The Black Cats had the better of their East Anglian counterparts in the early proceedings with Ovie Ejaria looking dangerous on debut, but it was Garner's opener in the 35th minute and an own goal from Matthews on the stroke of half-time that separated the two sides.
The visitors shut up shop in what proved to be quite the drab second period, efforts from Kazenga LuaLua and Waghorn proved to be only efforts that were a standout as Ipswich had already done enough to take the three points.
Proving dangerous early on
Sunderland headed into this clash looking a changed side after Coleman brought in a hosts of new faces late in the transfer window, three Deadline Day signings in the starting XI.
The new additions seemed to have a positive effect with The Black Cats proving troublesome in the opening proceedings, with Ejaria testing the waters, but it was the visitors who came closest to taking the lead.
Joel Asoro's foul presented Waghorn with a great opportunity with the free-kick on the edge of the area, his curling effort look destined for the top corner out of the reach of Lee Camp but didn't meet the wanting destination as it clattered the crossbar.
Sunderland had been knocking on the door but their first opportunity of distinction didn't arise until the 24th minute, Ejaria showed why Chris Coleman had brought him in from Liverpool as he did brilliantly to slink his way to the by-line. The youngster tumbled over but penalty appeals fell on the deaf ears of referee Darren England, but the chance came from the resulting corner as O'Shea did well to rid his marker and get his head on the set piece but it curled wide of the far post.
Taking the lead against the run of play
Despite their seeming dominance Sunderland had little to show for it and were punished as Mick McCarthy's side took the lead ten minutes before the break, it was especially sloppy from a Sunderland standpoint as Billy Jones was turned too easily by Garner who did well to hold off the full-back before slotting it into the bottom corner.
Striking a very late blow
Coleman would have been encouraged by his side's display despite being a goal behind but the situation was worsened on the stroke of half-time, Joe Garner did well to beat Lee Cattermole for pace before crossing in from the by-line and the deflection off Matthews' standing leg turned it into an empty net.
Half-chances here and there
McCarthy couldn't be blamed for shutting up shop on his old stomping ground as the second-half got under way, The Tractors Boys proved more than happy to sit back and The Black Cats come at them but despite that Coleman's side failed to really muster a chance of distinction.
LuaLua was looking to show his new fans what he had as he tried a speculative effort from outside the area, it certainly proved too hot to handle for Bartosz Białkowski as he pushed it away from danger.
It should of been three for Ipswich 15 minutes from the end as Waghorn was put clean through on goal, the chance proved easier than his earlier free-kick as he was one-on-one with Camp despite pressure from Tyias Browning but his poke crept past the post.