Newspaper article The Queensland Times (Ipswich, Australia)

DON'TPANIC Sheila Says She's Keen to Stay in Her Suburb; Suburb Posts Nation's Biggest Price Fall, but Statistics Don't Tell Full Story

Newspaper article The Queensland Times (Ipswich, Australia)

DON'TPANIC Sheila Says She's Keen to Stay in Her Suburb; Suburb Posts Nation's Biggest Price Fall, but Statistics Don't Tell Full Story

Article excerpt

Byline: Paul Smeaton paul.smeaton@qt.com.au

IPSWICH residents should disregard figures showing the house prices in one city suburb have dropped further than anywhere else in Australia Co according to the company that collected the data.

Figures from property research company RP Data showed North Booval experienced a 46.3% drop in the median house price during 2011.

But one of RP Data's own senior research analysts, Cameron Kusher said the suburb, which was partially flood affected last year, had recorded extremely low sales in 2011, meaning very little should be read into the results.

C[pounds sterling]The report that has been out today (Tuesday) hasn't been put into context,C[yen] Mr Kusher said .

C[pounds sterling]Yes, the median sale price did fall by 45% over the 12 months; however you are looking at a very small sample size of sales.C[yen]

Only 22 properties changed hands in North Booval in 2011, far below what RP Data accepts as a reasonable sample size.

The results showed a median sale price of $154,000 compared to median sale price in equally flood- affected Goodna of $263,500.

Mr Kusher said the huge drop was out of step with other Ipswich suburbs and indicated a short- term correction.

C[pounds sterling]Out of all the areas in Ipswich, North Booval is the cheapest median sale price,C[yen] he said.

C[pounds sterling]It certainly indicates to me that the vast majority of those sold properties have been flood- affected and people have just walked away.

C[pounds sterling]Many wouldn't have had insurance and have decided to get out and start their life somewhere else.C[yen]

Former Ipswich real estate agent Phil Jackwitz encouraged homeowners to C[pounds sterling]hold onC[yen] to their properties and avoid rushing into a sale.

When asked if this type of data could panic homeowners, Mr Jackwitz urged caution. …

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