The defensive formation did Town no favours as Charlton took an early lead, Nicky Bailey's free-kick beat the wall and Town goalkeeper Richard Wright after just 7 minutes. Bailey was stretchered off soon after his goal and replaced by former Town midfielder Matt Holland.
Darren Ambrose fired into the side netting after stealing the ball off Moritz Volz on the right wing. Svetoslav Todorov fired wide from 20-yards as the home side looked for a second goal.
Kelly Youga poor clearance allowed David Norris to cross, but he crossed a moment too soon for Jon Walters who was arriving at the far post.
Pablo Counago came on for Tommy Miller in the 28th minute after Miller injured his hip early on in the game, the change meant Town would revert to a 4-4-2 formation with Counago joining Stead upfront.
The Spaniard made an impression early on, Counago's pass found Walters in space, he crossed into the box looking for Stead but found Charlton defender Martin Cranie who directed the ball into his own net to pull Town level after 33 minutes.
Town started to come together towards the end of the first half, Quinn was denied a goal thanks to a very good save from Nicky Weaver, Ivan Campo hit the bar from a free-kick just moments later.
Five minutes into the second half Town again hit the bar, Alan Quinn firing in from the right hand side, beating Weaver who was thankful to see the ball hit the bar and go out to safety.
Charlton should have been given a penalty a minute later when Richard Naylor tripped Luke Varney inside the box but the referee awarded a free-kick on the edge of the area, which was cleared by Town.
The homeside took the lead again on the hour mark after Moritz Volz deflected the ball into his own net after Hameur Bouazza attempted to fire Ambrose's cross into the net.
With 20 minutes to go Magilton replaced Campo and Stead with Garvan and Lisbie but there introduction did little to change the game as all three points remained in South East London and Town drop to what will be 17th place after the Coventry - Southampton game.
Charlton Athletic: Weaver; Cranie (sub Semedo 46), Primus, Hudson, Youga; Ambrose, Zhi, Bailey (Holland 12), Bouazza; Todorov (Gray 67), Varney. Substitutes: Elliott, Sam.
Booked: Bouazza, Gray.
Ipswich Town: R Wright; Volz, McAuley, Naylor, D Wright; Walters, Norris, Campo (Garvan 71), Miller (Counago 28), Quinn; Stead (Lisbie 71). Substitutes: Supple, Bruce.
Referee: Mr G Hegley (Hertfordshire)
Attendance: 20,643.
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