Logan: Getting a bit too hot?
- Thread starter Corey Batt
- Start date
Hi Mxia
My properties in the Logan area have always been tenanted over the last 2 1/2 years, not an issue.
Good luck !
A
My properties in the Logan area have always been tenanted over the last 2 1/2 years, not an issue.
Good luck !
A
Far too hot for my liking, that I've asked the agents to stop calling me and taken all my alerts off,
A 5% discount in today's market is still 5% more then what I paid 6-9 months ago, risky buying now unless it's land banking for development site
A 5% discount in today's market is still 5% more then what I paid 6-9 months ago, risky buying now unless it's land banking for development site
So market has risen 5-10% and now it's too risky? Surely the fundamentals at the time that you bought would still be applicable now.
if your strategy is to follow the herd, and to get SANF factor, then Id say buy right now.
Would you buy in West Sydney now for example??? when you are fighting at every open/auction against mum/dad investors or amateurs who are only buying because of coincidence or because every one else is buying??
you run the risk of having a much subdued growth in the short term to completely plateauing or falling in the medium term
I have friends who are fairly cashed up, wanting to inner melbourne and sydney apartments because 'everyone else' is according to them
I get what you're saying TE and I wouldn't buy in GWS now since I was getting places about 30% below what the prices are now and I already have exposure there.
It just seemed funny that you're saying that you would avoid Logan now as price increase means that you will have to purchase at a price 5% higher that what you got in at last year. The increase just seems a bit small to me that's all, if I was convinced enough of an area to buy into it then a 5% increase in a rising market wouldn't change my mind.
It just seemed funny that you're saying that you would avoid Logan now as price increase means that you will have to purchase at a price 5% higher that what you got in at last year. The increase just seems a bit small to me that's all, if I was convinced enough of an area to buy into it then a 5% increase in a rising market wouldn't change my mind.
You also unfortunately, lose your competitive edge you had with your agents, reputation, negotiation skills, talk the talk etc in this sort of market. Agents forget who you are, dont care whether what you say is correct or not, as some other sucker will pay for whatever they want sooner or later...........
Thoughts on this property...
http://www.realestate.com.au/116533779
Plans already in place
Around 360k
What would approx cost to build 7 units?
5 x 1 bed
2 x 2 bed
All 1 bath
Underneath unit car parking
http://www.realestate.com.au/116533779
Plans already in place
Around 360k
What would approx cost to build 7 units?
5 x 1 bed
2 x 2 bed
All 1 bath
Underneath unit car parking
About $12,000- $15,000 per sq
Maybe 180-200k per unit really how long is a piece of string. What sort of finish are you after being woodridge I would say a cheaper build.
Not a builder but rough numbers I use to estimate on a normal build quality.
Also don't know about the costs of underground carparks but that would be extra
I had a good look at this when it first came out, slab has gone down, owners have spent a fair bit on it already
Unfortunately, unless you are an owner builder or have really cheap contacts, no builder is going warrant the slab, ie you have to rip out the slab and start again,
They rejected my offer which made ignoring the slab being there,
So they just have a huge loan on it,
However if they get desperate who knows!
Good luck
I'm liking Loganlea a bit more nowadays (though I sold out of Logan in 2010 and have no plans to buy back in anytime soon). From memory Loganlea train station has the air train express leaving around every hour during the day, quick ride to/from the city. When we lived in Kingston we found it quicker to park n ride at Loganlea than leave from Kingston station. Loganlea also has the hospital and is the next suburb over from Meadowbrook which has the Griffith Uni Logan Campus.
I've kept an eye on Loganlea. Prices are higher, but quality seems to be justified in comparison + rents. A lot of newer builds in the area which are pulling the standard of the area up.
Did the argy bargey, didn't agree on price.
Happy I didn't, as I've seen some decent prices emerge back in Logan Central etc over the last four weeks. I'm considering pulling a cheque book out again - if Adelaide stops presenting good deals.
Always nice when you miss out on deal and find better opportunities.
Hey you know the rules, no Adelaide talk.
Considering the cost and quality of new builds in the area, I would say that is indicating a long term generational shift in demographics.
Logan council indicates long term consistent population growth which balances this supply too.
I'm not an expert on the area, but I do like it's general fundamentals, so long as the price is right.
