QLD Logan Central, Kingston & Woodridge vs Slacks Creek

Hi my fellow PC'ers

As some on this forum might know I've narrowed down my search for an investment property into the postcode 4114 for my own reasons.

However, with recent property hunting I've noticed there is a slight discrepancy in terms of house prices in the neighboring suburb Slacks Creek, which commands anywhere between 5-15% more than a similar property in 4114 would. I thought I would get some of my fellow PC members insights into why that is so?

Closer to motorway, closer to the Hyperdome Shopping Precinct? Those are the only 2 reasons I can think of at the moment.

Would love to hear your insights.

 

And what exactly are these discrepancies? You might want to elaborate. Crime? Values? Higher rent?

 

I think he means Slacks Creek is slightly pricier than the other suburbs further south and he's not sure why.

 

York is exactly right !

 

Ok then, in that case the name helps a lot. Even if crime and all those other things were equal, Woodridge has a very bad reputation amongst locals.

 

My PM in logan tells me Slacks Creek has better quality tenants in relation to say Kingston and Woodridge. You also need to know there are some streets in Slacks Creek which are less desirable, like in most suburbs.

 

The keyword is "better" in a relative sense. My friend lives in arguably one of the best streets in SC and there are still constant domestic disturbances and drug and alcohol problems with neighbors.

 

Shawn - since your from Sydney ill try to give you an equivalent

This is my opinion and could be purely incorrect

Logan Central is like the Mt druitt - CBD (of the area) yes its got bad but thats because theres a lot of traffic (people) in there so you get the good with the bad

Kingston - maybe Whalan/Tregear - part of the 2770 but quieter due to low amount of businesses etc - still has a decent amount of HC

Woodridge - maybe Willmot (though is only an extension of Logan Central) - Bad stigma - Lot of HC/Social housing although nothern end isnt actually to bad

Slacks Creek - Below Paradise rd is old Kingston - filled with Social housing though has easy access to M1 - away from Kingston road it gets a little better

Slacks creek north of Paradise road - Wouldnt say its a nice place but lot less HC and i would give it an equivalent of maybe St Marys (southern side) - Hands reach to the other suburbs but slightly improved - seemed like a working class suburb more than HC suburb

 

@gach2 Thank you so much for the clarification.

I understand it quite a fair bit clearer now since I myself live not too far away from 2770.

So in an ideal world, I'd really like a property in Slacks Creek to avoid the housing tenants from 4114 and the troubles they may bring.

Anyone have good stories to share about their tenants in 4114?

 

what you mentioned may not be correct

Slacks Creek while not associated with 4114 is only an arms length away (your tenants could be ex 4114 tenants).

As Jaybean said there are still issues

Theres streets in Woodridge i think are better than some streets in Slacks Creek.

 

So what you are saying is that there are good and bad streets in the aforementioned suburbs and checks on the ground are required. I was also looking at beenleigh, evens landing etc and wonder what they are equivalent to. Entry prices are low enough for me.

 

kinda

i wouldnt say good or bad but each with its pros and cons

it just depends on your personal circumstances/goals

 

I was up in the Logan area a few weeks back, a few different real estate agents told me that certain parts of Slacks Creek were more desirable and commanded better rent because of the post code. As others have mentioned, depends completely on the location and street.

Also, with the flood mapping, some streets are very close to the flood zones, which made me wonder how those streets would fare if there was another flood similar to the 1974 floods.

 

Don't agree with this. We have tenants in our 3/1/1 in Kingston paying in excess of 4/2/2 prices of slacks creek. Comes down to your agent and the selection process..

 

Does anyone know how I may be able to identify the good bad streets of Slacks Creek?

 

Hi Shawn,

Slacks Creek is considered to be better than 4114. You have to be careful on which area though as Slacks Creek is broken down into several sections, explained below:

i) Between Queens Rd and Paradise Rd. This was originally Kingston but later renamed SlacksCreek. It's less desirable and the prices tend to reflect this. Stay away from the flooding areas around Darren Drive and Borman St. Also stay away from any street names with gemstone names like Opal, Garnett, Diamond, Pearl St etc.

http://en.wikipedia.org/wiki/Kingston,_Queensland.

Look at section on Kingston Industrial Waste Incident and Kingston Goldmine (copied below)

In September 1986 residents, in the Diamond street area of Kingston, started to notice black sludge beginning to ooze from the ground and seep into their gardens and began to complain of health problems to the Logan Council. (p4)[4] By April 1987 the council was warning people to avoid the sludge. Surrounding soils and ground-water were also found to be contaminated.

ii) Paradise Rd and Park Rd. The original SlacksCreek and the best pocket. Take a drive around and you will find the houses are nicer and the streets more presentable. A few small sections which floods so stay clear. Prices here are more expensive.

iii) North of Park Rd. You don't want to go too far north as it becomes an industrial area.

Hope this helps.

Thanks,
Michael

 

Hi Shawn
I have five rentals in the Logan Shire and I have driven around fairly extensively.
When an investor friend and I drove from Loganlea to the M1 motorway on route 95 it was a changing landscape. As you cross under route 6 into Kingston the houses look more tired and moving to Slacks Creek the houses became uncared for.
Woodridge is next door to these 2 suburbs
I have a very solid property manager and she has said that there are racial undertones and not to buy there as it was pretty much un redeemable from a gentrification point of view
Search Woodridge on google and there have been riots and racial tensions
I think you can do better in Loganlea, Crestmead and Marsden in particular has seen a lot of beautification. Rent returns are very good and the tenants seem a cut above.
A word of caution....When looking in this area have the real estate pages up but always cross reference the individual properties with the flood maps provided on the Logan Shire website
Another question you asked...how do I find the better streets...have a street map printed and ask several PM' s what streets to avoid and which are best. Cross reference that with sales results on the same map and a picture will evolve

 

I would also be asking the question will the demand be high for these areas - supply/demand soon (i would say YES - IMO - if not already), depending on your goals, if it has low vacancy, you have insurance and a good PM i would just add this to a bunch of other things to consider in due diligance and weigh it up. When the demand is high - i.e. people looking to get into brisbane market at low entry point, prices will move because of this. There are a lot of people that will still buy in these areas even if they are classed as "bad". If you are looking at lower priced areas things like 'bad tennants' are inevetiable and you can still make money and lots of it. In a nutshell i wouldn't have "bad tennants" and "bad street" as the sole reason to NOT by a property there. Investors make money in these areas all the time. Due diligance is the key and weigh the negatives with the positives and if the outcome still brings you closer to your goal then it could be viable.

 

Update :

So I've signed a contract on a place in the area today. Agent calls me at 5p.m. to tell me that the Vendor can only sign on Monday as he doesn't have a printer at home.

My thoughts are this :
Agent will call on Monday and say someone has offered +1 or so thousand above my offer, trying to get me to up it even further.


Am I just being too paranoid?

 

If they come back with a higher price and it is still within your acceptable price range, then just go with it. You're basically still in the negotiation stages right now, because any offer from a buyer in Queensland has to be put on a contract. The vendor may come back and ask for more or different terms and you will have to resign the contract if you agree.

The agent is not going to be pushing the vendor to get another couple of grand out of you, they want the sale done and dusted so they can get their commission.