I have been driving around Woodridge area for couple days now, but because i never crossed my foot this way before, it is so hard to tell what is a good deal and what isn’t. Can anybody tell me something about Woodrigde? Woodrigde v Logan?
Anything would help.Yasmina
Hi Yasmina & welcome to the forums !!
Woodridge when compared to Logan is seen/said to be a rougher place…..
BUT……
It has improved GREATLY Over the years, and there is some good potential there….. It may need you to keep a close eye on any investments there, but prices are cheap, rents are good……..
Do your homework… talk to the agents, drive around, see for yourself…..
Like Logan, these are emerging suburbs, which over time will improve, both socially, and price wise….
Cheers
Scott
Originally posted by Yasmina:I have been driving around Woodridge area for couple days now, but because i never crossed my foot this way before, it is so hard to tell what is a good deal and what isn’t. Can anybody tell me something about Woodrigde? Woodrigde v Logan?
Anything would help.Yasmina
It gets confusing as the council area is logan , and some people talk about logan when they’re really talking about Kingston / Woodridge / Logan central etc. ( at least that’s what I think about )
Different people will give you different opinions as to which are better, but I think you need to have a look around the area and see which streets look ok , and which ones look ratty .
One of the attractions of logan is that it’s relatively central for a cheap area in Brisbane , and it has train stations and access to freeways.
It’s also been the target of some urban renewal , though I didn’t see it before
We went for houses in preference to units as the strata fees eat into the rent.
You should be able to pick up an entry level house in reasonable condition for under 170.
See Change
Thanks for reply SeeChange
I have preference in houses as well, because i think that body corp is waste of money. Question about houses without tenants, how good idea really is to buy a house without a tenant, and how quickly house can be rented out in those areas?
Agents that i called today are giving me those “beautifuly painted pictures” but i would like to know what the reality is?
Appreciate your advice and experience.
Cheers.Yasmina
Havn’t talked to our PM’s recently , but the only one’s we’ve had problems renting out in the past have been a couple of earlier buys which in retrospect had problems. Since off load at nice capital gain..
All of our other properties have rented easily when vacant.
See Change
Yasmina,
You could ring around to a few agents posing as a tennent to find out demand ,rents etc.
hrm
Hi DD here, the houses in the woodridge area are set to be the flavour of the month in about 3-6 months time. This is due to one very important factor, the townhouse and unit market there is going batty at the moment and most agents are now struggling to get stock.
What this means is that as the prices of these units is being pressured northwards, buying a house for the $170k+ range is a lot more attractive than a 3 bedroom unit I recently saw for $165k.
Yes the body corp fees are a hit in the pocket, but also tax deductable. What has to really be looked at is the % return in cap gains and rental ratios.
With a $185k house you get between $185 and $240/wk rent, a max of 6.4% for the rent. With a $5k reno you can still achieve 7.5% rent return for units(yes before you take out the B/C fees), but still a better paper return regarding servicability with some lenders.
Then with a house looking to rise 10% on average in the Logan area in the next 12 months and units/townhouses looking at 25% due to the usual pressures of demand and 1200 new people landing each month. A 13 storey apartment building recently approved due to change the skyline, Aldi supermarket last year in October, Kingston has a new indoor aquatic centre a year ago, all minor in their own right but all adding to the jigsaw picture of why to invest in this region.
A melbourne based investment company will be buying houses in Logan for their clients(spoke to them this morning) to complement their existing Victorian portfolio.
Yasmina, there are too many reasons this area is hot to go again. Now the houses have been pretty stagnant for the last year as the townhouse market and rentals in the area have caught up to some degree. Now I feel(opinion not advice) is the time to start looking at house returns and comparing apples to the oranges in a slightly different market neiche.
Several large developements are scheduled in the next 2 years, so maybe its better to take the plunge sooner rather than later.
Other markets such as Cairns are also set to rise, but due to the 3 large developements happening there right now, 110, 180 and 190 units in three separate southern subs developements, it looks like the locals there didnt learn from the 90’s at all regarding over developement.
Some nice pockets of quality estates are well worth looking at. One being Bentley Park which has everything you need in a 2 minute radius, a high percentage of houses and only 3 small townhouse complexes at the start of Roberts road.
It is all a matter of learning, researching and feeling comfortable about whichever areas you choose. So get as much info from as many sources as you can, write things down, get a map and reference your info to the map. Then target for investment based on your findings.
Just dont ponder too long. Markets and pricing affecting your decisions wait for no one so be decisive and good luck.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Interesting way of looking at things DD.
Else where you’ve been saying that unit prices have been going up because first home buyers can no longer afford houses. ( I agree )
Now your saying that the increase in unit prices will force house prices to go up. Can’t quite see the logic in that given our first assumption.
Every where else I’ve watched in this cycle house prices have gone up to be followed by units , but in all of those areas , subsequently houses prices have started going down ( as the are in logan ).
Given that Logan was one of the last places in a major East coast city to start moving in the current cycle, I will be most suprised if the tables turn and Logan is one of the first places to start moving up at this stage cycle.
I’d be quite happy if it did [biggrin], but very suprised. The agents I’ve talked to there in the last week report the market is still pretty dead.
See Change
Hello again
Thank you all for such great imput.
I guess the best way of learning is by DOING IT. Sometimes we have to make mistakes in order to find the answers. I just hope that all this is going to be good experience, but i have to tell you i cant hardly wait. I was in denial thinking that i want to become a Real Estate agent, but i discovered that really what i want is to become a investor, big difference. Logan, Woodridge…here i come. Cheers.Yasmina
Hi all, me again.
Today i was told by couple of people and couple of agents that is should be looking for investment property in Beenleigh or Eagleby. Can anybody tell me about these areas? [confused2]Yasmina
Eagleby… I read somewhere in a newspaper saying that the area has very high criminal records and cops can’t handle it.
I recently bought a house in Logan Central, and agents said that they don’t have enough rental properties and the vacancy rate is less 1-2%.
But people who are renting the area can only afford the rent and nothingelse.
I tried to do “lease option” there,but despite of many calls, only 1 or 2 families had a few thousand dollars aside for an option fee.Sea change, its basically where the best potential rental return is, either houses or units.
As unit pricing continues to rise($20k in last 3 months yahooooo!!!!)this means that the rental return ratios are tightening up. So when you can buy a 2bed townhouse for $125k with a $160 return with body corp fees and smaller land footprint to worry about, the houses at $159k with a $210 return and no body corp fees and greater land content would then again be more attractive for your investment dollars.
So to give an example, a $100k unit getting $150 rent is a 1.5/1 ratio or 7.5% return if the same unit now costs $120k the rental stays at $150 and you have a 6.25% return.
For a house at $159k to get $210/wk rent it is at 6.8% return and more attractive for the above reasons.
As for Beenleigh and Eagleby, another 10-15 minutes to Brizzy CBD, Gold Coast council with different rates etc, crime is still higher as rents havent pushed up quite so far yet, and in the same area is Bethania, right near the water, a bit of an enclave with better than average growth than for the surrounding suburbs. Edens Landing is another townhouse dominated suburb there too with more retirees and its own train station and small shops. Pricing here is a little higher with no better return, so finding those bargains may be difficult here too.
Whatever you decide, good luck.
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!Hi Yasmina,
I am aware this dialog was a while ago now, however, I am intrigued to know whether or not you purchased an investment property. If so, where and how did it perform?
I am interested in purchasing an investment property in Woodbridge/Logan Central. Would you advise me to do so or not because of crime, social housing etc.?
Regards,
Brandon-
This reply was modified 6 years, 6 months ago by Brandon.
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This reply was modified 6 years, 6 months ago by
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