Ipswich been investing since 2003

[sean1967]

Just curious to see what others who have invested in Ipswich think about their purchases and how their properties are going.

10 years ago when we started investing it Ipswich I remember thinking it will be a different place in 10 years time.

Now the ten years have passed there definately has been a lot of improvements.

I would have hoped it would have improved a bit more but def happy with the way the City is growing.

 

[RPI]

Hi Sean

Welcome

Don't invest in Ipswich personally but have many clients who do. Was chatting to an agent out there this morning who was saying the activity still hasn't really picked up yet like Brisbane has. Bit of lower end stuff going into people's SMSF but otherwise he is not impressed.

 

[alplant]

Hi Sean,

We have been in Ipswich since 1998 and are generally happy with the way our two rental properties have performed. The rents we receive have always been well short of what we would have got in Brisbane for comparable properties but then so were the purchase prices of the houses at the time we bought in, so from our point of view the return is reasonable given the original outlay.

The only downside is that because of all those cheap houses there now seems to be a bit of a glut of rental houses available and that keeps the rents low. It's been about three years or so since we have had a rent increase, the market just won't support it. I think a lot of people jumped on the bandwagon of investing in Ipswich when property prices started their upward spiral, maybe even with a view to a quick resale, but then the prices fell again and now a lot of those houses are wallowing on the rental lists.

House prices are still quite a ways lower than they were at the top of the spiral, two big floods didn't help. The house we are now living in at Ipswich has probably lost $100,000 in value since 2009 when we bought it and we weren't even flooded, but it was close, came into our backyard. In fairness though we probably paid a bit too much for it anyway, but then we probably also got a bit too much for the one we were 'trading in'. It's all swings and roundabouts isn't it?

 

[Ricky Tarr]

I have a place in Ipswich - cashflow positive, fully tenanted. I got a great bargain and have been happy with it ever since!

 

[sean1967]

The Bomb House West ipswich has really put a damper on Ipswich.

Its zoned Industrial and in flood affected area and the owner owns 20 properties in Ipswich.

One particular agent manages a few in the street and put it this way the tenants arent always the best.



Some agents continually put in tenants that oviously shouldnt be renting and it brings down the area they live in

Example a couple have a property in a quiet, lovely street. A local agent put in two lots of tenants from hell one after the other and they ruined the once quiet street.

The second lot of tenants from hell were kicked out and they are worried as its now again advertised for rental.

I think there are too many houses and agents are putting in anyone and there are some dodgey landlords who couldnt care less.

So Ipswich has improved but its still being held back from really improving.

The trendy Cafes opening in the main Street have been good. Riverlink Cinemas are being built.

Sean

 

[cu@thetop]

The Bomb House West ipswich has really put a damper on Ipswich.

Its in an industrial area and the owner owns 20 properties in Ipswich.

One particular agent manages a few in the street and put it this way the tenants arent always the best.



Some agents continually put in tenants that oviously shouldnt be renting and it brings down the area they live in

Example a couple have a property in a quiet, lovely street. A local agent put in two lots of tenants from hell one after the other and they ruined the once quiet street.

The second lot of tenants from hell were kicked out and they are worried as its now again advertised for rental.

I think there are too many houses and agents are putting in anyone and there are some dodgey landlords who couldnt care less.

So Ipswich has improved but its still being held back from really improving.

The trendy Cafes opening in the main Street have been good. Riverlink Cinemas are being built.

Sean

I suppose the agent may be trying to "bust" the block. Put in one lot of undesirables and the rest of the street eventually move out. Hunter S Thomson wrote about it once.

What was the street number in Clay street that the bomb house was in?

 

[sean1967]

Bomb house is No 1 Clay Street. Believe guy owns more than Number 1.

New Bunnings being built opposite but dont know when

A few months ago explosives found on the fence surrounding the block of land.

Believe there are currently two in Clay Street up for rental same agent

 

[sean1967]

Another guy was arrested on Thursday connected to the Bomb House.

He app swapped prescription drugs for some of the bomb making material.

He then called the police to say he found the material near his home.

Police soon arrested him for swapping drugs for the explosive material.

Surprise Surprise the same agent manages the bomb house and this guys house

Who would ever want to rent there now!

 

[TMNT]

sorry to hijack,

how would you guys value this property

properties in the area have been selling for about $160-$180k unrenovated,

one has come up in similar condition, but bigger land, however was flooded in the 2011 floods and not 74 (wekll thats what the flood maps show) most of the houses in teh area are highset, however unfortuantely, this is low set on a slab

what sort of a value do you put on a property that is in the 2011 flood zone but not 74

Land value is $95kish

 

[Angel]

what sort of a value do you put on a property that is in the 2011 flood zone but not 74

NONE. You will just be asking for vacancies, bad tenants, no insurance cover etc etc.

 

[TMNT]

NONE. You will just be asking for vacancies, bad tenants, no insurance cover etc etc.

really? why vacancies?


insurance which is fair enough

 

[Angel]

Sorry, I sometimes forget that I wouldn't rent a house on a flood plain but of course other consumers aren't all like me. Would it limit your standard of resident? ie asking for hassles?

Are you linking to a property?

 

[mikezen]

Now the ten years have passed there definately has been a lot of improvements.

Just curious Have the properties doubled in value by any chance?