10 hours in Logan
Hi Guys I spent the day in Logan Saturday, before I provide my take on it, I wanted to thank Beanie Girl for her outstanding posts, Beanie's posts are like a firehose of helpful information so thank you so much Beanie.
Objective:
Went to Logan to find dual living houses and to see what opportunities were available to develop.
Here's what i saw and heard.
Locals describing market:
Market is hot according to locals and agents, its a sellers market. Rise of 10% for houses in the past 8 weeks according to one agent. Impossible I know but what I really found and please correct me if I am wrong - I found that for sale starting prices are being set higher however after negotiation the price comes back to acceptable levels, so in my view although prices have increased over the past 6 months, discounting has increased also, to what extent well I dont know more than what I experienced. Would be great to hear anyones thoughts on discounting in Logan.
How many were at inspections:
Varied. There were 6-10 people at 3 houses and 2-3 people at 3 houses. Noone was talking to eachother, I am a pretty relaxed guy but even after saying hello to other people there at inspections, I had no response (not locals). I got along really well with the locals and found out many things about the areas and specific characteristics renters are looking for. If you have the time engage a local they have a wealth of knowledge and really keen to help you. I made many friends that day.
Number of dual living adverts:
3
How many legal dual living opportunities did I see:
None. Unfortunately. I took my tape measure and identified all highset lower levels as below legal height. I think I got too hung up on this and thinking about it, its not that bad.
Public Transport?
Crestmead, Marsden, Boronia Heights are nicer areas but I cant stop thinking about how important trains are for cg, and this really should be front and centre for an investment right? But not in Logan, I found agents recommendations on various properties split between train stations and super bus stations (tbc 2026?). Its a question on the back of my mind and it will be on yours no doubt if you decide to invest in Logan, and that decision is largely - what side of the M1 will have the best chance for cg? I apologise if I sound like a simpleton, truth is, I am, I just started learning about this area a few weeks ago. Also if you have found a place check google maps route duration to brisbane using a bus, many are over 1 hour and only 22-25mins in car, that's due to a poor bus schedule - I imagine, looking deeper and found it to be random, true in some cases and some bus stops are not in google (being there I saw a bus stop immediately outside a place but in google nowhere to be seen).
Agents and Locals:
Every person I met there including Agents are great people, friendly and willing to help you.
Risks:
Over capitalisation. The only issue I could see are pretty clear ceilings of rents per suburb, so when investing ensure to buy a place that's functional and not to over capitalise on a reno.
Interesting find:
In my experience the town centre normally attracts the most rent, in Logan its called Logan Central, however rents are not high due to the "reputation" of the area but I was informed many times its picking up. But still the rents from what I saw thru dd are yet to reflect this, but still I remain open to anyones thoughts on this.
Disclaimer:
All comments above should not be taken as advice, it is my takeaways from 1 day out at Logan only. Happy hunting all.