Any thoughts on beenleigh or eaglby area?

Discussion in 'Where to Buy' started by gazvic, 15th Feb, 2005.

  1. gazvic

    gazvic Member

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    Have read lately in a number of publications that this area of Brisbane is one of the hotspots for 2005 ?? anyone have any thoughts on this or who may be looking or has bought in the area...

    thanks

    Gaz
     
  2. Tim

    Tim SpongeBob

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    I have had a typical 3 bdr brick/hardiplank rental in Eagleby since 1991 (lived in it myself for the first 5 years).

    Bought in 91 for $73k, it rose slightly for two years, then lowered until around 2001, when it was worth about $65k (after 10 years). It peaked at around $220 one year ago and is now sitting around $185. If you compare this with say Wynnum, which in 91 you could buy an old fibro for $65k, it has done poorly.

    I also have a unit in Beenleigh which I bought around 18 months ago for $85k which is sitting around $135k, so it has not done too badly.

    I think the area around Eagleby and Beenleigh is a slow steady growth from here on, judging by the overall land development going on around these areas, and new infrastructure in Beeleigh. There has been talk of develping the area behind Eagleby right back to the bay area, including doing away with the cane fields and making it canal estate, also talk of putting in a picture theatre etc in Beenleigh. I have not seen any concrete evidence of either but have heard of rumours for a while (not that I have been searching for info though).

    Eagelby has definitely come up in the world, and link road across the freeway to Beenleigh has helped, it used to be very down and out, but I notice a lot more family types (albeit poor migrant types) now, and it seems to have a better reputation that Kingston or Woodridge.

    I personally think Eagleby and Beenleigh are well placed geographically, being close to Bris city, Gold Coast, theme parks, Mt Tamborine etc.

    I know in Beenleigh you can buy an old cottage for around $200k with land that is zoned by GCCC allowing unit development, where as in Eagelby I don't think this type of block is available (or as readily available anyway).

    My experience with rental in Eagleby has been reasonably transient, and I have had some shockers along the way.

    I tend to think these areas are not going to be stunner performers in the long term, however I tend to think that their performance will improve over time due to population growth around them.

    Hmm there is lots more I could say, if you are seriously interested you can PM me, if you have'nt already phsyically checked them out do so. Eagelby is definitely the "poorer cousin" to Beenleigh.

    Anyway, I personally like the areas but that is emotional not investment thinking.....

    Tim
     
  3. willair

    willair xx

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    I know in Beenleigh you can buy an old cottage for around $200k with land that is zoned by GCCC allowing unit development, where as in Eagelby I don't think this type of block is available (or as readily available anyway).

    Tim,
    good post,you know the area well,just a quick question did you look at these
    properties in the 200k mark,and what was the total land area.
    good luck
    willair..
     
  4. Tim

    Tim SpongeBob

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    Willair,

    my brother owns one in Beenleigh, he paid $200 for it about 1 year ago, it is hard to say what it is worth now, around $200-250k (he has spent money on the house and block).

    I think roughly the land area is about 1100sqm - it is zoned through GCCC for 16 x 1bdr units or 8 x 2 bdrs (or some other mix thereof), I think from memory you can go 3 (but I am sure 2) stories high.

    His particular block is placed very centrally to town within just a block or two, you could walk into the centre of town within about 3 minutes.

    I think he has about 90% or more of the value in land content, which is good for later development (if he goes down that track), but not necessarily fantastic for the value of his house. The house is quite old and wooden but actually in extremely good condition (quite a pleasant place really), it would rent for about $230 per week or thereabouts.

    There are already a few units around this area (which is near the coles shopping centre, police station and railway centre area), however it would seem that these existing units benefit already from what is probably the most centrally located area for units to be in as near to the CBD as possible, in terms of low rental vacancies and reasonably good rental returns.....

    Hmm what more can I say, maybe one las thing, the tenant just left my house in Eagleby, was paying $185 p/wk, I had a new tenant in under one week paying $200 per week. The agent says that out of 400 properties the vacany rate is around 12 houses (3% is quite good).

    Cheers, happy to respond with any further help if anyone has any other questions or whatever.....

    Timbo
     
  5. willair

    willair xx

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    Tim,
    Thanks for your time,your brother will do well in the longrun..
    good luck
    willair..
     
  6. Tim

    Tim SpongeBob

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    Forget to mention, you can go the GCCC website and view the zoning for individual blocks, which is helpful if you are considering buying...

    Timbo
     
  7. gazvic

    gazvic Member

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    thanks for all that info,very helpful. would have replied earlier except for a damn virus on the pc.

    gaz
     
  8. Tim

    Tim SpongeBob

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  9. knightm

    knightm Member

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    "There has been talk of develping the area behind Eagleby right back to the bay area, including doing away with the cane fields and making it canal estate, "

    Jan or Feb's (cant remember which) API magazine had a article about the bill currently before parliment which will block development for the canefeild regions between Br and Gold Cst and also Br and Suns Cst. Consensus is that a bill like that would reduce supply and push up prices.

    I have a unit in beenleigh and a house in bethania - both did well for me in the tail of the boom in 03, records show they languished for 10 yrs before that. Given the numbers of people continually moving to s e q I cant see how performance could be that bad in future, may not be stellar but should be some ok growth if migration patterns continue. Its a pretty major corridoor and long term it aint going away.

    Cheers, knightm
     
  10. Tim

    Tim SpongeBob

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    KnightM,

    that's interesting. If you hear in the future that this bill transpires it would be great if you could post to this thread again.

    I agree in general with your comments re the corridor and growth etc. The previous ten years to 03 DID see prices do not much. A lot of the houses in the Eagleby area are not the best houses in the world, so they are always going to appeal to a certain market. I always thought that way, way down the track those sort of smaller houses would either be knocked down or would eventually be "cottage like" and be either way expensive due to the land component.

    Yes the area is going to fill up. I remember in early 70's it all being just about bush between Logan and Gold Coast - not so any more, give it another 30 years and we might see multi level highways or similar......

    Cheers,

    Timbo
     
  11. gazvic

    gazvic Member

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    tim,
    any advice on a good property manager in beenliegh??
     
  12. Tim

    Tim SpongeBob

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    Gaz,

    I personally use both LJ Hooker and Rental Hotline in Beenleigh. With LJ Hooker speak with Kylie. They have been very thorough and follow through on all rental issues, screen tenants well, very happy with them.

    Rental Hotline use a very automated system, so that your rental payments are scheduled one year in advance, property inspections are guaranteed and scheduled as well. This makes them very efficient, I have had no problems with them.

    I am not sure what other property managers in Beenleigh are like. I did use Real Way but quickly transferred after a couple of weeks....

    Compared to other property managers for other properties I have, I've found LJ Hooker and Rental Hotline particularly good.
    Timbo
     
  13. ChrisOs

    ChrisOs Member

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    Edens Landing

    I have been doing a bit of browsing on www.realestate.com.au and have done a very rough arm-chair comparison of Beenleigh with its western neighbour, Edens Landing. It appears that Edens Landing is somewhat more up market than Beenleigh and is a newer housing estate, yet has a train station, schools and shopping centre nearby. Is this a correct assumption? Does anyone have any experiences of investing in Edens Landing or know the area at all?

    There doesn't appear to be easy access to the Pacific Highway and the Motorway, because of the Logan River. Is this the case? Is it an issue?

    Prices appear reasonable and returns are about the 5% mark.

    Your thoughts guys?

    Regards,
    Chris.
     
  14. knightm

    knightm Member

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    Edens landing is not a bad suburb at all. My brother owns 1 IP there, generally newer housing stock, lots of brick places, some on decent size blocks, the cheaper ones are on very small (sub 450) blocks. Shops are much smaller than beenleigh and takes a couple of minutes to drive either to logan or beenleigh to access the highways etc. For a (slightly) more upmarket area close to the infrastructure of beenleigh, its not a bad bet. yeilds would be lower than the cheaper areas, but if you want more depreciation and sanf (if lowbrow tenants worry you) then if could be a goer. Up on the hill there are some house with views over the area but these seem to be really expesive (50-80% more) compared to similar houses down on the flat - I guess people will pay for the view. The other area you might want to check out is Mt Warren Park. Its on the southside of Beenleigh and has a mixture of lower, medium and higher price newer areas. (My folks have 1 place there.)
     
  15. ChrisOs

    ChrisOs Member

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    Thanks for that knightm - I will add Mt Warren Park to by review list.

    Regards,
    Chris.
     
  16. Tim

    Tim SpongeBob

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    Chris,

    am in the process of purchasing a unit in Beenleigh now, so have just updated myself again with this market. I looked at Edens Landing a while ago, what put me off was the considerable bottleneck getting to and from Edens Landing from Beenleigh. I think this will get worse and it places Beenleigh as a well positioned, easy to get to and central point.

    Apart from that I am not up to date with pricing or anything in Edens Landing now though.

    Cheers,

    Tim
     
  17. ChrisOs

    ChrisOs Member

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    Thanks Tim.

    That was one of my concerns, hence the reason for asking if there is easy access to the highway/freeway. From your answer it appears as though the Logan River is probably casuing the bottle-neck to occur.

    There's no point living close to a highway/freeway if there's no easy access.

    Thanks again for the information Tim - obviously, I will have to fly up from Adelaide and be on the ground to see some of this first hand, but all of these little snippets of information help me along the way :)

    Regards,
    Chris.
     
  18. Tim

    Tim SpongeBob

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    Chris,

    I didn't quite realise you were in Adelaide.... There was a very good article in April's API mag about Beenleigh (Two articles I think). I may have them and could post them down to you (article copy) if you cannot get hold of them. Basically they were saying that Beenleigh/Eagleby had had the highest unit growth in price in five years in QLD, or something impressive sounding like that, they also commented on the fact that while they were not amazingly salubrious suburbs, their continued growth was pretty much assured.

    I am a great believer in investing where you really know the market, independent of what state/city/town etc that is.

    If you do get serious about coming up this way let us know and I could certainly talk with you more about other information I know of the area, or see how I could assist in anyway.

    Also, just another comment on Edens Landing, my thoughts are that it is a little more upmarket than Beenleigh (and definitely more upmarket than Eagleby). A lot of the houses are newer, and also yes you quite often get views from the fact there is a good size hill in the area. I think Edens Landing would continue to do well, there is not anything that particularly makes it stand out though. I tend to compare this to Beenleigh central, where I think over many years, the CBD is absolutely going to be a thriving metropolis... it has lots of old houses much like around Wynnum area years ago, many of which still have not been done up. I think that Beenleigh will become alfresco in time with all the coffee shops etc.. having a unit or house reallly close to the CBD seems to me a certainty of rental and growth, and they are still not too expensive. I think in time the whole SEQ corridor between sth Bris and Gold Coast will just be a BrisVegas, so endless sprawls of suburbs and freeways means that housing very close to major CBD, shops and transport will be a winner.

    An agent said to me the other day that other agents are expecting rent increases shortly in the Beenleigh area (due to interest rates rises though so whever there is logic or reality in this who knows, but that appeared to be their expecations), also I belive there is a massive development proposal for housing going in for the Beenleigh area that is being stalled a fair bit by GCCC. Again rumours and hearsay from agents.

    I know that if you look at the Ipswich infrastructure and urban planning then it makes Beenleigh look like they haven't done anything yet. ALso believe the premier Beattie recently released a humungous scale 20 year infrastructure plan for SEQ, which is a good thing.

    Just my thoughts...

    Timbo


    Cheers,

    Tim
     
  19. Les

    Les Member

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    Gotta agree with you, Tim - but then, I was fed the old "SEQ corridor" thing 21 years ago when we bought our first home in Logan. It's taken a while (a LONG while...), but then, so has the "boom"..... But our PPOR is now worth 4 times what it was worth then (ignoring inflation, of course :D)

    A bit of deja vu in your post. Will it happen? Well, yeah, I reckon so (property's like that - and even bad buys do OK in the long run). Driving down that way about 6 weeks back, I commented to my wife that the whole freeway will likely be wall-to-wall houses in another 20 years.....

    And that freeway is top class - feels like driving on a billiard table (a four lane each way billiard table). Whoever built it did a damn good job !!! The Gold Coast is now 15 minutes closer than it used to be. Can't hurt values in SouthEast Brisbane - (Logan city, Beenleigh, Yatala, even Jacobs Well....)

    Regards,
     
  20. XBenX

    XBenX Member

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    Family has property in this area, has done so for a long time, grandmother moved up there from Syd for retirement in the early 80's...

    Have a look at the market cycle, overlay it with these figures, have a think about where we are now in the property cycle and what is expected to happen next...

    Perhaps have a chat to see_change as well...