Recovery in property market picks up pace

THE number of property sales in Ipswich is almost back to pre-flood levels, according to half-yearly figures from PRDnationwide.

THE number of property sales in Ipswich is almost back to pre-flood levels, according to half-yearly figures from PRDnationwide.

In the first six months of the year sales in the Ipswich area increased by 14.1% on the same period in 2011.

PRDnationwide Ipswich principal Peter Mendoza said the market appeared to be getting back on track.

"Over the past few years a lot of people put things on hold but we get the feeling there's a lot more confidence in the market now and people are starting to list and sell," he said.

According to the PRDnationwide research, 30% of total sales in the Ipswich area were in the sub-$250,000 price range in the June 2012 period, compared to 15% in the June 2010 period. The median house price sits at $293,000.

Mr Mendoza said properties in Ipswich were still up to 35% cheaper than those in inner Brisbane.

"This is a major drawcard, even for those who work in the Brisbane CBD ," he said.

PRDnationwide's Yamanto area statistics, including the suburbs of Yamanto, Flinders View and Raceview, showed a 22.7% jump in housing sales in Ipswich's southern suburbs.

However, the median house price in the area was down 4.6% to $310,000 for the June 2012 period.

Yamanto had the highest growth year-on-year with a 76% increase, from 29 sales to 51. It was followed by Karalee which had a 47% increase from 17 to 25 sales.

Not all suburbs were positive, however, with Eastern Heights experiencing a 50% drop in property sales in the first six months of the year.

TOP 5 SUBURBS

The five Ipswich suburbs with highest annual change in property sales according to PRDnationwide:

1. Yamanto 78%

2. Karalee 47%

3. Flinders View 36%

4. Bundamba 23%

5. Leichhardt 20%

Originally published as Recovery in property market picks up pace