Affordability drives resurgent Ipswich land market
The Ipswich vacant land market was one of the top performers in a new research report that showed a 25% increase in the number of sales in the September quarter, compared to the previous quarter.
The research, contained in property group Oliver Hume’s new Quarterly Market Report released in November, showed demand for land remained strong across Ipswich with population and economic growth rebounding.
One of the projects set to benefit from the renewed interest is Defence Housing Australia’s (DHA) new Torhaven development at Deebing Heights, a fast-growing suburb adjoining the Ripley Valley growth corridor.
First lots at the $78 million Torhaven development will be released to the market in January 2018. The masterplanned community will be home to 294 new households when complete. About 100 of these will be home to Australian Defence Force (ADF) personnel and their families, supporting the Air Force and Army at the Amberley base.
According to the research, the median price for all land sold in Ipswich over the September quarter was $212,950, while the average lot size was 480 sqm. Land in the first release of DHA’s Torhaven development will have lots ranging in size from 340 sqm to 890 sqm, priced from $158,700.
Oliver Hume Queensland General Manager Matt Barr said affordability was one of the key factors supporting the local land market.
‘Affordability underpins most of the growth in the Ipswich area, with first home buyers and young families favouring areas like Deebing Heights and the Ripley Valley due to the established and emerging amenities,’ Mr Barr said.
‘Local buyers are also drawn by the proximity of schools and shopping centres, and easy access to major transport routes to numerous employment hubs.’
He said developments such as Torhaven had particular appeal to young families.
‘With the new Deebing Heights Primary School across the road, and abundant natural corridors and parks across 20% of the 37-hectare site, we expect to see couples and families keen to take advantage of the affordable prices … even more so considering Torhaven’s convenient location.’