Logan: Getting a bit too hot?
- Thread starter Corey Batt
- Start date
How can that be heated up? It is still below the asking price
$174k each @ 6.6%?
No Thanks....$120k @ 9.5% each if I'm buying the whole block more like it...
no wonder its still on market
What about quality of tenets in Logan,wood ridge, Kingston area?
investors need to watch out of quality of tenants (they are the one who will pay large part of mortgage).
We use to have office in springwood and have driven past Logan area many time. i personally don't like the neighborhood.
it is easier to think that what we have seen in 2770, will happen to Logan.. i have high doubt that it wont happen.
Sydney is land locked by sea and mountains.. Brisbane isn't.. so there is no real push for some trouble maker Loganian(bogan) to move out of area.
Yes, prop is cheap in some part of Brisbane compare to Sydney. I agree
However, rents in brisbane aren't in line with sydney.
If one adds,
interest rate (Avg 6% calc)
Repair (1.5% prop price/per year) remember this are old houses
council rates
insurance
vacancy
issues with tenants (will be high in Logan area. let;s say compare to Manly,QLD)
it doesn't look that attractive to me.
investors need to watch out of quality of tenants (they are the one who will pay large part of mortgage).
We use to have office in springwood and have driven past Logan area many time. i personally don't like the neighborhood.
it is easier to think that what we have seen in 2770, will happen to Logan.. i have high doubt that it wont happen.
Sydney is land locked by sea and mountains.. Brisbane isn't.. so there is no real push for some trouble maker Loganian(bogan) to move out of area.
Yes, prop is cheap in some part of Brisbane compare to Sydney. I agree
However, rents in brisbane aren't in line with sydney.
If one adds,
interest rate (Avg 6% calc)
Repair (1.5% prop price/per year) remember this are old houses
council rates
insurance
vacancy
issues with tenants (will be high in Logan area. let;s say compare to Manly,QLD)
it doesn't look that attractive to me.
I don't have any issues with quality of tenants (Woodridge) and they pay on time and they pay all the mortgage
. To date my place has only been vacate for two weeks since 2010 so feel this is ok. I rarely hear from the tenant and when I do I fix whatever ASAP.
As I have said before I would buy there again if the numbers stacked up and the place fits my requirements.
I am particular in the type of property I buy, mind you this does not matter where it is.
Brian
My tenants in Woodridge have always paid on time since 2010. On occasion they have even paid in advance which is nice!
They just really like the house and location and don't want to lose it. My PM told me that the main applicant screamed for joy when he told her they were successful. It's a good feeling to make someone else happy (tenant) and I'm very satisfied with the CF+
They just really like the house and location and don't want to lose it. My PM told me that the main applicant screamed for joy when he told her they were successful. It's a good feeling to make someone else happy (tenant) and I'm very satisfied with the CF+
My tenants in Woodridge have always paid on time since 2010. On occasion they have even paid in advance which is nice!
They just really like the house and location and don't want to lose it. My PM told me that the main applicant screamed for joy when he told her they were successful. It's a good feeling to make someone else happy and I'm very satisfied with the CF+
That makes me smile as well. Good side to being a landlord, good to hear as a change from the insurance thread today.
Some of what you say is true. Sydney's vacant land is restricted by mountains and the sea whereas Brisbane and Melbourne isn't really, and couple that with jobs,jobs,jobs in sydney and there you have a recipe for growing house prices. This is what we have seen in Sydney in the past year. A lot of people there actually don't want to live in say inner-mid western Sydney where the crime rate is traditionally higher and so forth, but what choice do they have?
Regarding logan...
yes there are more , lets say, undesirable residents there than say 10km radius of Brisbane CBD- but that's also a big reason why the buy-in prices at logan are cheaper than 10km radius of bris CBD. Of course there are some exceptions , such as some of the posters above [with model tenants etc]...but their experience much more commonplace in 10km radius in Brisbane CBD.
At the end of the day, it all comes down to your individual risk profile, your time horizons and goals...
For me personally, I don't want to chase high risk and potentially high gains- id rather buy well located properties say 7 km from CBD with good neighbourhoods, people, etc that are proven performers and employ a boring buy n hold strategy. Yes, boring as hell, but ive found is the best way to get consistent long term gains without the heachaches along the way.
I don't have any issues with quality of tenants (Woodridge) and they pay on time and they pay all the mortgage
I rarely hear from the tenant and when I do I fix whatever ASAP.
As I have said before I would buy there again if the numbers stacked up and the place fits my requirements.
I am particular in the type of property I buy, mind you this does not matter where it is.
Brian
Brian, you must be few of lucky landloards
Brian, you must be few of lucky landloards
Hopefully I have not put a curse on myself as I just received my monthly statement and my agent has had minor work carried out without my knowledge.
Mind you this is not a tenant issue other than an agent matter.
Brian
I don't agree with the people who use jobs as the reason to only invest in Sydney and melbourne
Maybe the unemployment is a % higher but the highest earning states (personal incomes) from census were WA followed by Queensland - yes they are big states influenced by mining but a lot of the people with these jobs will FIFO to Brisbane.
Brisbanes house prices are about half that of Sydney and Melbournes yet incomes are the same -
Population is lower but grows quickly
A lot of positives
However people on here talk of spending 350k in Logan ? I would rather spend it in redcliffe or Redlands areas
I would spend low 2s in Logan's - probably not possible?
That's just how I see it from a value perspective
Maybe the unemployment is a % higher but the highest earning states (personal incomes) from census were WA followed by Queensland - yes they are big states influenced by mining but a lot of the people with these jobs will FIFO to Brisbane.
Brisbanes house prices are about half that of Sydney and Melbournes yet incomes are the same -
Population is lower but grows quickly
A lot of positives
However people on here talk of spending 350k in Logan ? I would rather spend it in redcliffe or Redlands areas
I would spend low 2s in Logan's - probably not possible?
That's just how I see it from a value perspective
I work at Logan hospital and nearly every single person that works there lives on the gold coast....people dont want to live in Logan if they dont have to . So I dont see any great capital growth there I think the blue chip suburbs of brisbane with goods schools etc have better capital growth oportunities. But thats just from my observations if you work in Logan hospital you become very aware of the socio economic problems and it makes you worried about the type of tenants you might attract.
Firstly, no one is saying you should only target syd/mel because that's where the jobs are. Yes, that's where a lot of them are in terms of both breath and depth. There is a huge percentage of people who will only buy where they work. This is not necessarily the best way to make money; but that's how it is to a large degree- not everyone has the inclination to invest in another state and work in another one. I don't know if this trend is changing. I can only assume so as investors in particular will perceive a place like Brisbane better value for money than say syd/mel for the reasons you have outlined below.
yes, mostly agree here...
That is the conclusion I came to as well after visiting both areas a couple of weeks ago.
For that much I'd have a look around algester....older type housing with reno potential.
Agree, I'd want the buld discount as they don't look to be Strata Titled
We had problematic tenants in Logan but had bought at the bottom of the market for high returns which seemed to get eaten up by repairs and brokerage and became not so high.
When we bought inrocky we bought slightly nicer properties and had no problems .
IF you can buy elsewhere for good returns I'd do that ,but we did make good money up there .
We've bought in Manly / Wynnum this time round . Won't be buying for 1-2 years at this stage . If logan hadn't moved much by then I'd happily buy there , but that's not likely .
Only reason for an earlier buy would be a 25 % + price rise in Wahroonga. Fingers crossed.
Cliff
When we bought inrocky we bought slightly nicer properties and had no problems .
IF you can buy elsewhere for good returns I'd do that ,but we did make good money up there .
We've bought in Manly / Wynnum this time round . Won't be buying for 1-2 years at this stage . If logan hadn't moved much by then I'd happily buy there , but that's not likely .
Only reason for an earlier buy would be a 25 % + price rise in Wahroonga. Fingers crossed.
Cliff
