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QLD Inner Ipswich

Discussion in 'Where to Buy' started by Danmicb, 24th Jun, 2016.

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  1. Danmicb

    Danmicb Well-Known Member

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    Ipswich LGA covers such a large area with so many factors influencing speculation around any given suburb, hence I find it hard to get excited about Ipswich numbers as a whole. I'm new to this forum, so apologies for creating a thread if it already exisit, but hoping to get some insight/discussion into inner Ipswich suburbs and good value there. I'm talking about CBD, lower north Ipswich, eastern heights, Newtown and silkstone.

    Any opinions?
     
  2. Mick Butterfield

    Mick Butterfield Well-Known Member

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    I really like a couple of suburbs you mentioned and focused my search on a couple namely Newtown, Eastern Heights and to a slightly lesser degree Silkstone. I like Ipswich in general moving forward and feel the city has a lot going for it and a lot of infrastructure and development ahead.

    Do you own anything there? Have any interest in the region outside of third party opinion?
     
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  3. Danmicb

    Danmicb Well-Known Member

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    Thanks Mick, I agree and think the established inner Ipswich suburbs near the CBD with low vacancy rates, and great access to amenities/public transport intrigue me the most, and would appear more poised to gain in popularity as new jobs, infrastructure and population migration weigh in. There are also good deals to be made, with a number of motivated sellers. So far I've found leverage definitely favouring the buyers when it comes to negotiating.

    Right now I'm currently in the process of buying a character house in lower North Ipswich, and it is my first IP in QLD. I had also almost secured property in both Newtown and silkstone as well, however sellers were not quite as motivated and not as negotiable as I would've liked, with these eastern CBD areas also seemingly gaining a lot of interest quickly. Lower North Ipswich, being walking distance to schools, parks, public transport, and the riverlink shopping centre appears to make it an ideal location for prospective city workers and families alike. There is also definitely a nice community feel and some nice local gems as far as bakeries etc. It also has easy access to the motorway for those that are commuting to Brisbane or elsewhere.

    Property price on the whole, in these inner suburbs, seems to have stagnated for a number of years with a recent pick up in interest and popularity, with decreasing selling times, and a narrowing of vacancy rates. Property cycle wise, there is every chance that the right houses in these areas will provide good CGs alongside the already decent yields.

    Renovated character houses on good sized blocks seem to attract the most attention in this area, and demand a higher rent and good rent growth, so that was what I aimed for.

    What kind of properties are you going for? Do you have criteria for these areas? (I.e walking distance to amenities/public transport?). I'm thinking that for those people choosing Ipswich over Brisbane (to live or work) are going to want what the couldn't afford in Brisbane. You can't go past the popularity of character houses and Queenslanders. And although they are older, if DD done right, they can be hassle free and appear to be a reasonable choice. Or no? Haha what do you reckon?

    Cheers!
     
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  4. Mick Butterfield

    Mick Butterfield Well-Known Member

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    @Danmicb I have gone for a similar property to what you have described. High set, timber weatherboard home on a large block in the inner east (Eastern Heights). No set criteria outside of general proximity to Uni, CBD etc. I feel that we are on the same page with criteria etc.

    Ultimately housing comes down to affordability. When you put $$$ against each other from say Logan to Ipswich I know personally where I would want to live. That is of course just my opinion though haha.
     
  5. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Anyone on the ground in Ipswich of late? Stock does seem to be moving still and tightening somewhat. @Spoony how is your purchase coming along?
     
  6. Spoony

    Spoony Well-Known Member

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    Stock is moving but I don't think very fast. I think what's moving is the true character QLD's more than anything else. There's still a bit of stock that's been hanging around a while too. Though what's on offer right at this point is a little more restrictive, I've put it down to less being put on the market more than anything.

    As for mine I pulled out this week under B&P clause. Wasn't an easy decision but in consult with a family builder friend (and very experience renovator) + a close friend who is a local PM in Ipswich the figures didn't stack up that well for what really was needed to be done. The listing & pics painted a nicer picture than what I was needed. In anycase it's been an awesome learning experience, stressful at times but an experience on can't anyway but first hand :)
     
  7. Mick Butterfield

    Mick Butterfield Well-Known Member

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    No good to hear about your sale falling over mate. Are you still continuing the search at present?
     
  8. Spoony

    Spoony Well-Known Member

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    Yeah these things happen, and we are more educated from the experience. Will continue the search, and possibly tweak my strategy I think.
     
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  9. JZ93

    JZ93 Well-Known Member

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    Was just over there on the weekend, in inner east. Seems as though there's not a great deal of supply about. Can see the cheaper stock drying up pretty soon.

    Enquired about
    12 Orchard Street Eastern Heights Qld 4305 - House for Sale #124948662 - realestate.com.au

    Apparently it's had 22 parties and multiple offers through it over the last couple of days
     
  10. Luca

    Luca Well-Known Member

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    My recommendation is be careful about the black soil, a lot of houses that need re-stumping. Buying site unseen is a bit risky.
     
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  11. Spoony

    Spoony Well-Known Member

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    Very good point, many I've looked at either need it, some seriously warped (ie think walking through some weird room in a carnival) or other have had it done. I figure the longer it's left the worst damage it does to the house. Re-leveling is probably an ongoing consideration for many properties. Some opting to even fit adjustable stumps, get's pretty exy.
     
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  12. Mick Butterfield

    Mick Butterfield Well-Known Member

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    At this price point (in that suburb) I am not surprised by that level of interest. Stock certainly appears to be drying up, hopefully the prices start to move now also.
     
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  13. Mick Butterfield

    Mick Butterfield Well-Known Member

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    Agreed. If considering you would definitely want a builder on your side that you trust.
     
  14. willair

    willair Well-Known Member Premium Member

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  15. brandontp

    brandontp Active Member

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    I picked up a nice clean 900sqm corner block in Newtown, Ipswich April last year with the intention of putting a GF on it. However, due to a few personal reasons didn't proceed with it and only started looking into it again recently. The block is also suitable for a subdivision/build so am carrying out due diligence into that as well at the moment.

    The annoying thing is the property has seen next no NO growth over the last year. RPData's auto valuation report spits out the same figure as it did last year. I wasn't expecting double digit growth ala Syd/Melb or anything but pretty much zilch? Fairly disappointed tbh!

    Here's to hoping I'll manage to manufacture some equity via one of the value-added strategies above but some upward market movement in the near future would be a nice bonus!
     
  16. brandontp

    brandontp Active Member

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    Ok it appears I've made some assumptions in my original reply which I've since assessed and discovered to be incorrect! Going to share them so anyone who comes across my posts do not get the wrong idea:

    1. First of all, Ipswich does not have 8% vacancy rate; this was a miscommunication between the managing agent and I. The 8% is in fact their agency's internal vacancy rate, Ipswich's latest vacancy rate is 2.1% for Mar17

    *Source: SQM Research - Residential Vacancy Rates

    2. I just generated another RPData's auto valuation report just now and surprisingly it shows an almost 20% jump in value compared to a report generated in Jul 16. I did not expect this at all as the last report I generated was back in Dec 16 and it showed minimal growth so essentially the bulk of this growth took place within the first 3-4 months of this year! Very interesting indeed.

    Conclusion: these 2 findings seem to reflect the view shared by the article below

     
  17. larrylarry

    larrylarry Well-Known Member

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    I would have thought a property like 78 tiger street Ipswich will command higher price than the listing price.