QLD How are your investments in Logan Going

Woodridge. Whoops 2013, just under 3 years ago. Good chance it's pushed up more than 290, but big range in recent sales. Not many decent places going under 300 now.

 

Bought ourselves.

 

The most recent 3 properties I bought in Logan were properties with a twist.
Then with the new Logan planning scheme changes, the properties got twisted up even more, hahaha!

mid 2013 - I bought a truly dual living side-by-side house(s) made of brick for 320k in one of the lower ses Logan suburbs. It rents for 530 pw as the first brick house has 3 bedrooms, kitchen, living room, bathroom and the 2nd brick house behind which is double storey- is fully self contained as well with 2 bedrooms, kitchen, living room, bathroom.
With the new Logan planning scheme, the 700m property is now zoned townhouse density.
I could build a 3rd full house on the land but the tenants lose a large chunk of private open space.
I'm hoping it will change to medium density 3-4 stories in future, then I'll have some fun.

end 2013 - bought a Rochedale South dual living upstairs-downstairs property. Brick base, weatherboard upstairs. Bit lucky as the agent was not from the area and advertised it as a 3/1 when it was fully built in downstairs with a 2nd legal bathroom that was approved by Logan Council. Hence I only had 2 other competitors for the property. Made an offer of 430k sight unseen which was accepted as the family had moved to the United States and wanted to buy a home there before the US dollar rose higher. They had built in the downstairs for 60-70k a year earlier and accepted a 35-40k loss on the property with the sale price. It rents for 530 pw.
With the Logan changes, I can build a granny flat at the back of the 625m block.
The property is 210 metre walking distance to a major shopping centre that is larger than 2000m.
I hope it will be rezoned to medium density 3-4 stories one day with its proximity to the shopping centre.
I really have no idea what the revaluation price would be. I'm guessing 530 - 550k? I could be wrong.

2015 - bought a Kingston highset property for 285k in super. Brick base, weathertex cladding upstairs (termites hate weathertex, no sugars/starches in it). Downstairs is 2.385m so nearly legal height. It's not built in downstairs so the rent is only $320 but I am happy with that as the family is still sending their youngest to the school nearby and have been living there for 10 years. They want to keep staying there for another 3-4 years and I am happy to let this arrangement continue. I hope to use the leftover funds in the super to renovate the downstairs in 3-4 years time and perhaps even build a granny flat at the back on the 720m block. I hope to have the downstairs approved as legal height by the Council as it is so close to legal height.
This property was bought sight unseen and I did not even go down for the building inspection this time (not recommended for newbies to Logan)

 

$320k in current market, I'm hopeful for another 10% growth on top of that but only time will tell.

 

@Beanie Girl you are back!

 

@EN710 , you are too kind!
I didn't think anybody would miss me or realise I was not posting

 

Well, you are missed. I thought you would be busy with the Melbourne development.

 

Thats some good stories guys. Please keep continuing. I am enjoying the reads.

 

3/1/2 bought mid 2013 $280,000 - Think it's worth $310,000 on the conservative side. Rents for $350. Hasn't been vacant since we settled. Has had 2 lots of great tenants so far.

 

very much missed, welcome back

 

The one which is the gem is Rochedale...it is starting to really move. What you bought was a good buy.

Have you got any more in Logan?

 

Sash, do you mean 'Rochedale South'?
There is a new suburb above Rochedale South called 'Rochedale' which is in the BCC precinct.
Rochedale is a brand new estate with house and land packages with really exxy prices, I find
Rochedale South is south of that and Rochedale South is in Logan Council but next door to Eight Mile Plains which is in BCC.

Yes, Rochedale South is a good suburb, only a few areas to be careful of
I have helped a few people buy in Rochedale South.

Yes, just a couple more. I started investing in Logan in 2010 but research into Brisbane started in 2008.

 

Should have mentioned its in Woodridge

 

Hey Sash, what's your interest in Logan? A lot have shared here, would be good if you could do the same.

Cheers
Ben

 

The sting is coming, I predict by page 7 the mud slinging will start and we'll all get a good spanking for buying there.

 

My interest in Logan more the Northern most suburbs of Logan..not the lower socio-economic ones.

The budget and recent Interest rate drops have solidified this view. The issue for me is that the growth in Melbourne will be even more stellar so a hard choice.

My plan is to acquire another 10 in the next 3 years. But the choices are now hard where to drop cash. The better suburbs can resonate if I get it at good prices. But the competition from locals is now fierce.

I am already flat out with 3 H&L on the go in Melbourne/Geelong. I have already bought 3 in Brissie last 8 months (unit Annerley, House in Strathpine, and House in Clontarf). That take my total I Brisbane to 7 place.

I am focusing on more capital growth instead of returns...at the moment. Thus the focus on the better suburbs.

 

First property in woodridge couple of months ago. 3/1/1 lowset, 250k, rented at 360pw.

Done a cosmetic Reno and value came in at 280k, hoping to get a fairer val at around 300k in a few months

 

None personally owned there, but clients finding and creating some great deals. Market seems to be ticking along nicely. There is some good buying to be had. 6.5% returns out of the box aren't too hard to come by. A bit of work can get you >7%.

Just have to share my favourite deal to date. All numbers approx.

3 bed legal height highset on 1000sqm corner block for $305k.

$50k reno (incl holding costs).

Rented at $600/week.

First time investor.

 

How long ago was that Steve and in which suburb - if you don't mind me asking...?

 

Good to see you're back @Beanie Girl !

Have 2 in the area, the 3/1/1 in Marsden has gone up by around 17% of purchase price since Oct 2014 according to RP data, cashflow positive. Other one is in Waterford West, also cashflow positive- coming up to a year in June so will reval then, just browsing recent sales seem to suggest it's gone up by about 8-10%. Will be happy if it keeps tracking at this rate