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Eagleby/Beenleigh Rent

Discussion in 'Property Management' started by Jmillar, 17th Mar, 2016.

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  1. Jmillar

    Jmillar Well-Known Member

    Joined:
    27th Jun, 2015
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    Location:
    Sydney
    Hi guys,

    Just wondering what people's thoughts are regarding rents in the area? I bought 2 units here about 9 months ago, and when I looked there were a fair few on the market around $240-260/wk (2bdr units). Now there seems to be little/no stock at all on the market.

    Has anyone seen some upward pressure on rents, and do you see this continuing?

    Also, I have an off-market opportunity to buy a 3bdr unit in Beenleigh for $185k. Seems okay given it doesn't seem like you can buy a 2bdr unit for $180k in these areas at the moment.

    What are your thoughts on 3bdr units (single level) vs 2bdr units? I'm trying to get a guide on potential rental from my managing agent but I would think it would have to be $270-280/wk? It's in slightly better than original condition.

    Cheers
     
  2. Azazel

    Azazel Well-Known Member

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    Gday @Jmillar ,
    Since you've already got the 2 units in the 1 suburb, I would be looking to add something different, look to go up a bit and go for a house if your budget can stretch.
     
  3. meme plecko

    meme plecko Well-Known Member

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    sydney
    We bought a 3 bedroom townhouse in the same area around the same time, also slightly better than original condition (25 years old), which we further improved with fresh paint, new carpets and a split system aircon. Rents for 280, yielding 7.7%, but still, only just CF+ as we have to pay for water and boy those council fees in Logan are massive. Body corporate fees are low. I'm mapping rents and stock on the market monthly, it looks like I should ask for $10 increase to bring it back to market value.

    Would I buy a townhouse/unit in Logan again? Probably not, the jury is still out on this one. My thinking back then was, if I buy well, and if house prices take off, units/townhouses will follow simply due to affordability/low entry price. Similar stock (no, identical stock is probably a better description) is selling for 20-25% more compared to what we paid, but that doesn't indicate any massive capital growth over the last year. We just bought well it seems.

    Going back to townhouse prices pre-2009, Logan townhouses had massive growth back then, so hoping for a bit of growth this time around too.

    Why are you specifically buying units in Logan @Jmillar ?
     
  4. Jmillar

    Jmillar Well-Known Member

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    Location:
    Sydney
    Thanks. Just bought a house near Ipswich, and looking to buy a couple more IPs. Will look at houses or units anywhere in QLD - just buying based off the numbers.


    Thanks for the feedback.

    I just figure that you'll never again be able to buy units under $200k, and it's good to snap them up. I can already see they're starting to move, and I think interstate investors will continue to jump on them based on price point. I bought my units for $155k and $160k (bought them well, they should have sold for about $170k) and now would be around $180k or more, and it looks as though they're still moving in an upwards direction. When I bought the unit in Eagleby for $155k, I found a previous sale in the complex for a similar unit at $205k in 2009. I figure that if people were paying over $200k 7 years ago, then the prices really should be at a level higher than this now.

    As above, I will look at units or houses. I'm more looking for houses that i can add value to at the moment, but this 3bdr unit seems to be a good buy at $185k. I think it's probably worth $200k.
     
  5. Azazel

    Azazel Well-Known Member

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    That's a good way to find some value, buying under what someone has previously. And they should go back to that price again and above eventually.
    Good to hear you're going for houses as well.
     
  6. Richard Williams

    Richard Williams Buyers Agent - Southeast QLD Business Member

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    Location:
    Loganholme, Brisbane
    I would be cautious of the unit market in those area's considering the re zoning for more units to be built... If you look hard enough you can get a house with close to 7% yield and no strata fee's... Or you could try and get a house with unit/townhouse zoning then your talking :D
     
  7. MyPropertyPro

    MyPropertyPro SE Qld Property Management & Investor Services Business Member

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    Location:
    Australia
    Hello - I have just had a look on RP Data for you which shows me all of the 3 bedroom houses, townhouses and units that have rented in Beenleigh - when they rented and how much for. It seems in the last 6 months the average rental for a 3 bedroom (average condition) has gone for $340-$380 pw. I am an agent in Brisbane and you really cannot get much under $340pw for a 3 bedroom in most suburbs! Also the vacancy rate in Beenleigh is low at 1.8 percent. Hope that helps - let me know if you would any further information. Jodi.
     
    RetireRich101 likes this.
  8. RetireRich101

    RetireRich101 Well-Known Member

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    there were a few apartment/townhouse centre zoned properties, approx 600m2 with a fibro house that can be rented for low $300/wk. It was sold low to mid 300k. You can demolish and build 3 or 4 dwellings on them. I thought price per sqm was relatively cheap from a developer's point of view.

    the plus side is few agents either unware of the zoning of the property

    eg this one got sold late last year for low 300k. no mention of its zoning. This can easily put a 3 or 4 unit on it. The numbers don't stack up now, but will in 3-5 years time if you decide to build.

    Sold Price for 10 Killinure Street Beenleigh Qld 4207