QLD Logan Property 2017

How did you go with this one? Seems like a good deal as when I was looking same time last year the ones with development opportunities there were around 500k. For that price I would probably consider going in unconditional if you're happy with your finances.

 

I believe, that’s rubbish price for a property that has train trucks at the back.

 

It’s like buying in ‘The Ponds’?
The same Ponds that has a 14.15% average annual growth over the last 10 years?

 

Not everybody wants to live close to the city. Totally different appeal. Maybe from an investor the proximity to the city is important but those suburbs you mentioned have very high o/o appeal. Plus the access to the freeway from those suburbs means that travel time to the city is quiicker then some places that are closer in proximity. In no traffic I'm in the city in 20 minutes. Even peak hour the bus from hyperdome to cbd is 45 minutes which isn't too bad. We purchased a property in of those suburbs you mentioned and for the same money we could have bought a ****** run down house on a micro 400m2 block maybe about 10kms closer in suburbs which are in no way better. Instead we bought a 4/2/2 1200m2+ pool ducted air con solar rain water tank list goes on in a beautiful leafy green suburb with close to 6% yield.

 

How has everyone been finding tenants recently?
My property in Waterford west has been listed for rent for some time now with no applications. Dropped rent $20, will drop further if necessary.

 

We recently evicted a tenant out in Hillcrest. Took about three weeks to find a new tenant but we got the same price as the existing tenants.
Do you have a good property Manager?

 

Hey Jesse, definitely seen a reduction in enquiry in the Logan area, but still renting homes quite quickly if they tick the boxes and are priced right. Funnily enough, I rented a house in Slacks Creek for $600wk in less than a week, but I've been struggling to shift a nice tidy little 3-Bedroom in Kingston for $310wk....!

 

$600 is a lot, don’t suppose this was a dual living high-set? I think these are still high demand.

Apparently most open home attendees were disappointed to find my house was not set up as dual living, makes me think I should bite the bullet and install a shower and kitchenette downstairs, 15k investment for $100 per week increased rent return.

I’ve always been torn when it comes to renovations whether to install internal stairs or setup for dual living, considering I’ll probably hold for another 5 years, I think dual living will win, what are your thoughts?

Mine is legal height downstairs, think it was built as a 5 bed originally.

 

Sure was! I'm about to rent another one in Beenleigh within a week for $550. I can't believe how well these things rent! You just have to be very careful not to rent them to the wrong tenants....!

Assuming your downstairs is legal height, the kitchen(ette) makes all the difference in the world. I'd definitely look into it.

 

Good news guys, they've revised the granny flat changes. http://www.logan.qld.gov.au/__data/...ice-of-Proposed-Changes-to-Council-Policy.pdf

 

Hey mate just reading through this thread fairly new to pc I am just going through council for da at the moment on a subdivision in logan 1 to 3 keeping exisiting house. If I could message you or get some advice maybe with how you made up the 84k in costs as this is my first sub thanks

 

6 Limosa Court Crestmead Qld 4132 - House for Sale #128884778 - realestate.com.au

Sold for 240k at Auction but needed a lot of work. New bathroom with new plumbing etc. After reno costs take into account would be probably not much equity made?

Street looked a bit crappy compared to other streets in Crestmead.

 

Not sure on the street but looking at that rehab and after doing a rehab on my Sydney property I would definitely have picked that up for that price if I lived in Brisbane. Hard to do reno jobs from Sydney.

I reckon I could do the whole thing to a rentable/livable state with approx $15k in reno costs.
Flat pack kitchen + new sink and vanity for bath + drywall + paint and carpet. Easy reno job especially if you do the paint/drywall + flarpack install yourself. Probably come in under $15k depending on how tight you want to be.

Total would be approx $260k all in. Rental on my 3 bed in Crestmead is $340 per week. That would give you a very handsome yield figure + you you've just added a decent amount of value.

One of my house in Sydney was very similar 3/2/1 layout I spent <$15k in a recent reno on it. Obviously doing alot of it myself but it turned out beautiful and looks brand spanking new actually.

 

I was interested in 6 limosa also but did some DD it was too close to flood zone for my liking, a couple houses down and your in a flood zone, still was very cheap.

i purchased in late June- 18 overton crt crestmead for $280k at auction, renting at 370pw.
18 Overton Court Crestmead Qld 4132 18 Overton Court, Crestmead, Qld 4132 - Property Details
6 Limosa is the cheapest ive seen in Crestmead since then

 

Your one was not too bad - it didn't need too much work - your place looks like you could rent it out as it was.

Limosa St needed work so its a very good opportunity for a quick reno job - I could do it in 3 weeks no worries at all. Good opportunity to value add for very cheap. By the looks of it buyer got a heck of a deal at $240k.

After a $15k reno it would look brand new throughout. Easy equity right there.

 

My one was already tenanted so i havent touched it!
i think the buyer got a good value property and easy equity built in with a under 20k reno, would get a valuation around the 300k+ i believe

just i get scared of the flood zoning haha

 

Is there any parts of Crestmead and Marsden that one should avoid.

 

I would avoid the part of marsden that is close to scrubby creek and in the flood zone (check the local flooding - not necessarily the logan river). I would question buying on the busy roads also, but that can be good and bad. Marsden doesn't have great transport compared to loganlea meadowbrook, but that is OK if you drive. Not so good for tenants

 

+1 for this

 

Avoiding the homes that are directly flooded, the Western side of Marsden closer to Berrinba does tend to have the better neighbourhoods. Certainly, the Fifth Ave shops are MUCH nicer than the dirty old Marsden Park Shopping Centre.