QLD Ipswich and surrounds

So we already have a Logan thread, thought I'd start an Ipswich one.
Views on capital growth potential of Ipswich? I see some good yields around but a lot of land as well. I know they're trying to turn Springfield into the next Parramatta but does it seem to anyone else that the planning around Springfield is so well set out to attract people that prices are subdued and will stay the same for a while?

Some suburbs are as close to Brisbane CBD as Logan is with prices lower. Any thoughts on this? I noticed there was some bad flooding but do we think the flooded areas will continue to hold the flood-free areas back?

Better suburbs to invest in vs others? Positives and negatives of Ipswich and surrounding suburbs?

 

I have one property in Ipswich, but I'm not expecting any significant CG for at least a couple of years.

Things do seem to be heating up around Springfield, but it almost acts as if its a different city - and one day probably will be. Population growth stats 10yrs + out are impressive.

Ipswich proper remains in the economic doldrums like SEQ in general, so until that changes significantly, I can't see any major growth spikes.

 

Does Ipswich remain in the same position as Brisbane city or do you reckon in a worse situation economically? Springfield Lakes looks nice but a bit higher than my budget if I do buy and also cant add value to most of springfield lakes properties

 

I don't know about the economics.

I'm particularly interested in Ipswich because of the yield, and family friendly suburb appeal - Redbank Plains, Collingwood Park and Bellbird Park was rated by RP Data in 2014 among the top 100 places for families to live. I also like the Springfield master plan community, but not sure if I can find anything within my budget.

At the moment Logan is still high on the list, but I'm going to stretch that list to get the most out of my trip to Brissie.

 

I bought one in Riverview last year, I was chasing yeild.

I figure it's not a bad buy and hold that doesn't cost me anything to own, will become more cash positive over a shorter time and see better growth than many of my regionals.

 

I would leave Collingwood Park off that list due to subsidence.

 

@HUGH72 were can you get further maps/info on subsidence, fire hazards etc. Ipswich council maps doesn't appear as comprehensive as Logan council.

 

Yeah I've noticed Ipswich council site sucks with that stuff.. it's in PDFs I think..

 

Ipswich council are good to deal with over the phone and I actually prefer their website to BCC. Flood and mining overlay are the biggies.

Have made some recent CG in Raceview, not as much as would have in the city. Like coconutwheels bought for the 6% yield and good tenants.

 

I thought pd online for Ipswich was pretty good. Allows you to look at map layers for floods and mining influence:

 

Just got it working! It's not bad. A bit frustrating it's a tiny box on my computer..

 

i'm also considering Riverview as well mostly because of the yields and the upgraded infrastructure and closely located employment hubs - citiswich. Interested in whether you have had any issues with tenants as a bit of scanning has revealed it can be a bit of a troublespot with crime and stuff.

how long did it take you to find a tenant?

 

I'm lucky I think, have had the same tenant that was in it when I bought.

No problems at all really. Mines an ex commission place, and rougher area. I can deal with that though for a good return in a city area.

I expect at some point when they leave I may have issues, but a good manager, cash buffer, insurance and a mindset to deal with it, makes it no sweat, as was the case in Logan last year with a problem tenant.

 

I bought a property in Bellbird park, and the tenants are good. It took one week to rent. Yield is 6.5. I bought an older brick Tile single story house.
As Heinz said, check for flood , make sure the house is on the higher side of the road, and check insurance. I went there for 1 week for renovations, and it is a very nice neighborhood. Neighbors come to offer help and get introduced. Very near to different shoppings. It will take time for CG though. New estates everywhere.

Thanks
Ramez

 

Sorry about the late reply. Didn't see this come up on alerts.
I think the old Ipswich will stay depressed for a while yet. Most of the growth in the next few years will be around the newer Springfield areas. The Orion centre has just doubled in size (went to the movies there last week), and the new free water park area is open. Bunnings have now come in, and its now getting to the critical mass to accelerate the corporate and commercial investment in the area. I know they are looking to establish a large licensed club, and the resort (still can't get my head around it) is preselling now. Train station opened not long ago. If you look at the aerials, there is a lot of room put aside for development around Orion, but it has taken a long time to get here from the original plans. With more jobs, I think it will really help the residential side boost along, and probably into Ripley and maybe even the older parts of Ipswich.

In the past, the ripple has been Brissy Central, then middle suburbs, then out to Ippy. All of this development in Sprinfield could change this pattern.

 

I don't see Ipswich as depressed - quite a vibrant CBD and a ridiculously popular mayor with a lot of vision in terms of attracting employment etc

 

I agree with Heinz. The mayor also also indicated that it's Ipswich CBD turn for some money. Look up the big riverside CBD development. Ipswich has also made the greatest employment gains

 

Bought in bellbird park. Flood free st due to elevation. The suburb is getting new high school.
Close to springfield/brookwater.
Greater springfield master plan looks impressive.

 

I'm also interested in this. Is insurance quite higher than the average because of the history of flooding?

 

Around $900 / year landlord building and contents package, flood free properties tho'