Ipswich property market forecast and trends
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Interested in Ipswich property market forecast and price trends?
Ipswich, 40 kilometres west of Brisbane’s CBD, is one of the fastest growing areas in Queensland, drawing homebuyers and investors alike with its mix of affordable property, liveability and relaxed lifestyle. It is just 35 minutes by car to Brisbane’s CBD, with easy access to both the Sunshine Coast and Gold Coast.
It’s no wonder the local city council has earmarked billions of dollars of funding for major infrastructure projects, specifically transport. The sharp uptick in population growth in the area is also driving demand for housing, with Ipswich house price trends the main beneficiary.
Let’s start by looking at the forecast for the Ipswich property market over the short to medium term.
Ipswich property market: Forecast and market outlook
According to our latest Brisbane property market forecast values are still at record highs - though dwelling prices stalled -2.5 per cent in the August quarter for a median house price of $864,149. This is still +18.1 per cent higher than values a year ago, though most analysts are predicting a cooling in prices over the remainder of the year and into 2023.
Real estate analysis website Property Update is still bullish on the long-term outlook for Brisbane's housing markets, and states that the, ‘strong demographic trend fuelled by interstate migration and a large infrastructure budget,’ will make it resilient to the broader downturn.
Despite the current interest rate driven housing downturn, not every suburb or postcode is in trouble - far from it! Here it is worth pointing out that there is also no single city or state-wide property market, but each suburb or postcode has its own unique drivers - and Ipswich market is no exception.
Ipswich is a case in point, where values are up 23 per cent in the past 12 months - with a range of key drivers behind the surge in housing values. Affordability continues to be a big drawcard, with median house prices ($450k) close to half that of many suburbs closer to Brisbane’s CBD.
Let’s now look at some standout growth suburbs to watch in Ipswich, with all data sourced from realestate.com.au. Unit data has been omitted where there is not enough sales volume.
Ipswich property market: Top 5 growth suburbs
1. South Ripley, Ipswich - Greater Region, 4306
According to Ipswich City Council, greenfield suburb South Ripley was one of the fastest growing suburbs in the first quarter of 2020, based on population growth and the 53 new dwellings built there. It is part of the Ecco Ripley urban development area, which is in south-east Queensland’s now-booming western growth corridor - with growth here driven by new employment opportunities and major investment in infrastructure projects. This has driven prices up +40.8 per cent over the last year, for a median house price of $680,000. Invest in a house here and you can expect weekly rent of $440 and an annual rental yield of 4.2 per cent.
- Median house price: $680,000 (+40.8 per cent/12 months)
- Median unit price: N/A
2. East Ipswich, Ipswich - Greater Region, 4305
East Ipswich is an inner-city suburb with frontage onto the Bremer River, with residents on Homely valuing it for its ‘great community feel, beautiful old Queenslander homes, and an emerging cafe/restaurant culture’. With a median house price of $420,000, values have shot up +27.5 per cent over the past year - with a respectable annual rental yield of 4.8 per cent. If you are after a unit here, the median price is just $265,000, and they have grown +22.5 per cent over the past year. Expect weekly rent of $300, and a very healthy annual rental yield of 6.4 per cent.
- Median house price: $420,000 (+27.5 per cent/12 months)
- Median unit price: $265,000 (+22.5 per cent/12 months)
3. Redbank Plains, Ipswich - Greater Region, 4301
Redbank Plains, just east of the centre of Ipswich has also recorded stellar growth over the past 12 months - with houses advancing +33.8 per cent over this timeframe. The suburb started seeing strong population growth during the pandemic, when the local council listed the suburb as one of Ipswich’s top growth spots in 2020. They recorded, ‘156 new residents and 68 new dwellings,’ in the suburb over the first quarter of that year. Units have however underperformed over the past year, where the current median price of $310,000 is -3.1 per cent weaker over the last year.
- Median house price: $475,000 (+33.8 per cent/12 months)
- Median unit price: $310,000 (-3.1 per cent/12 months)
4. Wulkuraka, Ipswich - Greater Region, 4305
Wulkuraka is a suburb to the west of the Ipswich CBD, on the fringe of the town. The first positive for this suburb is that it is right on the doorstep of the RAAF Amberley air base, which is expanding. This could make an investment property in Wulkuraka a smart buy. The next is the relative affordability of property in the suburb, with a median house price of just $460,000. This is the likely driver that has seen house prices grow +32 per cent over the last year alone, with an annual rental yield of +4.9 per cent. Demand for units in the area is also strong, driving prices up +20.7 per cent over the last year, for a median price of $332,500. You can expect a monthly rental yield of 5.0 per cent here for an apartment.
- Median house price: $460,000 (+32.0 per cent/12 months)
- Median unit price: $332,500 (+20.7 per cent/12 months)
5. Collingwood Park, Ipswich - Greater Region, 4301
Another Ipswich suburb recording strong population growth is Collingwood Park, just north of Redbank Plains. Here median house prices are $490,000, and have recorded steady growth of +22.8 per cent over the past year. Houses in the area rent out for $400 per week, and you can expect an annual rental yield of 4.5 per cent. Units have a very affordable median price of $387,500 and have grown an exceptional +94.2 per cent over the past 12 months! You can expect $330 per week rent here, with a very healthy rental yield of 5.1 per cent.
- Median house price: $490,000 (+22.8 per cent/12 months)
- Median unit price: $387,500 (+94.2 per cent/12 months)
Ipswich property market: Demographics, infrastructure and the future
A key region in south-east Queensland’s western growth corridor, Ipswich City Council projects the area’s long term population is going to grow by some 325,000 residents by 2041.
To account for this they are investing significantly in, ‘transport and social infrastructure to keep Ipswich liveable’. This includes a $3.4 billion Ipswich to Toowoomba rail line, a $900 million Ipswich to Springfield passenger rail link, and a $1.7 billion faster rail line from Brisbane to Ipswich Central, which will reduce travel time by 66 per cent.
There are plans for the expansion of the RAAF base at Amberley, which is likely to boost demand for housing in the immediate area. The presence of the TAFE Queensland South West campus and University of Southern Queensland campus, means students are another potential source of tenants, if you are considering an investment property here.
All these factors mean that demand for property in Ipswich will remain high for the foreseeable future, and an ideal area to invest in a house or unit.
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