Where to find the last new homes under $400K in a fast-growing city
By 2036, the population of Ipswich – located approximately 30km west of Brisbane – will be nearly the same size as the Gold Coast is today. This represents growth of 144% and makes Ipswich Queensland’s fastest growing city, and one of the fastest growing cities in Australia.
According to Urbis Director, Paul Riga, “South East Queensland housing remains chronically undersupplied, especially in the booming regions of Logan and Ipswich.”
Driven by the booming population, strong jobs growth and affordability, the city of Ipswich has become a focal point for residential development in South East Queensland. Some developers are recognising the value proposition the area offers, particularly to young families, and are catering specifically to this need.
Building a community: $850K new park for Ipswich suburb
Verona Estate, located in the Ipswich suburb of Redbank, is one such development. This masterplanned community includes an $850,000 expansive, purpose-built park with state of the art exercise and play equipment.
Speaking ahead of Saturday’s launch of the new park, Ipswich Mayor Andrew Antoniolli said, “Ipswich has a reputation for having great parks and Verona’s shaded picnic areas, green open spaces and brand-new play equipment will be a terrific addition to the community.
“Ipswich is one of the fastest growing areas in Australia and currently home to more than 205,000 people with the city’s population set to more than double by 2031.
“The creation of quality housing options such as that offered at Verona Estate is important to the success of our city and is sure to be welcomed by families.”
Verona Park is latest addition to community infrastructure and amenity in the Redbank area. At the end of 2016, a new $140 million Town Square opened in neighbouring Redbank Plains. The Town Square is home to over 75 speciality retailers.
4-bedroom homes under $400K
Urbane Homes, Verona Estate’s exclusive builder partner, says the location is only an 8 minute drive from Springfield CBD and 30 minutes to the Brisbane CBD making it “the most affordable house and land this close to the Brisbane CBD.”
Nigel Alcorn and his girlfriend, who purchased their dream home for $379,603, in the first stage of the Verona Estate release, agree.
“We were so excited when we realised that we could own a brand new 4-bedroom home for less than $400,000, I really couldn’t believe the price,” Mr Alcorn said.
“When we began looking we were pretty picky about where we wanted to build, we didn’t want to wait for amenity to be built — we wanted to start living straight away.”
HCAP Developments, Verona Estate developers, said the inclusion of the Parklands within the estate was an important point of difference.
“Such a level of amenity is generally reserved for larger communities, however we felt that it was important to create a space for both residents and the wider community to come together,” said HCAP Developments CEO, Steve Howell.
Growth hotspot
As many investors consider which are the best value areas to buy in Brisbane and surrounds, according to Ironfish National Housing Manager, Josh Ure, Ipswich and South East Queensland as a whole continue to represent genuine value in terms of affordability within one of Australia’s major growth hotspots.
“The jobs growth forecast for Ipswich is 2.6% – more than Brisbane and more than double the Gold Coast or Logan. The population is booming, there is significant infrastructure investment and at the same time, you can still purchase a brand new 4-bedroom house for under $400,000. When you compare the median house prices for 40km outside of Sydney, you are looking at a price differential of $450,000.
“The reality is that as the population continues to grow, you’re just not going to keep finding house and land packages within this proximity to job centres, infrastructure and community amenity for this kind of price range as we move into the future.
“It’s one of the most under-rated areas in Australia,” Mr Ure said.