Disappointing Growth- Woodridge- Logan, QLD

Actually comes from RP Data, hover over the '?' and it says RP data.



At the bottom it says both RP & RE.com but the RE.com is the days on market and rental yield.

 

I looked at the various areas, did not like them & felt it run already too much for my liking, but no one can argue it has not grown.

As far as data goes, do not trust any of it, but if you look at pockets with mainly existing housing and not too many new builds or new estates, if it is in a positive direction, this should confirm all other signals.

I do not know for sure, but I am pretty sure if you go to any newly listed opens, you will have a few others to contend with, I had a couple of trades up there suggest it is a good place to invest (this is the kind of signal however that tells me to stay away ;- ) )

OP I would still hold for a bit, at least pick the best time to sell, all the other advice about timing is why you feel it has done nothing. We are past the election now & a few other bumps at least.

 

the x factor here is it says "& RE.com.au".

eg, All those sales that say "contact agent" - are they recorded in the figures?

 

also i believe Core logic RP data and "RP data" are the same

 

Corelogic did buy out RP data, I never said they weren't the same

 

Who knows but considering the median house price is by RP data I would assume yes.

End of the day you do your own DD and use whatever resources you think are suitable

 

I don't know much about the specific vslues in the Logan market. I know a lot about what happens in Logan socially and the demographic etc. I feel that it is not a bad investment there.
The issue is you are competing with a lot of investors there's many many rentals in Logan need that balance to shift a little more. But for position I don't think it's too bad and it's serviced by quite a lot of infrastructure and amenities
As Brisbane and the Gold Coast grow it's in a good position. I don't feel it's any sort of long term dog. If I had a property there as long as it wasn't massively negatively geared and particularly if it had a decent size block there's no way I would be selling

 

I wonder how much an RBA rate drop or two (looking quite likely) will convince any Logan renters to leave the rental trap and just buy a home instead?

If there are two cuts this calendar-year; that'll put repayment+strata+council rates on most Logan are townhouses and apartments below the weekly rental cost. How many will figure this out and switch over to owner-occ? Who knows! The other side of this equation of course is how many Logan folks ave a good enough credit rating/employment history to qualify for a mortgage. I don't want to stereotype however typically lower-socio areas struggle with poor credit and employment records, leaving them in the rental trap for longer.

 

... and deposit...

 

Guys ignore those re.com median stats

Absolutely ridiculous and grossly misleading

Best is to check out very recent sales.

Similar propertirs in the close vicinty. Find 5 of the latest and if they follow a pattern there is your market price

Alternativdly you can ask an agent but they often give you optimisitc figures to get your business.

Some agents that i talk to i know will give me an honest answer. So i will talk to them

 

The other question i have. And im not a sociology or behaviour expert.

But regardless of whether property becomes afffordable or cheaper then renting. Do people in these sort of groups even think about buying?

Cant imagine people that live day to day would ever be able to save up 30k

 

@TMNT that is a fair point. Saving for a home requires discipline and lenders want to see at least a 10% deposit these days; ideally more.