Article: Ipswich an ugly duckling no longer

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Ipswich an ugly duckling no longer
Shannon Molloy | November 18, 2008 - 10:13AM

Ipswich has long been considered the poor cousin of Brisbane, but the city to the west is well on its way to complete transformation and will soon become the place to be, experts believe.

Property analyst Terry Ryder has released his annual report on "ugly duckling" areas he believes are set to undergo a boom, and Ipswich is the only Queensland location on the list.

However, Mr Ryder said the city's evolution had already started, with strong price growth, a population boom and huge investments in infrastructure and amenity.

At the moment, the region is dominated by young couples with children but is home to an above-average proportion of single parent households, with a population that is younger than Brisbane but also earns less.

That's all about to change, with experts tipping a dramatic shift in Ipswich's demographic profile in the coming decade.

Investment focus on the western corridor is at unprecedented levels and road and rail upgrades are planned, alongside private sector industrial and commercial projects.

The affordable nature of housing, which sees more than half of suburbs retain a median house price below $300,000, will see demand continue to rise, Mr Ryder believes.

And growth to date has been strong, with median house prices in Greater Ipswich rising an average 20 per cent each year in the last five years.

Data from Australian Property Monitors shows many suburbs continued to achieve strong price growth during the 12 months to June 2008.

Michael Matusik from Matusik Property Insights believes the city will need about 4000 new dwellings each year for the next 10 years to meet demand.

About 9000 people per year are expected to settle in Ipswich, with the growth being driven by cheap housing, available land and strong employment opportunities.

"The western region of Brisbane is gaining in popularity and new projects are occurring at an increasing rate (and) Ipswich City is at the epicentre of this growth," Mr Matusik said.

The only real impediment to growth before now has been the notorious Ipswich Motorway, which Mr Matusik believes has kept many new residents away.

However the planned $1 billion upgrade of the motorway will help the city reach its full potential, he said.

Mr Ryder points to the nearby Redbank region as an example of what can happen if development and infrastructure go hand-in-hand.

"Ipswich's potential is reflected in the Redbank precinct, an area which is busy with new residential, retail and industrial development," he said.

"It has major road and rail links to central Brisbane, extensive shopping facilities and affordable homes."