QLD 2bdr units/townhouses in Logan

Hi guys,

I have 2 x 2bdr units/townhouses in Eagleby and Beenleigh. One is single storey, the other double.

Just wondering if anyone is close to this market and knows what is happening here. I'm assuming it's mainly investment driven and is improving slowly?

I'm considering selling so just keen to know what the market is doing and any trends.

Thanks!

 

Hey Jmillar, that's my neck of the woods!

Without knowing any specific details it's hard to say, but the general consensus for townhouses in Logan right now is that they're a bit out of vogue. Depending on the area, quality, features, etc etc they were getting some pretty fantastic rents but the past three months or so I've seen them come back down a bit to where I think they should have probably been in relation to detached houses in the comparable areas.

More importantly, I'm finding them very unpopular on the sale market. We've been monitoring unit stock in those areas and it's not doing well. Admittedly we keep a closer eye on new stock rather than existing, but from what I've seen it's a bit sore all over. Houses are selling like crazy though... It's hard to draw a link but all I can think is that it's related to the Brisbane Unit scare?

The general consensus market wide, particularly here on PC, is that Logan is going to come into its own in the next few years. Eagleby and Beenleigh in particular are smack bang on serious growth corridors as well.

 

I agree with Tom but if priced right it will sell and 100% not saying sell under market value.

We have sold a few units in the area in the last month. Activity is still there just needs to be priced at where the market is just like any property.You can price your properties at any price at the end of the day. They will eventually sell just depends on how long you are willing to wait for them to sell.

 

If you sell will you buy back into the Brisbane market? I think houses in Logan will do much better over the long term.

 

Thanks guys, it seems rents are softening but mine are locked in at good rents and on new 6 month leases so probably a good time to cash out.

Yes Richard, looking for sites I can subdivide and add value to. Would prefer to subdivide, build and retain newer houses rather than the older houses I have at the moment.

Cheers

 

Was talking to an agent earlier this week based in that area of Logan, confirmed similar to what @Tom Rivera said sales have been very slow of late, particularly for units/townhouses. Houses still moving well.

 

I don't like the townhouse/unit market in Logan.
Just because price point is appealing (entrance) doesn't create a good investment.
There are no supply issues in logan, therefore the desire for unit/townhouses vs houses is not there in my opinion. Sure if you develop the block and build 5, sell 2, keep 3 etc.
I don't see them in general as good performing assets short to medium term.

 

For me, the only dwelling trend in Brisbane is houses. I see most demand and potential for houses to do well in most of Brisbane. I would definitely not be interested in units anywhere there.

Just my take.