Ipswich land prices have recorded 11 per cent growth over the past 18 months [from $174,950 to $192,750] with this figure set to exceed an average of $200,000 per lot by late 2016, according to Oliver Hume's Q12016 South East Queensland Residential Market Update.
Oliver Hume's South East Queensland joint managing director Brinton Keath said a number of elements had sparked to drive growth in the region.
“Ipswich offers affordability, strong road linkages, $200 million of planned and ongoing infrastructure and as a byproduct, ongoing job opportunities due to this increased activity in the region,” Mr Keath said.
In early May 2016 the Coalition confirmed $200 million would be allocated first to a three-kilometre road widening of the Ipswich Motorway slashing travel times to and from the city, plus a new bridge and service road also part of the wider plan.
“The Federal Government’s commitment to Ipswich infrastructure projects, despite budget pressure, is a firm nod to the area’s significance and potential for expansion and economic growth,” Mr Keath said, mentioning that it's good news for homeowners and buyers alike.
“It means people can afford a bigger block of land with lots of space in an active and growing region, where sale prices haven’t caught up with their real value, and current owners know they’ve purchased in a growth corridor.
Median land price (retail lots)[/caption]“Ipswich has recorded a vacancy rate of 2.4 per cent – which is one of the lowest in Queensland – indicating the market is affordable and offers some of the best value for money,” he said.
Mr Keath said quality, market-leading community inclusions in new estates such as water parks and expanded, upgraded retail shopping precincts and new train stations and line extensions have added to a clear and dynamic price shift through the corridor.
"Ipswich is where the available land supply is and based on our research come 2017 will be the leading Local Government Area in terms of new land sales volumes for the next 10 – 15 years.
“On average, Ipswich land prices have risen by $18,000 but are still priced low at $192,750, signalling the early stages of a land sales explosion in the region.
“Our data projections suggest we can certainly expect land prices to exceed $200,000 average in the second half of 2016,” he said.
Providence at South Ripley has scored close to 580 sales, with more than 120 families already moved into the community and a Splash n Play water park which is now open.