Land values are soaring
THE Ripley Valley cash grab is on as acreage owners begin to position themselves while foreign investors prepare to swoop on the remaining slices of the master-planned district.
Land values of the remaining Ripley Valley lots have doubled to quadrupled, driven by the vast development plans.
A 554-acre property on Cumner Rd in White Rock carries an asking price of $45 million with the potential to sub-divide the property into 2000 lots worth $200,000 each.
Yong Real Estate agent Peter Huang said the Ripley Town Centre had pushed the otherwise ordinary rural land from between $10,000 and $20,000 an acre to $80,000.
"Certainly I see the Ripley Valley area having the most potential of the three master-plan cities announced by the government," he said.
"This Ripley Valley is the only one with the freeway and rail and access to the Brisbane CBD and western suburbs."
International buyers have also been tempted by the $5.8 million, 169-acre lot on Odempsey Rd in the Ripley Valley.
A four-bedroom home stands on the block, but developers are interested in its value once sub-divided.
Mr Huang estimated the land could potentially generate $30 million for new owners once it was sub-divided and sold off.
Although the property has been listed for months, the owners had recently increased the price by $900,000 in the belief buyer sentiment was on the rise.
Mr Huang said with interest rates cut and the Gold Coast being awarded the Commonwealth Games, the owner felt the land had increased in value.
Ipswich Deputy Mayor Victor Attwood said the majority of land surrounding the Ripley Valley had already been sold to Japanese developers Sekisui House, Perth family company the Amex Corporation and Stockland.
Cr Attwood said the Cumner Rd property had passed through a number of hands since the Ripley Valley Master Plan was announced.