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Rapid population growth in Ipswich is exoected to buoy the town's property market for at least the next 20 years.
According to a PRDnationwide report, the population of Ipswich City grew last year by 5 per cent to 162,383 residents – faster than any local government area in Queensland.
The report predicts this figure will almost treble between now and 2031.
PRDnationwide managing director Jim Midgley said the “population growth explosion” will sustain the housing market in Ipswich for many years to come.
“With over $10 billion worth of proposed development in the pipeline – it’s a city showing no signs of slowing down,” Mr Midgley said.
The median house price now sits at $325,000, which is reportedly quite affordable when compared to other neighbouring local government areas around Brisbane.
Report author, Aaron Maskrey – PRDnationwide research director, said the significant development projects inthe area will also help sustain price growth in the region.
Ipswich Motorway Upgrade ($1.1 billion), Australian Pharmaceutical Distribution Centre ($1 billion) and residential precinct Vedanta Precinct at Springfield Lakes ($1 billion), are some of the prominent developments.
The most affordable suburbs were also identified with One Mile topping the list registering a median house price of $160,000, followed closely by Leichhardt, at $165,900.
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