News

Ipswich property ready to boom

IPSWICH house hunters could be in for a stellar 2012 with lower property prices making it the best time to buy in seven years.

With experts still unsure how the markets in Australia's capital cities will fare next year, there is a quiet air of optimism that the New Year will provide more activity in the Ipswich market than in 2011.

REIQ Ipswich chairman Paul Mendoza predicts the 2012 Ipswich property market will continue to offer good buys.

Mr Mendoza said the incentives, which include the Queensland Government Building Boost Grant of $10,000 which ends in January, and the interest rate of 4.25%, are there to be taken.

"We are looking forward to a better 2012 than 2011. There won't be much movement in price but I don't expect that," he said.

"The prices are the lowest they have been for a long time.

"With the low prices and low interest rates it's the best time to buy for the last six or seven years.

"I think, if there is another interest rate drop, I'd expect the property market to pick up."

He feels potential home buyers have waited and will be ready to enter the market this year.

"We have all got to eat, have clothes and shelter, so we can only

put those things on hold for so long.

"That's why there has been an interest in the last six months. People have put it on hold and now more people are looking to buy."

First Nationals' Peter Ferrett said it would be the fear of missing out on a dream home that would drive the property market, rather than a drop in interest rates.

"It does interest some people but a lot of people it doesn't," he said.

"People are finding all sorts of everyday items.

"They are not the great mecca people think is going to stimulate the market to what it was."

Mr Ferrett believes the Ipswich market will resurge in the coming years as major projects come to fruition.

"There will still be a few good buys. There are a lot of things happening in Ipswich with the refurbishment of the city centre and the building on the corner of Bell St selling for $93 million.

"It won't be this year but down the track."

Topics:  housing market real estate reiq



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