Thats a nice looking annexure build
It almost seems they built it before the logan scheme had been implemented
Ps. What do you mean by achieved? Rent and price disclosed
Logan Central
- Thread starter miscg
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Thats a nice looking annexure build
It almost seems they built it before the logan scheme had been implemented
Ps. What do you mean by achieved? Rent and price disclosed
Just trying to figure out why they selling so soon when the area is set to take off !
Considering that property sold for $265,000 in 2009 I'd say the owners may think the area already has taken off.
Thank you Corey for finding out the sold price for the property in 2009.
What are you estimates for the annexed build at the back ?
What are you estimates for the annexed build at the back ?
Hey Black Duck, i was wondering how much it costs in fees to subdivide a 700-800m2 block in half? i'm thinking about buying the same type of property you bought and doing the same thing but a RE has told me to allow around 80k alone for subdivision and council fees. i know you haven't subdivided yours yet.
would this sound about right?
Hi tj22,
Sub division can cost between 40-50k. Dual Occ. between 20-30. The issue is that if the block is less than 900m2, the odds of getting a subdivision through is extremely unlikely. This is because in an R600 zone the blocks have to be for residential purposes but also 600m2 in size. The council will allow at a bare minimum coming down to 450m2, but even that is touch and go.
Andrew
Sub division can cost between 40-50k. Dual Occ. between 20-30. The issue is that if the block is less than 900m2, the odds of getting a subdivision through is extremely unlikely. This is because in an R600 zone the blocks have to be for residential purposes but also 600m2 in size. The council will allow at a bare minimum coming down to 450m2, but even that is touch and go.
Andrew
Hi all,
First time poster, been lurking for a while now.
Originally I had pretty much the exact strategy as Black Duck, searching in Woodridge, Slacks Creek, Kingston area for 2 IP's @ approx 250-280k with value add potential. However I ended up purchasing 1 IP in Daisy hill in Dec 2014 for 480k instead. Less hassle with the one property, only one set of exorbinent council/water rates, and I believe a better prospect for CG.
The current 3bdr highset sits on the front of a 1400sqm block with great side access. As it is zoned R1000 - large suburban, I don't believe I could subdivide with block size of 1400sqm.
Brand new tenants move in today @ 510pw. I intend on spending 160k on a premium GF in the rear (council allows 100sqm GF for blocks greater than 1000sqm - i.e. 3bdr) with an expected rental of 400-450w.
All up for approx 650k spend I am expecting to eventually pull in around 900+ pw rent taking into account a slight drop in rent from the current house as I am cutting their backyard in half. They will still have plenty of backyard space.
My strategy is based on spending a bit more than one would usually pay for a GF, a decent divider fence/landscaping effort to market the auxiliary unit as something that looks and feels like a house rather than an obvious backyard cheapo GF addition. The GF would in turn have its own 500-600sqm of space.
Black Duck - as the new Logan planning scheme is not yet ratified I am assuming you have the two sets of tenants on a single lease??
Does anyone know whether there are any restrictions on strata-titling a main residence/auxiliary unit setup? I understand that the advantage of this would only be for valuation reasons.
First time poster, been lurking for a while now.
Originally I had pretty much the exact strategy as Black Duck, searching in Woodridge, Slacks Creek, Kingston area for 2 IP's @ approx 250-280k with value add potential. However I ended up purchasing 1 IP in Daisy hill in Dec 2014 for 480k instead. Less hassle with the one property, only one set of exorbinent council/water rates, and I believe a better prospect for CG.
The current 3bdr highset sits on the front of a 1400sqm block with great side access. As it is zoned R1000 - large suburban, I don't believe I could subdivide with block size of 1400sqm.
Brand new tenants move in today @ 510pw. I intend on spending 160k on a premium GF in the rear (council allows 100sqm GF for blocks greater than 1000sqm - i.e. 3bdr) with an expected rental of 400-450w.
All up for approx 650k spend I am expecting to eventually pull in around 900+ pw rent taking into account a slight drop in rent from the current house as I am cutting their backyard in half. They will still have plenty of backyard space.
My strategy is based on spending a bit more than one would usually pay for a GF, a decent divider fence/landscaping effort to market the auxiliary unit as something that looks and feels like a house rather than an obvious backyard cheapo GF addition. The GF would in turn have its own 500-600sqm of space.
Black Duck - as the new Logan planning scheme is not yet ratified I am assuming you have the two sets of tenants on a single lease??
Does anyone know whether there are any restrictions on strata-titling a main residence/auxiliary unit setup? I understand that the advantage of this would only be for valuation reasons.
Congrats, long haul, for taking the plunge. Looks like a winning strategy combining good cash flow and good capital growth. Did you decide to do this before or after the Revised Logan Plan came out in Nov 14?
As the separate 'auxiliary unit' was only finalised in the Revised Logan Planning Scheme, probably the best people to ask on restrictions on strata-titling a main residence/auxiliary unit set-up would be a Logan Council Planner on (07) 3412 4247. They deal with enquiries regarding the Revised Logan Plan on that number. Hope this helps.
Good luck with the rent for the back house at 450 a week! If you can get it then well done
It really makes you wonder though, are people in Logan that ......
You can rent small homes in melbourne in million dollar suburbs for the same price.... Or you can have a premium granny flat in Logan
Daisy Hill in Logan is a middle-class suburb and in close proximity to John Paul College, a very sought after school. Long Haul said between $400-$450. It's achievable if it's a house-like build with 3 bedrooms and on its own fenced 600m land. Would just feel like another suburban house in Daisy Hill. Dami the Australian Idol singing sensation comes from Daisy Hill!
Hi James,
Lots of information here
http://www.logan.qld.gov.au/planning-and-building/planning/logan-planning-scheme
This thread on SS is worth a read too:
http://somersoft.com/forums/showthread.php?t=95258
Lots of information here
http://www.logan.qld.gov.au/planning-and-building/planning/logan-planning-scheme
This thread on SS is worth a read too:
http://somersoft.com/forums/showthread.php?t=95258
Daisy Hill in Logan is a middle-class suburb and in close proximity to John Paul College, a very sought after school. Long Haul said between $400-$450. It's achievable if it's a house-like build with 3 bedrooms and on its own fenced 600m land. Would just feel like another suburban house in Daisy Hill. Dami the Australian Idol singing sensation comes from Daisy Hill!
Yes it is a very popular suburb, it is surrounded by national park and has limited land supply, I know many people who have flipped there and made very good money
Fair enough, although Black Duck has managed a higher rent on his annexed unit over the main dwelling. I reckon if I can get 510pw for a 40yo highest with low-medium fixtures and fittings I should really have no problem with at least 400pw for a new build with its own private space setback from the street and backs on to park land. I haven't really got any compatibles in the area yet though.
Thanks for the awesome info Beanie Girl. I will give them a call for sure.
I will admit that I started looking before Nov 14 witht the intention of taking a punt on the change of planning laws affecting dual-occupancy leasing. From memory this was on the cards with the original draft plan too.
Just came back from a day trip in Logan. It's definitely heating up. Alot more people at open homes compared to last year. A few properties had 20+ people viewing them where as last year you would be lucky to get 5.
Speaking to agents they mentioned January has started strong. A distinct lack of stock on the market and more buyers.
Speaking to agents they mentioned January has started strong. A distinct lack of stock on the market and more buyers.
im surprised i didn't run into you how hot was it! my thoughts were completely different to yours went through about 15 opens (slacks creek ,wood ridge , kingston,loganlea luckily to be 3-5 people at each of them made an offer on 1 agent told me owners desperate to sell and willing to consider any offer, most of the agents told me that most people were waiting to see what happens with the election and that January is usually pretty slow.
The market is still hoT
Obviously christmas and new years would have put a dampener on things but multiple offers in the first day or prior indicates its still quite hot
If it werent for the prospects of Brisbane. Id even go to the extents of saying youve almost missed the boat
Obviously christmas and new years would have put a dampener on things but multiple offers in the first day or prior indicates its still quite hot
If it werent for the prospects of Brisbane. Id even go to the extents of saying youve almost missed the boat
i still think their is room for growth in the bottom end especially when you can still buy places that are neutrally geared , those areas i have mention haven't had anything that impressive in terms of growth around (8%)last 12 months and being that close to brisbane its only going to continue to grow! I'm mainly after something with a decent yield! its going be a longterm hold so not that worried about getting in this late! the house i put an offer on is on a decent size block with a 7.4% yield
It was a stinker!
Interesting, that's good to know. I only went to 4 open homes so smaller sample size. The deals did look good on paper but two of them turned out to be duds so glad went up there in person.
I agree. Still a lot of room to move on top of the Sydney boom. normally id suggest its too late but I'd be happy butting there for myself and for others
Just finding that great deal is all that bit more harder now