the quarter rose 0.7% to $337,250, with 592 sold.

Real Estate Institute of Queensland Ipswich representative Darren Boettcher said the market was showing positive signs.

“The days of doom and gloom in Ipswich area over,” he said.

“There will be steady growth in the Ipswich market, I predict at about 3% a year for the next three to five years.”

Mr Boettcher said the market was suffering a stock shortage.

“All year has been fantastic – there are not enough houses for sale,” he said.

With Brisbane’s median property price at $660,000, Mr Boettcher said Ipswich was undervalued.

He expected the price would correct within three years.

He said there was an oversupply in Ipswich’s rental market, with timber post-war homes becoming increasingly competitive with newly constructed homes.

The institute noted Ipswich was part of southeast Queensland’s growth corridor, along with Logan, and was an active market for first home buyers.

Queensland has the highest proportion of first home buyers across the nation, with these new property seekers making up about 20% of the buying population, according to ABS lending data.

The strong performance of the southeast corner’s coastal markets helped drive Queensland’s growth over the past year, with more than 58,000 houses sold and an annual median price growth of 2.4 percent.

The unit market in Ipswich is more volatile.

The market has grown 5.8% over the past 12 months to an annual median of $329,000, however, suffered a quarterly loss of 20.3%.

The REIQ statistics

 In the past year, Ipswich’s median property price increased 3.1% to $335,000

– For the last quarter, the median price rose 0.7%

– Ipswich has the lowest annual median price in the Greater Brisbane area

– The sale of 1674 vacant blocks for the year had a median price of $190,000, a 1.5% fall from the previous year

– First home buyers make up about 20% of Queensland’s purchasing population – the highest in the nation.

– The gross rental yields for homes was steady at 4.8% while unit yields were down more than 2%.

Originally Published: www.qt.com.au

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Opinion

QLD set for double-digit property growth

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ipswich investor, opinion

SOUTHEAST Queensland house prices are tipped to grow by up to 20 per cent in the next few years as Sydney and Melbourne’s once sizzling property markets continue to lose steam, according to veteran real estate agent John McGrath.

Speaking after the release of the group’s annual residential market report, Mr McGrath told The Courier-Mail the state was only just over halfway through the current property cycle and stood to benefit from the slowdown starting to grip the southern capitals.

“We’re very bullish in your part of the world,” Mr McGrath said.

“There’s no doubt in my mind there will continue to be growth in southeast Queensland.”

John McGrath of McGrath Estate Agents has released the annual McGrath Report.

John McGrath of McGrath Estate Agents has released the annual McGrath Report.

Property research firm CoreLogic, which releases its monthly home value index this week, has flagged a further fall in Sydney housing values, but a rise of 0.3 per cent in Brisbane home prices.

Mr McGrath said he expected between 10 and 20 per cent growth over the next two to three years in the Queensland’s southeast corner, led by Brisbane.

“There have been huge capital gains in Sydney and Melbourne and not only has it made it unaffordable … it’s certainly made people look for better value elsewhere in the country,” he said.

“I think southeast Queensland and Perth represent that value.”

Brisbane house prices are tipped for further growth according to McGrath. Picture: Richard Walker.

Brisbane house prices are tipped for further growth according to McGrath. Picture: Richard Walker.

The McGrath report found southeast Queensland’s affordability was attracting record levels of interstate migration as well as rising interest from investors and first home buyers, with its housing market continuing to produce solid results despite the economy remaining sluggish as it transitions away from mining.

“During the GFC, a lot of people thought it was sensible to wait, but now we’ve got a lot of people sitting in ordinary homes in Sydney and Melbourne worth $2 million to $2.5 million – many in their 60s and 70s – who are saying ‘what could we do next?’ and looking to southeast Queensland,” Mr McGrath said.

And he said it wasn’t just Baby Boomers and seachangers who were selling up and buying in Queensland with money to spare, but also young families.

Mr McGrath predicts suburbs with easy access to the CBD, the water and/or infrastructure to be the big winners over the next year.

Residential property in the bayside suburb of Wynnum, Brisbane.

Residential property in the bayside suburb of Wynnum, Brisbane.

In Brisbane, his top pick is the bayside suburb of Wynnum, 14km from the CBD.

It borders the more prestigious Manly and boasts the same seaside village atmosphere without the hefty price tag, which is attracting younger professionals as well as interstate and international buyers.

North Lakes in the Moreton Bay region is also expected to continue to experience strong growth, with significant residential and commercial developments in the pipeline.

An aerial photo of North Lakes, 25km from Brisbane’s CBD. Picture: Richard Walker.

An aerial photo of North Lakes, 25km from Brisbane’s CBD. Picture: Richard Walker.

“I think it’s going to continue to attract a lot of young families that can’t afford inner Brisbane,” Mr McGrath said.

On the Gold Coast, Coomera is tipped to benefit from new infrastructure including the $470 million Westfield Shopping Centre due to open in late 2018.

“There are a lot of great areas in between Brisbane and the Gold Coast and Coomera is a great example,” Mr McGrath said.

“I think it will continue to grow.”

An artist impression of the Westfield Coomera Town Centre. Supplied by Westfield.

An artist impression of the Westfield Coomera Town Centre. Supplied by Westfield.

On the Sunshine Coast, McGrath’s top picks are Peregian Springs and Caloundra.

The regional centre of Toowoomba is also tipped for strong growth over the next year thanks to its affordability and access to east coast cities via the new airport, according to the report.

Originally Published: brisbaneinvestor.com.au

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Opinion

This is why Queensland is first-home buyer’s dream

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opinion, queensland, ipswich

For Sale Melb 100127 AFR pic by Erin Jonasson. Property generic hold for files. Melbourne Property prices are on the rise, all of Australia s cities property prices are becoming less affordable. First home buyer, loan, mortgage, residential DIGICAM FOR SALE

Queensland first-home buyer loan approvals have soared by nearly 20 percent in the last 12 months, jumping 5 percent in the last month alone, new data shows.

The Sunshine State boasts the highest number of first-home buyers in Australia, thanks to low-interest rates, a $20,000 state government grant and one of the country’s most affordable housing markets.

The latest data from Australian Bureau of Statistics shows Queensland first-home buyer activity has increased by 16 percent during 2017 – and it’s likely to intensify, with developers ramping up the incentives for first-time buyers as the last few months of the $20,000 First Home Owners’ Grant close in.

The grant, which was scheduled to drop back to $15,000 on June 30, was extended until December 31 by the Queensland government.

Domain Group senior economist Andrew Wilson said the grant had been extremely successful in bringing forward demand stimulating the first-home buyer market.

“We had a rush of first-home buyers in June when people thought the grant was going to end but since then the numbers have continued to keep growing,” he said.

While Sydney continues to battle a housing affordability crisis, Queensland first-home buyers have 92 suburbs in Greater Brisbane alone with a median below the average purchasing power ($392,000) to choose from.

In the Brisbane LGA, 17 suburbs still have medians of $500,000 or less, the latest Domain Group data shows, whereas Sydney now has no suburbs with a median of $500,000 or less.

Acacia Ridge, Boondall, Tingalpa, Deagon and Riverhills all have a median house price of $500,000 or less.

With the $20,000 grant scheduled to drop back to $15,000 at the end of the year, developers are now making a renewed push to get first-time buyers to take advantage of the extra cash before it expires.

One of Australia’s biggest residential land developers, Peet Limited, is leading the push, recently releasing 40 new house and land packages under $400,000, with some packages starting as low as $295,000 with the First Home Owners’ Grant.

The packages are available in communities near Ipswich, Caboolture and Logan – some of south-east Queensland’s biggest growth corridors – and include front landscaping and fencing.

Peet Limited CEO and managing director Brendan Gore said the company wanted to show homebuyers that there was still a big choice in quality, affordable homes available.

“People are hearing a lot about escalating property prices and are really worried about being priced out of the market.

“We want to reassure them that it isn’t too late. It is still very possible to buy an attractive family home, close to amenities, in an area with good investment potential, for under the magic $400,000.”

Mr Gore said although the grant had been extended a number of times, home sales tended to peak whenever buyers could see the grant coming to a close.

“The First Home Owners’ Grant is a big help for people who are struggling to get into the property,” he said. “The deadline is definitely on the radar for those buyers who are eligible.”

Peet’s 40 under $400,000 packages will be available until November 3, 2017, or until sold out.

Originally Published: brisbaneinvestor.com.au

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