Hi All, I am trying to buy my first investment property and looking around Woodridge area. I can see properties around $300K - $350K range. I am new to this area and investment domain. What do you think about buying properties in this area and rent around $300/week mark? Numbers seems good. Just wondering if there are any potential issues to avoid in this area? Thank you.
Hi there, I own an investment property in Woodridge and picked it up a couple years ago. When purchasing, I got a really good deal and so it was worth the purchase. However, since then I haven't seen much growth from the property. so I wonder whether you would be better off purchasing in a higher-demand suburb for your price range? I am confident the suburb will move over time but you may find a better performing asset elsewhere. Woodridge is generally a lower socioeconomic area and unfortunately, this comes with a bad stigma. This results in the suburb having a lower demand from owner-occupiers and some investors. From a positive perspective, it is only 20 odd minutes to Brisbane and is close to much more expensive suburbs where price growth could trickle down. An alternative would be a suburb like Slacks Creek which has stronger demand with a similar locality. You may still be able to pick up something under your 350k budget which could prove to be a better performing asset. I hope this helps. Cheers,
24 Yolla Street Eagleby Qld 4207 https://www.realestate.com.au/sold/property-house-qld-eagleby-136277306 This one just sold in Eagleby if you are looking for alternative lower budget locations. I have not been brave enough to buy in Woodridge though some on the forum have ( and do). Crestmead and Marsden .. perhaps renovator? Maybe Ipswich?
Be careful in Eagleby. There is a major road planned to go through that suburb, make sure you avoid possible corridors - not sure if the exact route has been gazetted.
Thanks a lot for the reply. That helps. May I know why you indicated you have not been brave enough to buy in Woodridge please? Is that because of vacant rate for rentals or lower growth?
Hi Branden, Thanks for your reply. All makes sense. There were couple of suburbs like that in Brisbane north-side (eg: Taigam, Zillmere etc). Now they all have picked up. So other than the socioecomonic issues, is this area has any other issues like industrial zoning like that? I went through your web site and found some helpful information like how to find overlays etc. Do you know how can I find that kind of information in logan area? Brisbane city council has a website called pdonline, just wondering if there is something like that for logan council? Thanks again.
It doesn't present any other major issues that I am aware of but would be dependent on the locality of the property you are looking into. You can determine the overlays of Logan properties by typing in the address on this site: Logan PD Hub
Thanks @Branden ! It came up with "OM - 11.01 - Strategic airport - Bird and bat strike area". Appears to be a minor thing?
When considering these lower socio economic suburbs best to have a look at how they travelled in non boom times (e.g 2018 - 2019) to see how future dips / risk affect your goal / timeframe. For reference, good to compare with the suburbs having higher OO levels as well - some not much above this price range either, they tend to be less affected by flighty investors who cut and run when the going gets rough....
I think Woodridge is having a wonderful run of recent. Most sales from realestate.com have demonstrated 400k and above (some starting to push 500k). Exciting times if you have your money invested.
I have been tracking the performance of my own property within Woodridge. It appears over the past couple of months sold prices have shot up consistently above the 400k mark. This is a great return for investors who would have purchased a couple years ago while many properties were still in the 200's.
Congratulations to you and all other Woodridge owners. The area has not moved a significant amount for many many years. A mixture of low interest rates, people wanting to work 30 minutes from Brisbane city, accelerated by Covid, and also some gentrification has helped Woodridge move the last 3 months. Let’s see what November brings.
Yes, RESPECT for those who went for woodridge. I used to think Ur brave, now I think Ur smart. I saw a bus today going to Trinder Park, as if it was a destination. Maybe it is!! Well done the 'dridge
