Where to buy in Ipswich
- Thread starter BrisTown
- Start date
i bought in ipswich 9 months ago as an investment. nearly finished renovation. im in brassall. class as 1-3 top suburbs in ipsiwch,depending on what you read. this area has also had a good amount of local press also.
I thought that woodend, coalfalls area was undervalued 5 months ago. then it came out in an investment mag and now the prices are holding firm a bit more.
I think this area is good as its a nice character housing area, close to schools and close to the city and riverlink. it not the cheapest though....
I thought that woodend, coalfalls area was undervalued 5 months ago. then it came out in an investment mag and now the prices are holding firm a bit more.
I think this area is good as its a nice character housing area, close to schools and close to the city and riverlink. it not the cheapest though....
same thing happened to me, bought a house in 91 for $60,000, spent approx $10,000 on improvements and sold it for $69,000 in 1997. But.....today it is worth about $270,000. Bad timing, and lack of knowledge on my part.
I sold that one and built a new house on acreage for $100,000 total for house and land in 97, still here and now worth about $400,000, so I got over the initial loss
I sold that one and built a new house on acreage for $100,000 total for house and land in 97, still here and now worth about $400,000, so I got over the initial loss
I am bullish on investment property. But only where you have scarcity value and income levels to support it. I primarily buy within 5k of Brisbane CBD save the odd development I have done up to 7km's out. Land scarcity along with desirability is what I believe drives long term values
1. I don't beleive that it is a prime area (compared to say 5k from brisbane CBD) and for a lot of people they moved there because that is what they could afford not because they wanted to. I think a lot of these type of areas and regional areas are overpriced. In recent years they have almost reached parity with the capital city and beachfront locations. They do not have the attractions/income/infrastructure to justify this.
2. It has had massive gains with the differential between Brisbane and Ipswich almost disappearing in some cases. People who have held for a while could sell at a great discount to today's prices and still be miles infront.
3. Most of the new developments are being built are cr*p. I know some of the tradies that are building this stuff and some definitely have sold their souls (as in they are building poor quality stuff quick to meet builder's requirements but the money is good and they just try not to admit what their building.
4. Most of the work is still in brisbane (especially higher income stuff).
5. Land supply- it is pretty much endless out there it can just keep spreading.
6. Infrastructure:- The train is horribly overcrowded and the highway is a mess. The new shopping centres on the other side of the river are nice now but so was the mall and centre of town when they first built it, now it's half empty and extremely run down in there.
7. Lower socioeconomic area: It's average incomes are still very low and when you compare to mortgage costs would give Sydney's westies a run for their money.
8. History. Ipswich has always had a very cyclical property market. People who have been there are while are used to their property prices not growing or diving. More likely than that if they have seen it before they will sell because they know that the buy in price is also lower and it might be a bad time to sell but it also might be 5-10 years before it is a good time to sell.
9. Most of all reputation. Ipswich still has a reputation and it's bad. It gets mentioned in the same breath as Woodrige, Logan and Inala. It is still seen by brisbanites as a high crime area, with no entertainment value that is full of guys and girls with hotted up cars hanging out on the edge of the road. It is also a place that you might live only if you can't afford to buy in Brisbane. I think even with all the spit and polish plus some real employment and infrastructure growth it will still be this way for at least a generation.
And generally if the doom and gloomers are right and those struggling with mortgages are going to go down then these sort of regional areas are going to be the first to cop a hiding and much more so than the capital city.
1. I don't beleive that it is a prime area (compared to say 5k from brisbane CBD) and for a lot of people they moved there because that is what they could afford not because they wanted to. I think a lot of these type of areas and regional areas are overpriced. In recent years they have almost reached parity with the capital city and beachfront locations. They do not have the attractions/income/infrastructure to justify this.
2. It has had massive gains with the differential between Brisbane and Ipswich almost disappearing in some cases. People who have held for a while could sell at a great discount to today's prices and still be miles infront.
3. Most of the new developments are being built are cr*p. I know some of the tradies that are building this stuff and some definitely have sold their souls (as in they are building poor quality stuff quick to meet builder's requirements but the money is good and they just try not to admit what their building.
4. Most of the work is still in brisbane (especially higher income stuff).
5. Land supply- it is pretty much endless out there it can just keep spreading.
6. Infrastructure:- The train is horribly overcrowded and the highway is a mess. The new shopping centres on the other side of the river are nice now but so was the mall and centre of town when they first built it, now it's half empty and extremely run down in there.
7. Lower socioeconomic area: It's average incomes are still very low and when you compare to mortgage costs would give Sydney's westies a run for their money.
8. History. Ipswich has always had a very cyclical property market. People who have been there are while are used to their property prices not growing or diving. More likely than that if they have seen it before they will sell because they know that the buy in price is also lower and it might be a bad time to sell but it also might be 5-10 years before it is a good time to sell.
9. Most of all reputation. Ipswich still has a reputation and it's bad. It gets mentioned in the same breath as Woodrige, Logan and Inala. It is still seen by brisbanites as a high crime area, with no entertainment value that is full of guys and girls with hotted up cars hanging out on the edge of the road. It is also a place that you might live only if you can't afford to buy in Brisbane. I think even with all the spit and polish plus some real employment and infrastructure growth it will still be this way for at least a generation.
And generally if the doom and gloomers are right and those struggling with mortgages are going to go down then these sort of regional areas are going to be the first to cop a hiding and much more so than the capital city.
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RPI - that is the most sensible explanation of the Ipswich property market and socio demographic I have ever seen. All those property analyst firms should sub-contract you for a dose of 'real world' advice. Well done Hopefully people considering the area will at least heed your thoughts before rushing in. Cheers.
Hopefully people considering the area will at least heed your thoughts before rushing in. Cheers.
Inala has a reputation from long ago. But people and places change. There has been a huge migrant uptake from the southern states and there are huge new homes in Inala. My parents bought in Inala at 75K now their home is worth over 300K if they place on the market, they are getting $250/week rent which isn't too bad. My brother bought in Inala a near new brick home at $250K and his home would be worth over $300K which is strong capital gains in a couple of years. Both homes will easily fetch $350K - one for land value and the other being relatively newish looking and have great features as I've seen run down houses in Inala going for over $300K
It might've had a poor reputation, but it has multiple shopping sites, Links major road networks, has infrastructure such as police, hospital, alot of GPs, pharmacys, Harvey Norman, Good Guys, Aldi, Office Works, close to trains (but not too close), bus services, ambulance and fire stations, large public library, schools and high schools, tafe, restaurants, asian grocers, woolworths, coles, etc. There isn't a reason for you to go near the Brisbane CBD at all. Multiples of types of business - and businesses tend to land where the money is - that says alot about a small suburb with a poor reputation doesn't it? Oh and its like 17Km out of Brisbane, but with good links to highways to whichever way you want to travel to in Brisbane, it makes it very appealing.
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RPI is spot on with his summary.
But another point is that Ipswich, being inland, is HOT in summer, and colder than Brisbane in winter. Just check the daily temperatures, Ipswich is usually at least 4-5 degrees hotter in summer, and has minimums several degrees lower in winter.
Historically people moved to Ipswich for lower cost housing plus the train access to Brisbane. Prices have risen which has minimised that advantage, and the transport situation is truly a horror story - the train service is dreadfully overcrowded and the Ipswich Motorway is a nightmare, and set to get worse as the decision has been taken to widen the existing road. This will take a couple of years, by which time the traffic will have increased and any advantage lost.
And with major subdivisions planned for the Ripley valley then things are set to get worse.
IMHO the only real solution for Ipswich is a true ring road system, whereby traffic from Toowoomba and western Queensland turns off before Ipswich and is routed to either the north or south coast roads, instead of all traffic being funnelled through Ipswich and Brisbane.
Marg
But another point is that Ipswich, being inland, is HOT in summer, and colder than Brisbane in winter. Just check the daily temperatures, Ipswich is usually at least 4-5 degrees hotter in summer, and has minimums several degrees lower in winter.
Historically people moved to Ipswich for lower cost housing plus the train access to Brisbane. Prices have risen which has minimised that advantage, and the transport situation is truly a horror story - the train service is dreadfully overcrowded and the Ipswich Motorway is a nightmare, and set to get worse as the decision has been taken to widen the existing road. This will take a couple of years, by which time the traffic will have increased and any advantage lost.
And with major subdivisions planned for the Ripley valley then things are set to get worse.
IMHO the only real solution for Ipswich is a true ring road system, whereby traffic from Toowoomba and western Queensland turns off before Ipswich and is routed to either the north or south coast roads, instead of all traffic being funnelled through Ipswich and Brisbane.
Marg
I agree completely with RPI and Marg. The transport problem alone is HUGE and will not get much better for years - and as Marg said, by the time the 'solution' is completed, the road will be over capacity anyway. Trains from Ipswich to Brisbane are over-crowded and that problem is unlikely to be solved any time soon. And heaven only knows what the situation will be like once the development further west of Ipswich is up and running. IMHO, there are much better areas in which to invest.
Cheers
LynnH
Cheers
LynnH
I wouldn't say Inala's reputation has improved in anyway. I personally wouldn't go anywhere near it at night. It is still full of housing commission area etc. A mate of mine does maintenance on lots of these places. Inala shopping plaza is also the best place in brisbane to score heroin. The local high school is a complete warzone. So an area might grow in price with migrants and interstaters but the locals still wouldn't touch it with a barge pole (as far as living there goes).
I am not saying that you can't make money in these places, people do. But if demand in general drops (especially due to a decrease in migration interstate or international) than these places that have a bad rep with the locals will be the first to take a hit.
I am not saying that you can't make money in these places, people do. But if demand in general drops (especially due to a decrease in migration interstate or international) than these places that have a bad rep with the locals will be the first to take a hit.
Where to buy
Ipswich is the sister city of Brisbane and with time and infrastructure planned and underway, Ipswich CBD has finally been given the green light by the Queensland government to be redeveloped, What does this mean? Infrastructure lures people, people lure buisness, buisness lures money and money lures people and so on.
In my opion, buy as close to the CBD as you can. Suburbs such as Woodend are good value for there locality next to CBD and private schools etc. This growth will not happen over night but swimming up stream pays off for the samon. The Queensland Government is renound for never acting with forseight into future infrastructure untill the need is already upon them.
This is the case with the western corridor that has surprisingly surged in population at escallating proportions that have left the government no choice but to dramatically improve infrastructure and transport networks for a burgening city that offers Brisbane relief from land restraints and industry expansion. Satelite cities such as Springfield in Ipswich and the development of the Ripley valley will of course have the government set on diverting this population growth toward the Ipswich CBD as opposed to adding further pressure on an already struggling Brisbane infrastructure.
Ipswich is the sister city of Brisbane and with time and infrastructure planned and underway, Ipswich CBD has finally been given the green light by the Queensland government to be redeveloped, What does this mean? Infrastructure lures people, people lure buisness, buisness lures money and money lures people and so on.
In my opion, buy as close to the CBD as you can. Suburbs such as Woodend are good value for there locality next to CBD and private schools etc. This growth will not happen over night but swimming up stream pays off for the samon. The Queensland Government is renound for never acting with forseight into future infrastructure untill the need is already upon them.
This is the case with the western corridor that has surprisingly surged in population at escallating proportions that have left the government no choice but to dramatically improve infrastructure and transport networks for a burgening city that offers Brisbane relief from land restraints and industry expansion. Satelite cities such as Springfield in Ipswich and the development of the Ripley valley will of course have the government set on diverting this population growth toward the Ipswich CBD as opposed to adding further pressure on an already struggling Brisbane infrastructure.
FWIW - we are relatively new to property investing & have owned an IP in Raceview since August 07. Our place has shown nice steady growth since then - nothing spectacular but nice & steady, has had one lot of stable tenants who have been no problem at all & is looking like being a nice set & forget property (hopefully).
I think areas & peoples perceptions change over time - 'time' being the key.
I know there was as area of half a dozen or so streets near my PPOR which you wouldn't enter after dark, either on foot or in a car, which has over the last 10 yrs become a nice little pocket of family homes. It took time - undesirables move out, families move in because that is where they can afford & the area starts to change.
I believe with what is planned for the area, including the huge Ripley Valley development and Springfield continuing to grow, that Ipswich is still a viable place to invest in.
Cheers
Stella
I think areas & peoples perceptions change over time - 'time' being the key.
I know there was as area of half a dozen or so streets near my PPOR which you wouldn't enter after dark, either on foot or in a car, which has over the last 10 yrs become a nice little pocket of family homes. It took time - undesirables move out, families move in because that is where they can afford & the area starts to change.
I believe with what is planned for the area, including the huge Ripley Valley development and Springfield continuing to grow, that Ipswich is still a viable place to invest in.
Cheers
Stella
News article confirming details of Ipswich CBD redevelopment.
http://www.investbrisbane.com.au/\news-and-events\news-article.aspx?id=212
http://www.investbrisbane.com.au/\news-and-events\news-article.aspx?id=212
