QLD How are your investments in Logan Going

Stuff that is priced well or under is being filled quite quickly. Generally limited options to raise rents in current market. On average investors have similar rents than 2 years ago or have had to drop a little. With all the new build activity rent rises on average aren't predicted to happen much at least for the next 2-3 years.

This is feedback from property manager on the ground.

 

I have two in Logan and both have gone very well.
1 is a highset 3/1/2 I picked up in kingston 2015. Got it for $215K and did a $25K reno. recently got a bank reval of $295K..rents for $330.
2. is a lowset 3/1/2 double brick in Browns Plains. Bought in May last year for $255K. did a $45K reno on it. Reval after the reno for $360K...rents for $330

 

2015 was 2015. Its now Mid 2017 and the property market in Sydney/Melb has grown another half a million dollars. Its a very different ballgame from 2015 figures so more and more people are forced to move to affordable places. Talking to my agents the influx has been within the last 12 months from Sydney investors into the Logan/Ipswich areas.

Whats the address in Logan going for $280k? - Cant find a single 3 bedder at that price. Cheapest currently in Logan central is $295k+ so it will be $300k minimum and that house on real estate needs a tonne of work.

If the property you are talking about is still for sale and its decent I will buy it tomorrow. I'm looking right now for another property

 

The point of this tread is to show how properties are doing in Logan (refferal to sydney was to the OP as the OP was bashing sydney at 2015 and currently). So a 2015 comparable is useful.
the 280+ property was the same address in mid 2015. If you think 15k (around 5% growth) in 2 years is good thats your opinion.

If your interested contact the agent (NOT ME). It was decent (not renovated but livable) 2 yrs ago when i inspected it.

 

Thats fine but just so we can all get a better understanding share with us the address. We can still find it from past sales and listings. Well I can anyway from my sources.

That way we can all relate to what your saying. Maybe that is this particular property, maybe it had something wrong with it? I've just had a look at some historical data. This is a direct copy and paste from one of my many sources.

"The five-year average increase in median property values for Logan Central,4114 has given property investors a potential capital gain of 20.78% across each of those five years.
Logan Central, 4114’s gross rental yield is 5.49%"

Which suburb in Logan are you referring? Logan is a huge council. Above is for Logan Central.

 

Take a look at 44 Parliament st Bethania. It's down the road from an IP I just sold in a good little spot.

 

Thanks for that - I actually was looking at this property this arvo. Just checked the flood maps and it looks all clear. Even at list price of $299k the yield is 5.82%. Should be positive geared from day one. Should be able to rent as is quite easily (its already tenanted I know but just saying). Outside/Exterior needs a little TLC but not urgent.

I'm going to run my numbers and maybe send through an offer.

 

I spent about 6 months living in the street while I renovated my place and walked the dogs past this place most days. It does need some external maintenance to gutters and timberwork. Nothing wrong with the location.
Otherwise If you're after an overpriced renovator I can offload my other IP to you

 

Some of the properties I bought for clients just 6 months ago have made $50k gains or more in 'real values' without renovations (not just bank values) representing 20%+ gains

I am still buying below market value properties but they are gone in a flash. All buyers need to be ready to make decisions - sometimes within hours

My property manager has all my clients properties rented within 2 weeks - often within a few days for above market rent.

There will always be demand for affordable housing. Extra $20 - $30pw is neither here nor there for the average renter, but for the level of stock investors are dealing with in Logan, it can make or break the cashflow equation

Personally my properties are also moving along just fine as well

 

215k wow

 

Recently settled on a property in Crestmead, advertised as a 3/1/2 and managed to get it for $298k- it was newly renovated inside. The sun/lounge room had its own area with carpet, partition walls, A/C and a door , which is basically a 4th bedroom. Renting now for $350 p/w. Excited to see how Logan region will perform.

 

Yep! it was a deal of a lifetime!!!

 

How? What was their circumstances?

 

@eletronic_exp0430
5 Alan Street Slacks Creek Qld 4127 - House for Sale #125411674 - realestate.com.au
the address was the first line of my post if you read it carefully

 

Yeah that house needs $50k worth of work or more. Probably doesn't appeal to a lot of interstate investors as they are not there physically so the audience is relatively small and to co-ordinate work from Sydney is very hard. I dont it once and I probably would only take on small reno jobs remotely.

The owners should fix it up a little and they'd get easily $330k + for that house. Its got big potential.

 

Yes, Logan is good area to invest.
my Park Ridge property is still tenanted.

The rental guarantee I got was very generous for 2 years long, while most majority of the people is only getting 1 year or even none.

 

How is the growth going Tekoz ? how much would your place cost now compared to when you first committed ?

 

Going very well mate thanks for asking , at least it is still tenanted.
Park Ridge Property Market, House Prices & Suburb Profile the median house price is up to $ 378k, I bought mine one for $300k last year and surely can only go up since Logan is getting more popular in QLD property market.

 

FYI Drewvale is part of Brisbane not Logan.
I have an investment in Park Ridge which I built for $360k last year. It is now valued @ $444k & is currently being rented for $390 per week. It went up $84k in less than a year so I'm pulling equity out to go again