QLD Ipswich new CBD

http://www.couriermail.com.au/news/...t/news-story/9b032c53e89bc8384ea677625b240d13

Brisbane's Paramatta
Maybe they should put in a ferry.

 

Another article on the same topic where on doesn't have to pay Murdoch.
Multi-million-dollar Ipswich CBD redevelopment unveiled

I've been looking closer into the Ipswich CBD surburbs for my first IP, this sort of development I'd imagine would certainly be a good thing for CG.

 

I would get really close to it if i was you

 

Some real nice houses and streets in the CBD area. Everything is close. Decent yields possible, low vacancies, and O/O appeal. An established suburb with character charm 30km from Brisbane and more jobs coming to the area. The types of people living here are no longer just the Ipswich stereotype of old. Ipswich was voted the most intelligent city last year. It is a start-up hub with a growing cafe/restaurant culture. Many Queenslanders are being restored and attracting those who can't afford the multi million price tag of Queenslanders in inner brissy, but still have the lifestyle. I don't think this area (inner CBD) and Newtown/eastern heights will be this affordable forever.

 

I see it as riding the same wave as BNE. I don't see it changing relative to BNE.
Agree with your comments about the new lifestyle it affords, but that isn't any greater than the gentrification of Brisbane generally. Look at the huge changes to the inner and middle ring suburbs of BNE as that flows outwards. At the end of the day if someone can afford to live near the BNE CBD rather than the Ipswich CBD, they will take the BNE CBD.
However something like this redevelopment will place a relative premium on houses very close to the Ipswich CBD particularly those with big land. Strolling distance to all of this.

 

Every outer ring suburb wants to be the next big "CBD" from BNE as BNE is over subscribed... I think it's a good thing as it will help with us second tier investors.

 

Hopefully the council and state will continue value the growth occurring and cater for and provide expanding infrastructure for tomorrow's Ipswich.

http://www.couriermail.com.au/news/...s/news-story/2ecb9194836dd100f76af91997f61fa5

 

I went to school there.

It has going to be Brisbane's Para for 30 years.

There is an enormous supply of land in the ICC area.

You can still buy commercial property out there that is below build cost.

They have spent huge sums on the CBD previously, move public servants out there and it was all going to change the place. It never has.

The resi property market swings up and down quite dramatically. I know many who bought in the $300k's during the last upswing and whose values dropped $100k and not sure they are yet back up. (although I don't follow the market there at all so maybe it has returned)

It has very nice old Queenslanders in the more established suburbs.

Supply there is just endless and I just can't see any amount of revamping of the CBD making the market better.

 

As always, Ipswich is a huge postcode and lots of land. Many areas there have just too much new supply to dampen any significant scarcity. I've never been a fan of cookie cutter housing estates. There's also a number of established suburbs close to the original CBB with limited land and space and areas for development, with beautiful O/o character housing and close to all amenities. As you stated you don't follow the market, and I think you'll be surprised at the prices being fetched for the aforementioned properties in established suburbs close to or in the CBD. These areas will benefit as Brisbane continues to force people further afield who want but cannot afford inner CBD qlders but want the lifestyle. There is still good value in the established Ipswich CBD suburbs, low vacancy, and decent yields. Week by week new renovated qlders are popping up bringing in a new type of people to the area. So many people still talk about Ipswich with one swipe of the brush, thinking it's still the same as decades ago and all areas are over supplied with abundant land and bogans roaming around. People would be surprised if they went back to see the changing culture developing and ongoing demand for property in the right areas. Plenty of areas I'd stay well away from too.

 

As a general rule I agree but I know many people who live in the western suburbs of Brisbane who have chosen to send their children to Ipswich Boy's Grammar school. I also know one high income family who moved to Ispwich for this reason because it's one of the best schools in SEQ.

 

My wife and I both want a Queenslander/character home on a large block as our PPOR one day.

There aren't many suburbs left in Brisbane where we'd have change for $1 million.

We both work in the CBD and with express trains now running from Ipswich to Brisbane, we'd both be at work (door to door) in about an hour. That's better than our current commute and we only live 15 kms away.

Parts of Ipswich offer a lifestyle factor that other affordable areas (such as Logan) don't. I expect this is where we'll end up buying eventually.

 

"The Ipswich house market has been the standout performer in the Brisbane outer surrounds, growing 1.4% since last quarter"

Queensland median update

An area worth keeping an eye on

 

Sorry to drag up an old thread but as I own a property in Ipswich with a view to add value would like to rekindle discussion to receive some feedback:

I purchased a nice clean 900sqm corner block in 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.

I just found out from a local PM, however, that the vacancy rate in area is currently hovering around the 8% mark(?!?) and so am reconsidering the GF idea. 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!

So I suppose my question is this: if you are familiar with the area/own properties in/near the area, do you think I should go down the path of adding a GF or a subdivision with a new build?

 

Yes. If a low rent still makes the granny flat worthwhile.
You will rent the place if you make the rent attractive. Get some quotes and run the numbers

 

Thanks for your reply. So you think a GF is more suitable than a subdivision/new build?

 

I don't know anything about this block and it's improvements. There are a few subdivision experts on here. I suggest post the details.

 

If you can retain your house and subdivide then I would go for that option (Although im not sure how profitable it would be)

Building a granny flat in Ipswich doesnt make sense
1 bedroom <50m2 - im not sure who in Ipswich would pay a premium to live in that
But a builder would charge you a premium (wouldnt get much change from 100k)
Better of using those funds as a deposit for your next property

 

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

 

Have decided to pursue the subdivision/build path instead of GF. I might build a house+GF combo on the new land as well though. In the process of carrying out feaso + research as we speak. Will either update this thread or start a new thread when I get a better idea of the numbers and timeline.

 

Would be interested in the figures to subdivide in SEQ.

In the Hunter NSW it's about 30k.