QLD Logan Logan Logan

It is right next door though but has a 4127 postcode. Funny how it jumps up so much.

I have always loved Slacks Creek, have had one there since 2006 and bought again in early 2014 both are in that little pocket near the freeway just north of loganlea rd. Everyone talks about the North of Paradise Rd as being the "best" part of Slacks Creek, but seem to forget the most expensive and best streets are in that pocket. They hardly come on the market and sell quickly.

 

Best streets are north of Paradise Rd because south of it was a toxic dump before...

 

Greyghost, exactly the situation. Logan is a big area. Inside, there are different markets. One market has reached the top of a mini-boom, other markets have not yet. You have to do the hard work to find a good deal.

BTW, Greyghost, you have recently published your two purchases in July and March this year. Those deals have more than 7% yield. That is awesome!!!! It is damn hard for me to find anythings close to that. How are you able to achieve that?

 

I agree entirely, markets within markets.
I have to give thanks for beanie girl for her mass of knowledge and support.

The 6/2/2 was being sold by a rental agent from Ipswich. He didn't understand the market and was selling it as a favour as he helped sell the owners other 2 properties in Ipswich.

Lesson 1: find the best agent to sell your property, find the agent with the least experience or busy flipping properties when buying a property.

They property was being rented for 350pw.
It does need a paint inside and a little love but it's a gem and structurly sound.
We got on the phone and signed a contract subject to that day it was listed.
Agents phone rang off the hook for the next week apparently.

So that one is a yield of 8.5%, purchased for 307k and I'm sure if they knew what they were selling 6/2/2 legal height in Kingston with sub division potential and or granny flat if could have gone closer to 350k.


The one I bought in July does not have as much upside as they first. Just a good little earner. Backs onto a safe park.
Highset, has a really nice fresh fit out downstairs already. I'm just going to put another toilet in time. It was an owner occ.
Story behind this one is similar to the first, agent was from holland park or greenslopes. Didn't know the area.
The vendors mum was selling her home at a steal to them as she was going into retirement home and they needed x amount.

Lesson 2: understand and take advantage of the vendors notice for selling..

It also helped when the agent listed the property for auction (which not many properties in Logan area do), so it didn't get much interest in the first week. So I asked if they would sell prior to auction and the agent said he accidentally listed it as auction when in fact he wanted it sold.. Bright spark!!

So competition was not as fierce.

Finally we have an awesome rental agent.. My and others estimates of rental were 360-380, our agent got us 420, which is a 7.1% yield.

Like i said, not much upside on this one, just let it accumulate some cash in the offset.

I broke on of the rules of investing with this one though :FIMO - fear of missing out.

We had a Europe trip planned and I thought that as the investor interest in the area was getting stronger - influx of Sydney investors etc, it would become increasingly difficult to find deals that stack on paper, so I thought I would snap it up just in case. In hindsight for once I'm not regretting a decision as there is some pretty ordinary stock on the market ATM...

**Again I cannot take credit for my purchases, I have had assistance from members here....

I am in Melbourne so has been an experience.

I can recommend a solid Building and pest inspector and our rental agent if anyone needs a referral.

Would I buy again in the area? Yes, if the numbers stack.

I sound like Nathan birch here (cringe) but in an area like Logan where fingers are crossed for CG in the future you need to cover your bases in different ways.

Cashflow

Ability to value add to the property - highsets can be built in.

Buying in a situation where it favours you not the vendor, having an upper hand - or buying below market value..

Finally ensuring it is not in a dud area if you are from out of town. Eg unless you have done your research you could easily buy a property situated over the old slacks creek toxic dump - below paradise rd.
It takes time to understand an area, especially a lower socio economic one.

I'm no expect on the area but always willing to offer my thoughts to members. Feel free to PM me.
Sorry for long post.

 

Mate I lived in slacks creek for 10 years and never heard anything about a toxic dump. It can't be that much of a big deal if even the locals don't know about it. If you look at the residex report on slacks creek all the most expensive properties are South of Paradise Rd but east towards the M1.

 

Straight from Wiki - https://en.wikipedia.org/wiki/Kingston,_Queensland

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. By April 1987 the council was warning people to avoid the sludge. Surrounding soils and ground-water were also found to be contaminated.

In May 1987, frustrated with the council inaction, the residents of Kingston formed an organisation called RATS (Residents Against Toxic Substances). Because of increased leukaemia and other diseases in Kingston, they condemned the council and demanded action. Kingston residents could not afford a costly civil action so they went to the media and began a self-funded civic action.

That part of Kingston was later renamed Slacks Creek.

Cheers,
Michael

 

Mate, it was a big deal.
Between Kingston rd and queens rd

Maybe jump on "the google" for yourself.

It's hard to find any articles now but heaps on google:
Wiki
Under - history - Kingston gold mine
https://en.m.wikipedia.org/wiki/Kingston,_Queensland

Or
http://ashmcg.com/a-toxic-lesson/

Etc etc

I'm not sure how you can see increased level of leukaemia from people living close to the site is not a big deal.

Anyway, what would I know - I didn't live there for 10 years like you...

 

Thank you Greyghost for your generosity to share your great knowledge and experience. I can learn a lot from it. Also as you mentioned, beanie girl and other forum members such as michael are very helpful and shared loads of experience and knowledge in SS and PC. I will say thanks to them as well.

 

Good read but it was sorted out in 1991, 24 years ago. Nothing in the media of late so I'm guessing we're sweet. It is also West of where I was referring too.

 

LOL! Only in Logan!

 

I thought it was people on the other side of the creek was lazy and slack, that they called it that suburb....sorry my nightly lame jokes..

 

I think the nice small pocket Northy85 mentioned is in the east side which is quite far from the waste dump. I put a picture below. Are these the correct locations of the nice pocket and the waste dump?

 

That is the nice spot i was referring too. Cheers Sam. between the waste dump and the nice spot is some pretty bad streets too. My brother had a ppor in there and was constantly putting up with your typical "houso" neighbours. He is renting it out now and also made $30k worth of capital growth in less 2 years. Not amazing results but not bad for a now possitive cashflow investment.

 

Well done! I actually know which one. One of the first properties we considered early in our search. @monalisa didn't like its proximity to the park though. Great rent however. It did look cheap to begin with....good outcome

 

I've got a house in this pocket hopefully going unconditional today..

Yield is 5.85% if they agree to my reduction based on B&P and Valuer's valuation.

Fingers crossed...

 

Awesome, good luck.

 

the waste dump is correct,

as for the good area, id say not that great,
close to the fway, flood zones,

I personally think left of ikea is the best

 

Next to a motorway is always fancy.

 

What about the small pocket north of Park road? All looks pretty average in there between Park rd and the industrial zone.

 

I just read your thread the other day. It was you. Your posts alerted people we should not just chase yields. I agree with that. We need to choose a balanced approach and consider other factors such as: market cycle, growth drivers, land size/shape, property construction/age, street appeal, tenants, etc.