Ipswich is expected to see stronger returns than Sydney with a median price that’s about half the southern capital.Source:Supplied
NINE Queensland cities are tipped to return more bang for buck than star performers Sydney and Melbourne — and they’re about 50 per cent cheaper too.
Latest analysis by market research firm Propertyology found 39 growth locations where median house prices were less than $400,000 but whose returns were expected to beat the southern capitals.
Propertyology managing director Simon Pressley said the list included nine in Queensland, four in Tasmania, five in South Australia, eight in Victoria, nine in New South Wales, three in Western Australia and one in the Northern Territory.
“I am not a betting man however, each of these 39 locations have a superior three-year outlook to Sydney and Melbourne,” he said.
The Queensland suburbs were expected to come out strong.
“All things being equal over the next three years, both Sydney and Melbourne might be flat out producing 10 per cent cumulative price growth whereas Propertyology believes that each of the nine Queensland locations have potential to exceed that”.
Ipswich and Logan in the greater Brisbane region were on the list of top growth areas where the median house price was less than $400,000, as were Rockhampton, Bundaberg, Hervey Bay, Mackay, Townsville, Toowoomba and Cairns.
The locations were assessed based on affordability, economic diversity, essential infrastructure, lifestyle, increased demand for housing and expected improvement in economic conditions.
Mr Pressley said for less than $400,000, there could be good returns for the taking.
“Some homeowners, particularly in the big cities, think nothing of spending $400,000 on a renovation or $800,000 to $1 million to buy a single property. However, for the same amount, you can buy two or more affordable properties in locations with considerable upside growth potential and rental returns that generate positive or near-positive cash flow.”
He called for investors to not underestimate the lifestyle and infrastructure potential outside big cities.
“Affordable property is available in every state and territory so there is no need to buy property in locations that are past the peak of the latest cycle and will burden you with significant out of pocket expenses. Interstate migration figures are already showing a shift away from Sydney to affordable lifestyle locations, many of which are now accessible by a one-hour direct flight. The rise of rentvesting is also testament to the growing demand for affordable property.”
GROWTH PICKS FOR NEXT 3 YEARS:
(Suburb/Median house price):
Albany WA $380,000
Logan QLD $400,000
Albury NSW $330,000
Mackay QLD $330,000
Ararat VIC $192,000
Mount Gambier SA $255,000
Armidale NSW $360,000
Narrabri NSW $290,000
Ballarat VIC $328,000
Onkaparinga SA $360,000
Bendigo VIC $327,500
Orange NSW $367,500
Bunbury WA $330,500
Parkes NSW $241,000
Bundaberg QLD $296,000
Port Augusta SA $192,500
Burnie TAS $224,500
Port Lincoln SA $300,000
Cairns QLD $400,000
Rockhampton QLD $270,000
Corangamite VIC $227,000
Shepparton VIC $260,000
Devonport TAS $250,000
Sorell TAS $313,500
Dubbo NSW $360,000
South Gippsland VIC $285,000
Gawler SA $335,000
Tamworth NSW $335,000
Geraldton WA $315,000
Toowoomba QLD $375,000
Glenorchy TAS $320,000
Townsville QLD $340,000
Griffith NSW $308,000
Wagga Wagga NSW $350,000
Hervey Bay QLD $320,000
Warrnambool VIC $325,500
Ipswich QLD $341,000
Wodonga VIC $330,000
Katherine NT $322,500
Originally published: www.news.com.au
Seven figure sales show Ipswich is a property gold mine
MANY Ipswich residents may not realise they are sitting on a property gold mine, with two homes snatching seven figures in the past few months.
A home in Waghorn St in Woodend sold in November for $1.09 million, while just up the road a home in Burnett St sold for $1.11 million this month.
June Frank from Walkers Real Estate believes it is further proof that Ipswich is becoming a destination for home buyers looking for value in their investment.
“The replacement value alone along with the huge block means that they represented great value for money,” Ms Frank, who handled both sales, said.
“If you’d have bought that house in Waghorn St and done all the work that the owners had done over the last 20 years in a short time you’d be looking at a sale price of $1.8 million to get your money back.
“I’m finding families from Brisbane all the time at open homes. You go to the northside of Brisbane and for $700,000 you’re lucky to get a two or three-bedroom home, but here you can buy a palace for $500,000 on a big block.”
Local agent and Real Estate Institute of Queensland representative Darren Boettcher believes the fact Ipswich now has million dollar homes it will drive the prices up from the bottom, not the top down.
“A few years ago you could pick up a property for under $100,000,” Mr Boettcher said.
“Then it crept up to $150,000 and I think 18 months from now you won’t get anything in Ipswich for under $250,000 the way things are going. While the average price in Ipswich is now $320,000, it really is a seller’s market.”
“Things are moving up in Ipswich. When I got into this business in 1991, there were two sales people and we had 135 listings. Today we have 135 buyers and one listing, that’s how things are now. There just aren’t enough houses for sale in Ipswich. The population growth and infrastructure has changed things. Eastern Heights for example has gone up 30 per cent in five years.”
Parts of Ipswich CBD closed to make way for demolition
PARTS of the Ipswich CBD will be closed to traffic during the day time for the next three months from this week.
Police will block off one lane of Bremer St between Olga St and Ellenborough St and Mansfield Place between East St and Bremer St as heavy equipment move in to continue the Ipswich CBD demolition.
The road closures will be now until July 9 between 9am and 2.30pm Monday to Friday and 8am and 5pm on weekends.
The road closures coincide with the latest phase of the Ipswich CBD redevelopment which includes builders removing the former 30-minute car park, former Woolworths supermarket and adjoining tenancies.
Work started this week on the roof, facade, remaining walls and frames of the building.
The wrecking ball and dozers moved into the derelict site mid last year, demolishing what used to be the heart of the city, ready for a fresh new look to begin evolving in 2018.
Ipswich City Properties Chairman Councillor Paul Tully said visitors to the mall would have noticed the crane removing large concrete panels.
While the entry to P3 of the car park will be closed for a short time during this phase of construction, motorists can still enter the car park via P5 and drive up to P3. There will be no reduction in car parking spaces during this time with all parking remaining available on levels 3, 4, 5 and 6.
To enter the car park via P5, turn into Ellenborough St, turn right onto Bremer Street at the Riverheart Parkland entry and then veer right on the slip road to enter P5.
Defence contract the best thing for Ipswich since rail began in 1865: Mayor
Ipswich mayor Andrew Antoniolli inside a Rheinmetall Boxer armoured vehicle. Photo: supplied.
- Plans for the Redbank Military Vehicle Centre of Excellence have already been lodged with Ipswich City Council.
- The initial plan is to build 211 new generation armoured personnel carriers for the Australian Army, but the facilities could cover additional vehicles.
- Rheinmetall at the end of 2017 began talks with Bluescope Steel to be a suppliers of Australian steel for the vehicles which will run off the production line from 2020.
The decision to award a $5 billion contract for 211 high-tech armoured vehicles in Queensland means a new multimillion-dollar Centre of Excellence at Redbank and defence jobs for 40 years.
Ipswich mayor Andrew Antionolli said the decision was the biggest news for Ipswich since Queensland Rail came to town.
Queensland’s first train line was built from Grandchester to Ipswich in 1865, kickstarting the Ipswich railway workshops that employed thousands of people until they closed last decade.
Cr Antoniolli said the Defence contract announced on Wednesday would create more than 330 permanent jobs from the outset, build significant opportunities for local businesses and provide associated work with ongoing delivery and maintenance of the vehicles.
“This is huge for Ipswich, make no mistake,” he said.
Originally Published: www.smh.com.au