QLD Woodridge

Discussion in 'Where to Buy' started by Samj, 17th Jun, 2021.

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  1. Samj

    Samj Well-Known Member

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    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.
     
  2. Branden

    Branden Well-Known Member Premium Member

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    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,
     
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  3. boganfromlogan

    boganfromlogan Well-Known Member

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    Propin likes this.
  4. Marg4000

    Marg4000 Well-Known Member

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    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.
     
  5. Samj

    Samj Well-Known Member

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    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?
     
  6. Samj

    Samj Well-Known Member

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    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.
     
  7. Branden

    Branden Well-Known Member Premium Member

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    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
     
  8. Samj

    Samj Well-Known Member

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    Thanks @Branden !

    It came up with "OM - 11.01 - Strategic airport - Bird and bat strike area".

    Appears to be a minor thing?
     
  9. boganfromlogan

    boganfromlogan Well-Known Member

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    I am worried about growth in comparison to my favourite suburbs
     
  10. Closet

    Closet Well-Known Member

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    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....