Investing in QLD logan Central Area

Hi investors, I am thinking to buy one bread and butter type of cheap investment property arround 200-250k range. As the market in Sydney is already gone up, I thought I cannot get bargain and end up paying high price, Melbourne the same. adelaide has already slowing down and may take quite a long time to recover again. So my research in now in QLD Logan cenrtral area where the price of 2 bed unit is arround 200k, and the price has gone down for couple of years. So I thought may be, price will start to move up soon. Whats your view, do you have any idea about queensland market? or any suggestion? I appreciate a lot for your comment.

Suraj/Sydney
 
Hi Suraj,

I think Logan is a pretty decent location for cheapies as you can place yourself in the growth corridor between Brisbane and the Gold Coast with a long term perspective.

I was looking to purchase for myself in Logan Central early 2007 and could see the value in the cheaper units and townhouses, also there were decent houses on larger sized chunks of land in my price range at the time. Beenleigh was another area I spent quite a bit of time searching in the <250k bracket, there are a few more areas as well around the place for cheapies.

Logan does have a less than excellent reputation which I think is still deserved in some areas, so it would pay to do some specific research down to the street and individual block level, also I would steer clear of the larger unit and townhouse complexes.
 
Andrew, why would you 'stear clear' of large townhouse complexes?
I like being the only voting person attending body corporate meetings :)

Good body corporate and property management goes a long way, no reason why you can't have an excellent IP in large complexes, do plenty of research, purchase well etc. The larger complexes in Logan central also have done pretty nicely (as has the suburb) in terms of CG I note.
 
As the market in Sydney is already gone up, I thought I cannot get bargain and end up paying high price, Melbourne the same. adelaide has already slowing down and may take quite a long time to recover again. So my research in now in QLD Logan cenrtral area where the price of 2 bed unit is arround 200k, and the price has gone down for couple of years.

They are cheaper than Sydney, but unlike Syd Logan prices have gone up last few years much more than Syd as my recollection goes.
 
I picked one up last month and it settles this Monday and I start a major reno on Tuesday which I expect will take two months will post photos if anyone is interested.

I was looking at another in the same area but not sure if i'm putting all my eggs in one basket so to speak. So just giving some consideration what to do.

Sorry to steal the tread

Brian
 
Bye now I have bought 3 IP in Logan. 165 K 2 bdr low set unit renting now 250 /wk, 175K tw bdr low set unit renting 250/wk and a hight set 3bdr house renting 300/wk. Very good rental return. Hope rent will dounle in next 10 year aswell as the price of the house. At the moment I am waiting for market to change. As soon as the market changes all properties will be renovated and revalued. I am thinking that I bouhgt bargain over there.
 
Well you have been busy to pick up 3 I was looking at one more in the area but seems the ex wife had something to say and BUGGER missed a good buy.

I like the area but I have turned my attention to another location due to various reasons.

Like your buys there are many deals in the area.

Brian
 
I like the area but I have turned my attention to another location due to various reasons.

Brian

I don't mean to go off topic but could you expand a little on your reasons for looking elsewhere?

I have been seriously considering this area for some time now, at the same low price points as Suraj (btw congrats on your purchases!) and am keen to hear about any alternative areas in BNE that offer similar yields at these lower prices.

Cheers
 
Logan is becoming a very popular area to live and of reasonable price as well. Since moving to SEQLD 8 years ago in the past 4 years I have had 4 friends purchase in Browns Plains, Regents Park.
We have been looking in this area and found there are a number of investments and the return is reasonable. The area has transport, shops, employment locally but also travel to either Brisbane, Ipswich or the Gold Coast is possible and the Airport is only 30k away. I can only see CG going up in the Logan area in the future.

Best of luck with your renovations Suraj
 
Hi investors, I am thinking to buy one bread and butter type of cheap investment property arround 200-250k range. As the market in Sydney is already gone up, I thought I cannot get bargain and end up paying high price, Melbourne the same. adelaide has already slowing down and may take quite a long time to recover again. So my research in now in QLD Logan cenrtral area where the price of 2 bed unit is arround 200k, and the price has gone down for couple of years. So I thought may be, price will start to move up soon. Whats your view, do you have any idea about queensland market? or any suggestion? I appreciate a lot for your comment.

Suraj/Sydney

Don't you have two units in the area already? diversify?
 
I don't mean to go off topic but could you expand a little on your reasons for looking elsewhere?

I have been seriously considering this area for some time now, at the same low price points as Suraj (btw congrats on your purchases!) and am keen to hear about any alternative areas in BNE that offer similar yields at these lower prices.

Cheers

The only reason I am looking elsewhere is due to ill health and I am now looking in Darwin to be with my kids and grandkids. If my health was not an issue I had a few placing I was looking at putting is offers.

It will be interesting to see the value as mine will be valued maybe later this week (refinance).

The area has some good buys to be had and I do feel the place will have CG and vacancy rates are about .8 to 1% and for me I am getting 360 per week which is about 7.5 yeild and the place is positively geared.

The market as I see it in the area is down (like most places) so bargain well and the rewards will follow. For the record I'm not a lover of buying units in big complexes I much prefer being my own boss so to speak.

Thanks
Brian
 
Hi investors, I am thinking to buy one bread and butter type of cheap investment property arround 200-250k range. As the market in Sydney is already gone up, I thought I cannot get bargain and end up paying high price, Melbourne the same. adelaide has already slowing down and may take quite a long time to recover again. So my research in now in QLD Logan cenrtral area where the price of 2 bed unit is arround 200k, and the price has gone down for couple of years. So I thought may be, price will start to move up soon. Whats your view, do you have any idea about queensland market? or any suggestion? I appreciate a lot for your comment.

Suraj/Sydney
Hi Suraj,
Yes i agree with comments logan area is becoming more attractive for investors and owner occ's , im current going through a DA to build 6 t/houses at woodridge to sell, i have been amazed how much is going on around the area, development and Government spending
Dazza
 
Government spending in Woodridge

Hi Suraj,
Yes i agree with comments logan area is becoming more attractive for investors and owner occ's , im current going through a DA to build 6 t/houses at woodridge to sell, i have been amazed how much is going on around the area, development and Government spending
Dazza

Hi Dazza, could you tell us a bit more about the Government spending in the area? Sure would be good to know. I know that Woodridge has a nearby Ikea and not too far away the Hyperdome shopping centre.
 
Well I can tell you the following.
Roads and maintenance 158 mil
Parks and maintenance 43.1 mil
Community infrasturcture 27.8 mil
Libraries and cultural 14.6 mil
Meakin sports complex 3 mil
Shailer Pioneer Park 1.2 mil

I noticed the other day a couple of the larger commercial complexes have now been leased out as well as a few smaller places. This is at least positive sign that things maybe starting to turn around in the area. I hope to find out soon who the company that is moving into the complexes.

The interesting one for me was Bunnings building is up for sale, Bunnings itself appears to be staying as they have just extended the timber area. Owner must be moving onto other adventures or dropping some debt.

Brian
 
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