Ipswich has become a buzz town for property investors and interstate investors are buying up tens at a time, increasing the prices. People don’t even know what they’re buying into sellers are taking advantage of the boom. I’ve lived here all my life and I was wondering if anyone knows, will the bottom fall out here eventually? Has it happened anywhere else?
The future belongs to those who believe in the beauty of their dreams. – Eleanor Roosevelt
Good questions. I remember the tail end of the Gold Coast property boom in the 80’s. At that time, many people were playing pass the contract. All were happy except the last person left holding it when the market changed.
I hope others may have some more info on possible downsides, but I think it’s clear we’re nearer to the end of the property upswing, and a certain amount of caution will be evident by the savvy investors as opposed to the rushing herds.
(Just my opinion).
I think the bottom has to well and truly be close to falling out of Ipswich. We own an IP (and lived) a couple of suburbs from there and in about ’98 you could buy a “decent-ish” 3br for about 60k and the returns where good. Ipswich (and there are some nice parts) is in general pretty low end-ish stuff – my son was born in the Ipswich Hospital – I was the only one over 30, most were school aged and the only one married (not passing judgements) but it does have its problems with youth and crime. Having said that if someone offered me that same nice 3br in Ipswich for 60k now would I buy it – you bet!
Jen
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