Logan: Getting a bit too hot?

[see_change]

Just looked at realestate.com

Seems to be entry level 3 bedders for around 230-240 or are they actually selling for more ?

If that's the case , then there is plenty of room for more movement . At the peak of the last cycle those we're selling in the high 200's so if I'm correct it hasn't reached that peak yet .

Maybe the opportunity for bottom feeding and negotiating for absolute bargains has gone , but when your buying at that time of the cycle , you don't know how long before it moves .

Cliff

 

[RetireRich101]

i find agents agents in BNE work slight different to SYD.
some of the properties are under contract, but some listing does not reflect this.

eg
http://www.domain.com.au/Property/For-Sale/House/QLD/Marsden/?adid=2010725976
has been under contract for several weeks, but listing is updating.
probably another marketing tool for agents to get prudent buyer to call them.

 

[Corey Batt]

i find agents agents in BNE work slight different to SYD.
some of the properties are under contract, but some listing does not reflect this.

eg
http://www.domain.com.au/Property/For-Sale/House/QLD/Marsden/?adid=2010725976
has been under contract for several weeks, but listing is updating.
probably another marketing tool for agents to get prudent buyer to call them.

Bingo. Out of 6 calls I've made on properties, 4 under contract. Some of those four have been on re.com.au/domain for several weeks without change.

 

[see_change]

So what are those properties selling for ?

If they're selling at or close to asking price it's not to late .

In that type of hot market , you need to recognise that , check every property that comes on the market and move quickly with realistic offers .

Not the time to worry about low ball offers .

Cliff

 

[mikezen]

If u run a map search on marsden, Kingston, slacks creek, loganlea, Logan central etc about 600 houses wil come up for
Sale, out of that 600 I reckon roughly 1 out of every 15-20 r under contract
Doesnt seem like the market is hot at all,

 

[Beanie Girl]

I think the market is hotting up in Logan.
At least, I'm noticing the new listings' starting prices are getting higher and bolder

Take this property for instance in Logan Central. Just listed today.

http://www.realestate.com.au/property-house-qld-logan+central-115699431?rsf=emailalert-propdetails

It's backing onto the train line, plenty of asbestos walls inside, land slope from front to back such that the ground floor disappears, yet start price is 349K

 

[mikezen]

land slope from front to back such that the ground floor disappears

How can u tell that from the photos? Maybe they built up? Or dug down? Or doesn't it look like it slopes from the road up to the back

 

[INVSTOR]

I've been watching Daisy Hill and Waterford a bit over the past 4 yrs. To me it looks likes prices increasing in Daisy Hill but not Waterford yet.

 

[mikezen]

I've been watching Daisy Hill and Waterford a bit over the past 4 yrs. To me it looks likes prices increasing in Daisy Hill but not Waterford yet.

Daisy hill will always be more popular Imo its on the good side of the highway and has less land to be developed Waterford has more new developments and hasMore Land available IMHO

 

[INVSTOR]

Daisy hill will always be more popular Imo its on the good side of the highway and has less land to be developed Waterford has more new developments and hasMore Land available IMHO

I agree totally! It has some nice spots, I do find Koala's pretty awesome also.

 

[mikezen]

I agree totally! It has some nice spots, I do find Koala's pretty awesome also.

I wish I had bought there earlier on in this cycle, friends of mine have done flips there and come out quite well

 

[INVSTOR]

I wish I had bought there earlier on in this cycle, friends of mine have done flips there and come out quite well

I hear you! It dropped quickly, with a very quick recovery! Algester and Mansfield were other suburbs I was watching, they've done well also. I haven't been watching lately but the acreage properties in Waterford looked like good value 18 mOnths ago.

 

[INVSTOR]

Oops, phone throwing in thumbs down symbol again! It wasn't me.

 

[strongy1986]

If u run a map search on marsden, Kingston, slacks creek, loganlea, Logan central etc about 600 houses wil come up for
Sale, out of that 600 I reckon roughly 1 out of every 15-20 r under contract
Doesnt seem like the market is hot at all,

I agree

Nothing against Logan but I don't understand what all the fuss is about

I keep reading its hot but when I have a look on RE.com it's far from it

If you want to see what hot looks like then you should of seen Perth 6 months ago - some suburbs had 95% of properties under contract

 

[RetireRich101]

Sale, out of that 600 I reckon roughly 1 out of every 15-20 r under contract
Doesnt seem like the market is hot at all,

This number should be a tad higher, as I find some agents I'm that area don't update if it's under offer/ contract...

I ran some number analysis in 4114 for properties that had sale in th last 5yrs and is recently sold in last 3 months or is listed now. It appears the price is similar to 2009 or in some case lower?

 

[mikezen]

This number should be a tad higher, as I find some agents I'm that area don't update if it's under offer/ contract...

Even if it were more, it still wouldn't make it Hot but that's just my opinion , you prob know anyway but if u check out the suburb stats in rea .com, supply and demand stat ( not that I can imagine they r reliable)but last time I looked it wasn't very high, woodridge had something like 8 people looking per dwelling last time I checked

Also local agents always tell u it's picking up or props r selling quick blah blah blah never believe that crock

Daisy hill seems to be moving but no surprises there anyway as there is limited stock

I was just pointing out that I don't think there is competition here ATM to still not grab a deal but its just my opinion, as strongy said about Perth etc ..... But who would buy in those conditions anyway? Lol

 

[mikezen]

I did however drive past a auction the other day in Beenleigh and there were alot more people standing around than there has been previously but I don't know what the product was

 

[Beanie Girl]

I keep a close eye on Logan properties and lately I'm noticing pretty good properties that have been sitting on the market for months going 'under contract'

for example, this one,
http://www.realestate.com.au/property-house-qld-logan+central-114976459

It's been sitting on the market since July and recently went under contract sometime in Dec. It's legal height downstairs but nothing's been built under yet. Personally, I prefer at least a bathroom and a rumpus room or utility rooms built under already but that's just my preference. The point is, it finally moved! I know I'm only quoting one example but I do see properties moving in Rochedale South, Springwood, Daisy Hill and not just Logan Central, Kingston, Woodridge or Slacks Creek.

There's even an auction going to be held for a Woodridge home!
http://www.realestate.com.au/property-house-qld-woodridge-115683075
(family home, owner moving after 40 yrs)

So seldom I see auctions in Woodridge

 

[Truly Exotic]

Geez I hate valuers,
In a hot market, valuers job should be easy as pie

got a val done on a property in Kingston,

3bdr highset, 850sqm, 3bdr, fully renovated, new kitchen,new floors, new paint, new bathroom, new tiles in kitchen, new light fixtures, new laundry, new downstairs garage walls, new fans

$200k

even their comparison properties were worse and higher

/end rant

 

[Corey Batt]

Geez I hate valuers,
In a hot market, valuers job should be easy as pie

got a val done on a property in Kingston,

3bdr highset, 850sqm, 3bdr, fully renovated, new kitchen,new floors, new paint, new bathroom, new tiles in kitchen, new light fixtures, new laundry, new downstairs garage walls, new fans

$200k

even their comparison properties were worse and higher

/end rant

Dastards.

As a consolation prize, I will pay 210k for said property.