A Brisbane property developer is offloading several apartments in his Ipswich high-rise development Aspire Apartments at 2005 prices, after eight off-the-plan transactions failed to settle.
Dore Property Corporation managing director Ian Dore has decided to release the apartments back onto the market at their original 2005 off-the-plan price, to sell the stock quickly and provide some relief for rate-fatigued investors.
Of the 70-plus apartments under contract at settlement, eight failed to settle in February when construction on the $65m luxury development in the Ipswich CBD was complete.
“These eight apartments are quality stock, but I understand people are hesitating to purchase property at this time due to the risk of further interest rate increases,” Dore said.
“We hope these prices will ease their mind due the instant capital gain they can make.”
Dore added that people purchasing an Aspire apartment can be “sure it’s a solid investment”, following property expert Michael Matusik’s appraisal of Ipswich’s booming population and employment growth.
This has been driven by new multi-million-dollar developments, Matusik of Matusik Property Insights said, which are likely to push property prices higher in the next few years.
Developments include the Amberley Super Base upgrade, Capral Aluminium plant, the Swanbank paper factory, Boulder Speciality steel plant and the $200m Riverlink shopping centre.
Ipswich Lord Mayor Paul Pisasale said the construction of Aspire Apartments signified a catalyst in the revitalisation of the city.
“Last year Ipswich recorded the ninth largest increase in population of all local government areas in Australia, and it’s wonderful that developers and investors are realising the potential in this beautiful city,” Pisasale said.
