Residential land prices surge across Ipswich

MEDIAN average land prices in the Ipswich market catchment have risen 9 per cent across all estates in the past 15 months, according to new research.

Property research group Oliver Hume revealed that strong price growth had been recorded across all fields in the region.

“In 2016, we are expecting to see similar price growth results,” said Oliver Hume Joint Managing Director Brinton Keath.

“We predict that developments with family style infrastructure – like the new waterslide park at Providence at South Ripley – will be popular with buyers, and they will separate themselves from the competition in terms of price growth.”

Oliver Hume reported that the largest growth in an estate was at Providence in South Ripley, where 600sqm blocks rose by 26 per cent.

Providence’s 18m frontage blocks were also the most popular type of block sold at that estate, with 18x34 allotments (590sqm) increasing in value by 19 per cent, and 18x32 allotments (576sqm) increasing by 19 per cent.

“The 18m frontage blocks have enjoyed the biggest gains due to their rarity in the current market environment,” Mr Keath said.

“Developers on a whole are producing smaller lot types due to government and council restrictions on lot sizes. Therefore, whenever the wider allotments are launched to market they are being snapped up immediately.”