Ipswich Land On The Rise As Demand For Smaller Lots Increases
The largest masterplanned community in the booming Ripley Valley expects to add hundreds of new families over the next 12 months as the Ipswich land market continues to gather pace.
Providence South Ripley, which has now sold and settled more than 1,000 blocks of land, expects to bring a number of new releases to market over the coming months to meet demand.
The ongoing demand for providence is reflected in Ipswich-wide research from property services group Oliver Hume showing the average value of land in Ipswich grew nearly 10% over the 12 months to the end of September.
While the median price of land in Ipswich grew 3% to $208,550 for the year, the average size of blocks continues to shrink, driving up the per square metre rate for land to $482.
“Providence has been able to maintain a strong flow of land sales over 2018 and the community continues to get stronger, thanks to the impact of Ipswich land growing in demand and value,” Providence Project Director Michael Khan.
“We are seeing new infrastructure being added to Ripley Valley’s growth corridor and new lifestyle amenities are on the way that are vital to a community, like education facilities and retail hubs.
“Ipswich, particularly the Ripley Valley growth corridor, is increasingly being seen by a greater number of people as a place to call home, and at Providence we are receiving buyer inquiries as quickly as we can release new land opportunities,” Mr Khan said.
Oliver Hume Queensland General Manager Matt Barr said Ipswich was a South East Queensland hotspot.
“Ipswich’s median land price continues to be the lowest in South East Queensland at $208,550, compared to a median land price of $366,625 in Brisbane and $333,688 on the Gold Coast.
“However, though a minimal growth in median prices was experienced over the year, median value rates say otherwise with an annual growth of 9%,” he said.
Value in Ipswich’s land market was fueled by the increased buyer demand generated by quality developments like Providence, where people are choosing to live based on the needs of their lifestyle.
The demand for smaller lots has increased, with the most popular selling lots ranging from 301 to 400 square metres.
“Smaller, 300-400 square metre lots have grown in popularity by 35%, as Ipswich is projected to be the fastest growing region by 2041,” Mr Barr said
“With increased competition and land supply within the region, developers are being more innovative with their product offerings, bringing on products that better suit the needs of buyers and are more favourable with the current market conditions.”