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How this Place you’ve Never Heard of, became Australia’s Boom Town

Dec 6

How this Place you’ve Never Heard of, became Australia’s Boom Town

Boom, the property market in Australia underwent an eyewatering surge over the 20-21 period and 2022 is no different.  But as the boom resonates across the investment forums, a new name is taking its place on the “hottest spots” in Australia.  Australia, of course, known as one of the most stable and lucrative rental markets on earth, is always a favourite of international investors, but in the 2020s, it’s simply gone next level. 

Bye Sydney… and Melbourne is the new NO GO city

For decades, investors in the Australian property market will know that Sydney is a no-go for savvy investors looking to get in and buy, grow and flip.  Sydney property prices start at a cool million and burgeon up from there.  Melbourne, Australia’s “New York” has undergone the most Covid induced lockdowns of any city on earth.  Melbournites are fleeing to warmer, safer climates.  But before international investors look to Melbourne for its abandoned bargains, despite the mass exodus from the city, property prices continue to rise. 

Enter Brisbane

Brisbane, capital city of the northern state of Queensland is Australia’s “Austin”.  A cultural hub in the in a hot, largely conservative state set to host the 2032 Olympics.  Brisbane has enjoyed (buckled under) a massive influx of domestic immigrants seeing housing prices top the growth rates over the early 2020s.  Brisbane has taken the lion’s share of 55,000 new residents in just two short years, and the already hot property market has boomed under the pressure.  In a city of two million, and a state of just five million, this represents record breaking growth for the Queensland property market. 

And so, Australia’s new hotspot, is a place most Australian’s have never heard about – let alone foreign investors

Ipswich, on the western edge of Brisbane and the in-demand Gold Coast was once known as the manufacturing satellite town for its bigger cousins.  Close to everything, with world class facilities and easy access to the upcoming Olympic Games venues, it’s not just Australians turning their eye to the area.  Asian investors are snapping up Ipswich bargains at an alarming rate.  So what do international investors need to know about the property market in Ipswich Queensland 

Buying in Ipswich Queensland

Ipswich sits nestled in the spectacular Great Dividing Range around 40 kilometers south west of Brisbane, and about 30 kilometers inland of the Gold Coast.  It forms the last stop on the “Western Corridor” a strip of highly desirable, premium property catchments.  Peppered with beautiful heritage listed historical buildings, the city centre boasts a lively retail and dining precinct and all the must have services – from elite private schools to fast public transport, to comprehensive health care facilities.  All demographics, all boxes ticked.   Ipswich is also considered the “capital city for Queenslander Architecture” – house designed to keep cool in summer with large lazy wrap around verandahs and stunning timber finishes.  It’s the charming neighbour of the rather unappealing glass and concrete design of the Gold Coast and Brisbane.   

Ipswich also boasts big blocks.  In older areas, a thousand square meters, ripe for subdivision, are the norm, not the exception. But it also boasts entry level investment opportunities.  With neat, relatively new properties, available for bargain prices.   

Areas like Inala, Forrest Lake and Redbank were once the “poorer suburbs” of Brisbane, but now find themselves in the heart of the property hot zone.  The only thing holding them back from reaching million-dollar price tags, is the stink of a now out of date reputation.  That reputation is fading fast as these suburbs begin their transformation into middle class suburbia – and investors are snapping them up fast. 

Jace Roach, Image Realty’s principle real estate agent in Brisbane, Gold Coast and Ipswich Queensland.  After monitoring the boom of the 2000s, and the second boom not long after in Brisbane, Mr Roach said the signs are all there, and it’s quite thrilling to watch. 

“There’s been up to 30% population growth in areas around Ipswich.  Right now, though, there are still properties available at those “pre-boom” prices and we’re experiencing that thrilling “start of a boom” feeling that only speculating agents really understand” said Mr Roach. 

The Buyer Dilemma sparked by Covid

Queensland’s health management plan means that the entire state has stayed largely safe from Covid, with around 1000 total deaths in a state of 5 million.  Queensland, like a smattering of other Australian states, and neighbouring New Zealand, have been dubbed “the safest places on earth” over the pandemic period.  Safety, that means inconvenience for investors.  With the international borders under tight control, access to the Australian property market has been hard.  As they have started the opening phase, it’s easier, but still not easy.   “The Australian property industry has moved rapidly to facilitated real estate sales – where the process is managed from start to finish via websites and apps.  We’ve seen a massive uptake in international buyers using virtual real estate bidding platforms to secure investment properties” said Kate Chalk, of Reso, Australia’s leading real estate purchase facilitating platform. 

Buying property in Australia is all about Queensland Property these days

It’s not the Great Barrier Reef.  It’s not the Gold Coast, or the hipper, boho-style Sunshine Coast.  It’s not the warm waters and ancient rainforests, or the great western outback – it’s the big city real estate at small town prices attracting international interest in Queensland right now.