Where to find the best value for money when it comes to land
This is where home buyers wanting more bang for their buck should head, with new research uncovering where to secure the most affordable land in southeast Queensland.
New research has revealed Ipswich as the best valued dirt in southeast Queensland.
Property services group Oliver Hume ranked each of the region’s local government areas (LGAs) based on the average price of a square metre of land sold during the three months to the end of June.
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The relative value of Ipswich land has seen prices experience solid growth with average lot prices increasing 12 per cent over the last five years and 3 per cent over the last two years.
Ipswich buyers are paying an average of $507/sq m, nearly half the price of land within the boundaries of Brisbane City Council.
Logan ($523/sq m) was the second most affordable area, followed by Moreton Bay ($629/sq m), Gold Coast $709/s qm) and Redlands ($741/sq m).
Oliver Hume national head of research George Bougias said Ipswich’s value proposition was built on having the second largest median lot size and the lowest median price.
“If pure bang for your buck is your priority, Ipswich is the place to buy right now,” he said. “There has been a massive investment in infrastructure, there is an increasing number of jobs and the range of options for first and second home buyers are exceptional.”
Official land valuations for Ipswich that were released in March (used for determining council rates) saw valuations increase by up to 8.8 per cent in 2018.
Stephanie Hostland, 26, and Corey Ebert, 24, recently bought a block of land for under $300,000 at Hayfield, Ripley.
“It has enabled us to secure a really spacious home site, particularly compared to other options that tended to be smaller and much less affordable,” Ms Hostland said.
SEQ LGAs & Average Value Rate ($/sq m)
1 Ipswich $507
2 Logan $523
5 Redland $741
6 Brisbane $970
South East Queensland average $575
(Source: Oliver Hume Research)
“Corey and I are looking to start a family in the next few years, so we wanted to ensure we had a reasonably large house, as well as a backyard big enough to put in a cubby, sandpit, trampoline and maybe even a pool”.
Mr Ebert said the land, which they paid $265,000 for, would be perfect for their husky cross malamute, Ellie.
The young Carbrook couple spent almost eight months researching their first home purchase, and realised they could either sacrifice their ‘future-proofing’ approach by purchasing a little closer to town, or move slightly further out and grow their family comfortably.
The plan to build a four-bedroom, four-bathroom home on the site.
Oliver Hume’s Julian Coppini said the southeast Queensland market was placed to out-perform the rest of the country over the next couple of years.
He said the expected increase in demand for new land following changes to lending standards and lower interest rates had begun to materialise.
“We are coming out of quite a difficult period due the constraints placed on lending and the uncertainty of the federal election,” he said.
Research by Colliers International indicates North Brisbane, Logan, Ipswich and the Gold Coast as in-demand areas for first homebuyers.
Estates for first home buyers:
(Where land, house & land is in demand)
North Brisbane – Griffin, Upper Caboolture (River Parks)
Logan – Logan Reserve (Middleton Park), Park Ridge
Ipswich – Ripley (Hayfield) / Bellbird Park
Gold Coast – Ormeau (The Avenue, Elevate) / Pimpama
(Source: Colliers International)
About 60 per cent of buyers to date within Hayfield’s Ripley development have been first home buyers with land currently starting from $207,000 for a 438sq m lot, and house and land packages selling from $403,000 for the same lot size.
Most buyers come from within the 10-15km radius of the estate.
Clinton Trezise from Colliers International who is marketing Hayfield said first home buyers are attracted to the estate value for money received when compared to other estates in the area.
“Buyers are attracted to Hayfield not just due to its affordability but the fact that it is set among tree lined streets, laneway, parklands and native bushland. As a bonus, every purchaser gets free front garden landscaping designed by an award-winning landscape designer,” he said.
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