Today, we put the spotlight on Redbank Plains – a suburb of the city of Ipswich, in Queensland. It has a population of over 19,000 people, with 48% of residents living in rental accommodation. Experts predict this region to be one of the fastest-growing metro areas in Queensland - read on to discover if this could be the ideal choice for your next property investment.
Situated just 30 minutes away from the Brisbane CBD, and in the heart of the fastest growing metropolitan local government area in Queensland, Ipswich City, it’s not hard to imagine why Redbank Plains is set to see tremendous growth. We've talked before about why location is so important for investment properties - and Redbank Plains has it in spades.
It’s forecasted that 485,000 people will call Ipswich City home by the year 2036. This massive population will call for new dwellings and new job opportunities. Proposed projects, approved ones, and those that are in progress will also contribute to substantial job creation. It’s estimated that there is $20+ billion worth of major projects that were recently completed, are underway, approved and proposed in Ipswich City. And Redbank Plains residents will primarily benefit from the 56,300 new jobs set to be created in Ipswich Central contributing to the 120% expected employment growth.
Projects that are in progress include the $1 billion-worth Citiswich Industrial Park just 14 minutes’ from Redbank Plains CBD. It’s the most extensive industrial development in QLD. And 5,000+ jobs are expected to be created upon completion of the estate. The $350 million Westgate Metroplex Industrial Estate is also expected to create up to 10,000 new jobs over the life of the project.
In addition to these upcoming and recently completed projects, residents of Redbank Plains already have access to a highly diverse range of amenities. These include childcare centres, specialist schools, primary schools, secondary schools, and colleges. Some of which are among Queensland’s top performing schools and just 20 minutes’ drive to Redbank Plains CBD. The top-performing St Peters Lutheran College in Springfield is only 12 minutes away from Redbank Plains CBD while top-performing Springfield Anglican College is just 9 minutes away.
Residents also have access to recreational centres such as the Orion Springfield Central Shopping Centre, the ninth largest shopping centre in Queensland and the Riverlink Shopping Centre, one of the largest shopping centres in Ipswich city. The Ipswich Public Hospital is also just a 20-minute drive away. The West Moreton Hospital and Health Service, an award-winning health care service provider, run the public hospital. Other amenities nearby include recreational parks, golf and spa resort, sports centres, and community centres. In terms of transportation, the Springfield Central Railway station and bus stops are accessible and enable residents to travel to surrounding suburbs and to the Brisbane CBD. Springfield Central Railway station is less than 10 minutes’ drive south-east of the Redbank Plains CBD.
Redbank Plains is an affordable, family-oriented area with great amenities and massive potential for growth. Situated in the fast-growing Ipswich City, Redbank Plains is in the heart of billions of dollars’ worth of infrastructure projects, which will lead to a wealth of employment opportunities. It’s also a great location as the suburb has easy access to award-winning schools and universities, public transport, modern health facilities, shopping centres, while also being a short distance from both Brisbane City and the Gold Coast.
From an investor's point of view, the amount of new and existing properties to choose from allow you to tailor your investment to suit your favoured strategy - whether it's rentvesting, negative gearing, buying using an agent, or buying your first home, Redbank Plains has plenty of opportunities for everyone.
Land values in Ipswich City have also seen steady growth. Queensland’s Valuer-General Neil Bray said that land values in Ipswich have increased by 8.8 per cent since the last valuation in 2017. According to him, the rural residential and primary production market increased and some localities such as South Ripley reflected moderate increases in average values. This is due to the rising demand for new and affordable land with the average value of residential land in Springfield increasing from $215,000 to $237,500. And Nearby Redbank Plains will take advantage of Ipswich’s development, as the number of residents increase and demand for dwellings continues to rise.
Current data shows that Redbank Plains has 204 properties available for rent and 304 properties that are for sale. The average demand market for Redbank Plains show that the suburb secures 119 visits per property. It also showed that the suburb had a compound growth rate of 2.1% for houses and 0.4% for units.
Median prices over the last year range from $329,250 for houses to $230,000 for units. When it comes to property investments in Redbank Plains, houses that rent out for $340 PW have an annual rental yield of 5.4% while units that are rented out for $270 PW have a total rental yield of 6.1%. Across the combined capitals, the average rental yield is 3.8 per cent. This means that Redbank Plains is a perfect place to tap into as it gives property investors more opportunities to increase rental yields.
A9 Property provides first-time homebuyers and property investors knowledge on the world of real estate. Our weekly real estate blog discusses a variety of property-related topics, including property investment strategies, real estate industry trends, and current property market shifts to give you valuable insights and help you make informed decisions. We specialise in off the plan properties – a popular investment strategy in Brisbane and Australia. If you're looking to invest, Check out our carefully selected portfolio of off-market properties for sale or contact us for an obligation-free chat to discuss how you can succeed in the business and make the right property investments.