QLD Logan Property 2016

{Note: thread continued from here: QLD - Logan Logan Logan}

Logan is not cheap, it's above 300k or is there a chance for below 300k mark?

 

Yes mate Logan is no longer cheap because investors have bought all the yielding stock and now over the next few years oo are going to emotionally drive up prices

 

I have seen some properties in Woodridge that came in below the 300k mark but requires work and not a good purchase.

 

I would say look for value. You can get below $300,000 but some of the stock have little value. If it requires work, a 3/1/1 renting at $330 per week is it really worth getting?

Would rather something for a bit more with dual living potential or nice block of land.

Cheers,
Michael

 

34 Lake Road Slacks Creek.

34 Lake Road Slacks Creek Qld 4127 - House for Sale #121492926 - realestate.com.au

Quite like this place. Just no money

 

But how much can it be rented?

 

320-330 around about would be my guess

 

Took a look at Logan last weekend. Locationwise what is has going for it is both its proximity and accessibility to Brisbane and Gold Coast. Having said that though, I would either prefer to be buying close to city in Brisbane or close to beaches Gold Coast.

But perhaps for families looking at an entry level house and wanting some space Logan would be OK.

 

But from a capital gains perspective I can't see it as overly strong.

All that said, buying now a anywhere in Brissie (or Gold Coast) you can't really go too wrong. We have a decent 3-5 years of solid growth ahead I think.

 

Visited this before Christmas.

Great part of Slacks Creek, original Slacks Creek. Only issue is the cashflow, get this for around $320,000 and rent for $320-$330 per week - will be negative.

Downstairs is pretty bare, so have to start from scratch. If you could get this for sub $300,000, could be good buy.

Cheers,
Michael

 

what would be the typical annual council rates for Logan?

 

Around $3000 per year

 

wow, that's a lot and definitely, Logan is not a cashflow positive (as was thinking to buy one), take above example, annual rent after agent is about 320*52*.92 = 15308, then take $1000 insurance, $3000 council plus potential land tax, with a loan of 240k on 5.09%.

 

I think 34 Lake Rd could achieve $340-350
Snap it up for $315K and numbers aren't too bad.

 

That Lake road one looks old, clapped out and like it needs a bundle of maintenance. No thanks!

 

Good looking front fence,for the vendor the numbers look ok,236k in jan 2007,but the rent is $300.00 per week..

 

Yep, was cashflow positive 12-18 months ago, now prices have moved up too much. Probably need a dual living arrangment or to pick up a 3bdrm under 250ish now to make the numbers work. Will be interesting to see if rents rise at all following the recent price growth.

 

Is that across the board for all properties seems quite steep though

For e.g a 900sqm property in glen Waverley, Victoria ard 1 mil is only ard $1600-$1800 per year

 

No, it is $3k per property. Logan charges more from investors than owner occupiers.

 

what is the council rates for owner occupiers then?