Suburb Profile LOCATION Redbank Plains is located 30 kilometres west of the heart of Brisbane s CBD, in the Local Government Area (LGA) Ipswich City. Ipswich City is one of Queensland s fastest growing cities and is forecast to almost triple in population in the coming 20 years. Redbank Plains is located within the epicentre of one of South East Queensland s largest planning development schemes and most significant infrastructure investments. The Western Corridor Growth Area is being transformed to accommodate the expanding population, the massive increase of jobs in the area and to improve access to Brisbane and the Gold and Sunshine Coasts as the area strengthens itself as an industrial hub. POPULATION FORECAST TO TRIPLE 461,990 BY 2031 DEMAND FOR NEW DWELLINGS 5,795 PER ANNUM AVERAGE POPULATION & DEMOGRAPHICS According to the latest estimates provided by the Office of Economic and Statistical Research, the population of Ipswich Local Government Area (LGA) as at 30 June 2012 was 177,485 persons an increase of 2.9% over the previous twelve months. Ipswich City has consistently outperformed Queensland in terms of population growth over the last five years and it is forecast by the Queensland Government that the population will almost triple to 461,990 by 2031. This translates into an additional demand for 115,900 new dwellings within Ipswich across the coming 20 years. Queensland Treasury forecasts that Ipswich is projected to have by far the fastest growth in households (224%) between 2006 and 2031. This rate of household (quantum) growth is second only to the Gold Coast. Strong growth of this nature is likely to place upward pressure on dwelling values as demand heightens. The median age in Redbank Plains has declined over the past five years from 30 years in 2006 to 26 years in 2011. This is 10 years lower than the Queensland average of 36 years indicating that Redbank Plains attracts a significantly larger proportion of younger residents. The median individual income for Redbank Plains was $613 per week which was at a 5% premium to that recorded across Queensland. Median monthly loan repayments were on average lower than Queensland at $1,690 per month however the median weekly rent was $10 higher at $310 per week. Overall population growth within Redbank Plains has been in the order of 16% per annum from 8,306 in 2006 to 14,977 persons in 2011. This growth rate far exceeds the 2.1% per annum growth experienced throughout Queensland highlighting the popularity of the suburb which translates to demand for housing moving forward.
The Ipswich 2020 & Beyond Plan details the city s plan for managing the anticipated surge in population growth within the area. The plan is one of the largest per capita capital growth development programs being undertaken in any city in Australia. POPULAR SUBURB FOR FAMILIES Redbank Plains dwelling landscape is overwhelmingly characterised by detached houses indicative of a population which is primarily comprised of families. In fact 80% of all households are occupied by families, most of who live in three and four bedroom homes. The area is a popular choice for both owner residents and renters with a relatively even split of homes occupied under mortgage tenure/owned outright and rented. Detached houses comprise 91% of private dwellings, an overwhelming majority which has been unchanged over the previous five years. INVESTMENT & EMPLOYMENT The Ipswich 2020 & Beyond Plan details the city s plan for managing the anticipated surge in population growth within the area. The plan is one of the largest per capita capital growth development programs being undertaken in any city in Australia. The plan details the locations of the key employment generators by area over the next ten years, resulting in unprecedented demand for new housing within the City. Over 207,300 new jobs are expected to be created over this time period which will see the Ipswich CBD worker population rise from the current 10,200 workers to just fewer than 50,000. The Redbank Plains workforce is forecast to grow by around 8,800 new jobs over the next twenty years. IPSWICH POPULATION GROWTH - 2011 TO 2031 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2011 2016 2021 2026 2031 Source: Resolution Research, Office of Economic and Statistical Research. Across the Western Growth corridor and within Ipswich City there are currently around $107 billion of infrastructure commitments across varying stages of development. The Royal Australian Air Force s (RAAF) Base at Amberley is the largest base in Australia and is currently undergoing a significant expansion. There are four major infrastructure developments currently underway that will boost the base population from 3,500 to 5,000 in the coming eighteen months, transforming the base into Australia s first defence super base. Additionally, the Ipswich Aerospace Park has recently acquired land in Amberley and design is underway which will see the operational expansion of various aerospace companies including Boeing Australia Pty Ltd, Aero structures Australia, Rosebank Engineering, Tasman Aviation, VMS International, Honeywell and QANTAS Defence Services.
The culmination of this infrastructure investment will result in continued demand for residential dwellings across Ipswich stemming from new residents moving to the area in support of the area s economic growth and significant job creation opportunities. VAST ARRAY OF EDUCATIONAL AND MEDICAL FACILITIES PARKLAND + SPORT FACILITIES The industrial foundation of the region is rapidly expanding with the new Swanbank Enterprise Park and Citiswitch Business Park both underway on the gateway to the Ipswich CBD. The master planned developments span a massive 850ha of land and are expected to be a major contributor to employment and economic development within the Ipswich LGA and South East Queensland moving forward. Major tenants that have established themselves in the parks include CS Energy, Theiss, Veolia, Austral, Energex, TruEnergy, Holcim and Powerlink. The culmination of this infrastructure investment will result in continued demand for residential dwellings across Ipswich stemming from new residents moving to the area in support of the area s economic growth and significant job creation opportunities. EDUCATION AND COMMUNITY INFRASTRUCTURE Within Redbank Plains and its surrounds there is a vast array of educational facilities catering for toddlers all the way through to tertiary institutions. The area contains more than 20 child care centres and pre-schools, ten primary schools and four secondary colleges. Located within 15 minutes from Redbank Plains is the plethora of both public and private educational facilities in Ipswich. These facilities include the prestige Ipswich Grammar School and West Moreton Anglican College. The University of Southern Queensland is located within a ten minute drive from Redbank Plains within Greater Springfield together with the Bremer Institute of TAFE. The University of Queensland s Ipswich Campus is also within close proximity, accessible by both private car and public transport. Residents of Redbank Plains have four medical centres on their doorstep and within a ten minute drive is the state-of-the-art Springfield Medical Centre (and an additional three medical centres). The $128 million upgrade of the Ipswich City Hospital is currently being undertaken to cater for the region s growing population. The Ipswich City Hospital currently employs over 3,700 staff and this expansion will see an increase of around 250 medical and support staff, the project is scheduled for completion this year. The area is well serviced by public transport with a travel time of 42 minutes from Redbank Train Station to Brisbane s Central Station.
Over the past ten years, median house prices within Redbank Plains have grown by a strong 4.1% per annum. RETAIL AND RECREATIONAL AMENITY Redbank Plains is extremely well serviced by both recreational and retail amenity. There are two shopping centres within the immediate vicinity; Redbank Plains Shopping Centre and Redbank Plaza which offers a range of retailers including Coles, Kmart and the Reading Cinemas. The Redbank Plains Shopping Centre has recently under gone a multimillion dollar upgrade which has seen the likes of Big W, Aldi and Best and Less join the Retail mix. The new Mountview Retail precinct will form the retail heart of the Mountview development and is anticipated to service the growing population base within the local area. The precinct will contain a 6,000m2 shopping centre anchored by Woolworths and an array of specialty stores. A quick ten minute drive from Redbank Plains is the Orion Shopping Centre at Springfield. The centre is focused around a town square with public spaces and parks, creating a shopping environment unlike any other in Australia, where visitors can shop, be entertained, do business and belong to a vibrant community. The centre was opened in 2007 with over 35,000m2 of retail space and 120 shops and services. Stage 2 of the centre was recently approved by the Ipswich City Council and will see an additional 70,000m2 of retail space, 80,000m2 for bulky goods and 22,000m2 of entertainment space at a cost of $70 million in the coming years. There are several additional parks within the area, all containing children s playgrounds and barbeque areas. Redbank Plains has its own golf course in addition to the world-class, Greg Norman designed golf course located at nearby Brookwater. DETACHED HOUSING MARKET (ALLOTMENT SIZED <1000M 2 ) Since 2004 the detached dwelling market in Redbank Plains has demonstrated demand for an average of 255 transactions per year. Over the past ten years, median house prices within Redbank Plains have grown by a strong 4.1% per annum. On a linear trend basis Redbank Plains median house price has grown by just over $10,000 per annum which is a strong result. VACANT LAND MARKET (ALLOTMENT SIZED <1000M 2 ) The suburb of Redbank Plains has recorded an average annual demand for just over 220 vacant allotments in the ten years from December 2004. Similar to the suburb s detached housing market, median vacant land price growth has been solid rising at more than 3% annually. Throughout Redbank Plains and its surrounds are a plethora of parklands, sporting and recreational clubs. The Redbank Plains Recreational Reserve is one of the largest parklands in the area and houses the Rebels Softball and Teeball Club, the Westminster Soccer Club, and a Skate park together with a children s playground and barbeque areas. The reserve is also home to the Redbank Plains Bears Junior Rugby League Club.
The most recent data shows Redbank Plains is currently recording a gross rental yield of 6.7% which is one of the highest in the State. Supporting evidence of an undersupplied rental market is a prevailing vacancy rate of 2.2%. RENTAL PERFORMANCE Median weekly rents for 3 bedroom dwellings in Redbank Plains have been achieving an average growth of 2.5% per annum since 2009. Similarly, 4 bedroom dwellings are observing an average a median rental growth of 1.5% per annum. Our research indicates new, or near new three bedroom detached dwellings are renting for between $335 and $320. In addition, new, or near new four bedroom dwellings are renting for between $410 and $360. Median weekly rents in Redbank Plains for 3 bedroom detached dwellings are achieving a 3.2% premium over the Ipswich City Council area. GROSS 6.7 % RENTAL YIELD PREMIUM 3.2 % IPSWICH CITY COUNCIL The most recent data shows Redbank Plains is currently recording a gross rental yield of 6.7% which is one of the highest in the State. Supporting evidence of an undersupplied rental market is a prevailing vacancy rate of 2.2% 1. To put this in perspective a vacancy rate of 3% is indicative of a rental market where a supply and demand balance is in place. 1 Australian Property Monitors March 2014
- AT A GLANCE Redbank Plains is located 30 kilometres west of the heart of Brisbane s CBD, in the Local Government Area (LGA) Ipswich City. Ipswich City is one of Queensland s fastest growing cities and is forecast to almost triple in population in the coming 20 years. Redbank Plains is located within the epicentre of one of South East Queensland s largest planning development schemes and most significant infrastructure investments. According to the latest estimates provided by the Office of Economic and Statistical Research, the population of Ipswich Local Government Area (LGA) as at 30 June 2012 was 177,485 persons an increase of 2.9% over the previous twelve months. Queensland Treasury forecasts that Ipswich is projected to have by far the fastest growth in households (224%) between 2006 and 2031. Overall population growth within Redbank Plains has been in the order of 16% per annum from 8,306 in 2006 to 14,977 person in 2011. In 2011 detached houses comprised 91% of private dwellings, an overwhelming majority which has been unchanged over the previous five years. The Ipswich 2020 & Beyond Plan details the city s plan for managing the anticipated surge in population growth within the area. The plan is one of the largest per capita capital growth development programs being undertaken in any city in Australia. Across the Western Growth corridor and within Ipswich City there are currently around $107 billion of infrastructure commitments across varying stages of development. The industrial foundation of the region is rapidly expanding with the new Swanbank Enterprise Park and Citiswitch Business Park both underway on the gateway to the Ipswich CBD. The $128 million upgrade of the Ipswich City Hospital is currently being undertaken to cater for the region s growing population. Late 2013 saw the completion of the rail component of Stage 2 of the Darra to Springfield Transport Corridor. This rail upgrade sees services run every 12 minutes in peak times and has gone a long way in relieving traffic congestion on major arterial roads around the Ipswich area. There are two shopping centres within the immediate vicinity; Redbank Plains Shopping Centre and Redbank Plaza which offers a range of retailers including Coles, Kmart and the Reading Cinemas. A quick ten minute drive from Redbank Plains is the Orion Shopping Centre at Springfield. The centre is focused around a town square with public spaces and parks, creating a shopping environment unlike any other in Australia, where visitors can shop, be entertained, do business and belong to a vibrant community. Since 2004 the detached dwelling market in Redbank Plains has demonstrated demand for an average of 255 transactions per year. Over the past ten years, median house price within Redbank Plains has grown by a strong 4.1% per annum. The suburb of Redbank Plains has recorded an average annual demand for just over 220 vacant allotments in the ten years from December 2004. Similar to the suburb s detached housing market, median vacant land price growth has been solid rising at more than 3% annually. Median weekly rents for 3 bedroom dwellings in Redbank Plains have been achieving an average growth of 2.5% per annum since 2009. Similarly, 4 bedroom dwellings are observing an average a median rental growth of 1.5% per annum Our research indicates new, or near new three bedroom detached dwellings are renting for between $335 and $320. In addition, new, or near new four bedroom dwellings are renting for between $410 and $360. The most recent data shows Redbank Plains is currently recording a gross rental yield of 6.7% which is one of the highest in the State. Supporting evidence of an undersupplied rental market is a prevailing vacancy rate of 2.2%. Disclaimer: Whilst this information has been carefully compiled no warranty or promise is made in relation to its accuracy or correctness. The information outlined within this document is a subjective interpretation by our company and should not be relied upon for investment decisions. Interested parties should undertake independent inquiries and investigations to satisfy themselves that any details herein are true and correct. No forecasts are being made by our company about potential capital gains. Any historical price growth information does not imply such growth will occur in the future. This document and the material contained herein are copyright and cannot be reproduced without our permission. This document was compiled in February 2014 and remains current for six months from compilation. The product and pricing information contained within this document is based on price lists, brochures and third party information obtained throughout the course of our research. This information has been verified to the best of our ability but Resolution Research & Marketing Pty Ltd accepts no responsibility for reliance on this information. This information has been prepared independent of our client (nominated above) and at our own direction.