Ipswich real estate: Median house price soars to $500k
New data has revealed soaring demand in this South East Queensland city, where properties priced at an average of $500,000 are being sold in less than two weeks on the market.
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New data has revealed Ipswich is the second most in-demand local government area for housing in Queensland, with properties remaining on market for an average of just 11 days.
An analysis of Queensland’s property market during the March 2022 quarter, completed by the Real Estate Institute of Queensland, also indicated median house prices were up 3.23 per cent while median unit prices had risen by 2.17 per cent.
REIQ CEO Antonia Mercorella said that although the first quarter of the year had been fraught with disruptions such as Covid-19 outbreaks, floods, long weekends, and the federal election, the market continued to deliver “healthy growth” and she was sure the state’s new median house and unit prices would take some by surprise.
“For instance, Brisbane’s median house price has cracked $1 million this quarter, and while this may be sombre news for some, this still represents relative affordability compared to southern states, and arguably our capital city has been long overdue for its time in the sun after years of steady, but modest, growth,” she said.
“Of course, it can be easy to be disillusioned and discouraged as a buyer watching these prices reach new heights, but it’s important to remember these are median sales figures over a relatively short period of time and there are always more affordable options in areas with a million-dollar median, so it’s worth doing your research before assuming an area or suburb is out of your reach.”
As the median house price in Brisbane climbed to $1 million, the average in Ipswich grew to $500,000; a 6.38 per cent increase from the region’s preceding quarter and a 19.98 per cent increase from last year.
Regional centres such as Toowoomba, Mackay, Gladstone, Bundaberg, Townsville, and Rockhampton remained under the $500,000 mark with median house prices of $480,000, $425,000, $405,000, $400,000, $390,000, and $330,000 respectively.
Ipswich also saw a high volume of houses — 1200 — sold in the March 2022 quarter, which the REIQ put down to the lifestyle the region offers as well as its affordability and proximity to Brisbane and airports.
Houses remained on the market for just 11 days on average, which was the second fastest turnaround time for any local government area in the state.
From the first advertised date through to contract date, houses in Moreton Bay lasted just 10 days on average, followed by Ipswich, then Redland at 12 days. Houses were snapped up by buyers in an average of 13 days across Greater Brisbane and 16 days across Queensland.
Meanwhile, units at Ipswich are still considered by the REIQ to be “affordable” at the median price of $300,000; an increase of 1.69 per cent from last quarter and 21.74 per cent from last year.
According to CoreLogic data, 149 units were sold in Ipswich in the March 2022 quarter.
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