Ipswich

[devank]

Hello,
I have seen few people suggesting that Ipswich is going to expand. So I thought I will investigate one of the suburb 'Brassall' and picked a less than 10 year old house (4/2/2).

This is what I found so far...
1. Current owner has been trying to sell the property since Apr 2012. Price dropped from 390K to 379K to 360K now.

2. Max value of recently sold properties = 330K
3. Max value of house on the market = 336K
4. Max advertised rent = $330 per week

5. There were 2382 properties on the market in last 12 months but only 874 were sold
6. Auction clearance rate is only 32% with 11% discount
7. Massive price growth from 2002 to 2008. More than doubled in that 5 year period.
8. Prices are consistently falling since 2008.

It looks like people are running away from Ipswich/Brassall for some reasons. I'm not sure if it is a 'falling knife' or 'market corrections'.

Would you go into Ipswich after seeing above 'picture'?

 

[JennD]

Hello,
I have seen few people suggesting that Ipswich is going to expand. So I thought I will investigate one of the suburb 'Brassall' and picked a less than 10 year old house (4/2/2).

This is what I found so far...
1. Current owner has been trying to sell the property since Apr 2012. Price dropped from 390K to 379K to 360K now.

2. Max value of recently sold properties = 330K
3. Max value of house on the market = 336K
4. Max advertised rent = $330 per week

5. There were 2382 properties on the market in last 12 months but only 874 were sold
6. Auction clearance rate is only 32% with 11% discount
7. Massive price growth from 2002 to 2008. More than doubled in that 5 year period.
8. Prices are consistently falling since 2008.

It looks like people are running away from Ipswich/Brassall for some reasons. I'm not sure if it is a 'falling knife' or 'market corrections'.

Would you go into Ipswich after seeing above 'picture'?

Maybe some of the flooding has something to do with this??? I'd imagine many people are running scared.

Some places are still above flood line though I've been told.

 

[mikezen]

there was a thread a while ago with a similiar question posed.....
i cant remember exactly what was said except that there was alot of land available and/or going to be released in the ipswich area, maybe this willl slow down cg, but i dont know that particular area that well.

i watch alot of ipswich and logan with interest, but with in regards to stock on market, isnt there alot of stock in general on the market in the brissie area? esp over the last 12 months?

if i was going to buy out that way again, i would try keep as close to brissie as possible or head to toowoomba

my 1,5 cents cheers

 

[wallace]

I have an ip in brassall. IMO The 'issue' was the over supply of new houses in the new housing estate in that area. Vals have been an issue since the estate finished. I know of a client that bought one of the houses in the estate as an ip in 2007, and tore up 80k.

There's a lot of big companies spending big $ in ipswich..... While the growth has been slow since 2008, it seems infrastructure keeps improving... Which I guess is a positive.

 

[Nigel Kibel]

What is the point

In areas like Ipswich you have vast tracks of land available so tell me what drives capital growth in that area.

In the current market look at buying property that is around 10km from the Brisbane or better still 5km. As the recovery start expect to see growth in the inner city areas long before you do in areas like Ipswitch

 

[wallace]

What is the point

In areas like Ipswich you have vast tracks of land available so tell me what drives capital growth in that area.

In the current market look at buying property that is around 10km from the Brisbane or better still 5km. As the recovery start expect to see growth in the inner city areas long before you do in areas like Ipswitch

Your absolutely right, Brisbane has struggled for years while regional areas like Gladstone have done much worse in the last three years... ?!
Your comment is a very broad one.


Having said that I am close to settling one one 2km from the cbd right now. But have no issue at spending money in the right regional centre.

 

[matlev]

I've read many posts on similar forums about Ipswich and thought i would add my two cents.

I purchased a three bedroom 1880-90 colonial in the suburb of Raymonds Hill (North Ipswich) mid 2008 for $307k. The property is elevated with views over the workshops rail museum and CBD on 816m2. We have spent minimal money on purely asthetic improvements such as painting the exterior/interior.

Recently i've been looking around for properties with family members who are also seeking a colonial on a decent sized block and we have noticed how hard it is to find something of similar quality under $400k. After doing some research myself on recently sold properties in the area i have found that demand is still strong for character properties priced between $320k - $600k.

Apart from the obvious "less" maintenance and tax incentives, why do so many investors prefer to buy into these estates which keep expanding? If you pay $270k and then 5 years down the track the developer is selling another stage for $270k what makes you think that a purchaser will pay more for yours which has less incentives to purchase?

Wouldnt you be better off purchasing something with character on a large block which is close to cafes, shops, private schools etc etc?

Living in Ipswich i can say with local knowledge that areas such as Raymonds Hill, Denmark Hill, Woodend & Coal Falls should all be looked at if you are considering moving/investing in the area.