Hi there,
Some of you might remember that I was strongly suggesting about 2 or more years ago to Forumites to look at Logan shire. At that time I made a very bold prediction (which I do not like to do) that within 3 years the minimum entry price will be $100,000.
Now as I just lightened my holdings due to asset reallocation requirements, I'd like to share the buying and selling prices of the properties in the shire with some properties I had and sold very recently. Basically all but one properties were cash flow positive from day 1.
Kingston bought 2 bedroom townhouses in 2002 with garage for $41,000 sold for $107,000. Original rent was $85/wk and $90/wk currently $130/pw. Reno cost about $800 on each, that included the now compulsory safety switch. Loan on 80%LVR.
Logan Central bought 2 bedroom townhouse with covered carport for $44,000, fully renovated (cost $12,000) now sold for $116,000.
Original rent was $95 now $140. Cash buy in 50% partnership with some friends.
Daisy Hill 2 bedroom townhouse in excellent complex bought in late 2001 for $92,000 now sold for $176,250. Renovation cost about $800.
Original rent was $140, now $170. Loan on 90%LVR.
Loganlea 3 bedroom brick veneer house bought in late 2001 for $72,000, about $8000 spent on renovation, now sold for $163,000. Originally it was vacant, current rent is $180/wk. Loan on 80%LVR.
Apart from Daisy Hill all other properties made not only very nice capital gains, but were also cash-flow positive. Daisy Hill wash cash-flow positive with depreciation.
I am not trying to show-off or anything like that, just want to share some facts, especially for those people who at the time were on about that you can have either high cap gains or CF+ properties. I had both and here is the proof.
I am sure that other Forumites who bought in the shire have also experienced similar gains and generally happy with their decision.
I am still very positive about the shire's future prospects and as soon as I will have the funds available, will go back and get some more properties. At this stage the opportunities are not so good than they were, but in the long term I strongly believe (opinion) that they well bought property values will grow at least as fast as any much more fancied areas in QLD. One of the main reason is affordability within Brisbane only from 20klms from the city.
Hope people will find this information informative and useful.
Some of you might remember that I was strongly suggesting about 2 or more years ago to Forumites to look at Logan shire. At that time I made a very bold prediction (which I do not like to do) that within 3 years the minimum entry price will be $100,000.
Now as I just lightened my holdings due to asset reallocation requirements, I'd like to share the buying and selling prices of the properties in the shire with some properties I had and sold very recently. Basically all but one properties were cash flow positive from day 1.
Kingston bought 2 bedroom townhouses in 2002 with garage for $41,000 sold for $107,000. Original rent was $85/wk and $90/wk currently $130/pw. Reno cost about $800 on each, that included the now compulsory safety switch. Loan on 80%LVR.
Logan Central bought 2 bedroom townhouse with covered carport for $44,000, fully renovated (cost $12,000) now sold for $116,000.
Original rent was $95 now $140. Cash buy in 50% partnership with some friends.
Daisy Hill 2 bedroom townhouse in excellent complex bought in late 2001 for $92,000 now sold for $176,250. Renovation cost about $800.
Original rent was $140, now $170. Loan on 90%LVR.
Loganlea 3 bedroom brick veneer house bought in late 2001 for $72,000, about $8000 spent on renovation, now sold for $163,000. Originally it was vacant, current rent is $180/wk. Loan on 80%LVR.
Apart from Daisy Hill all other properties made not only very nice capital gains, but were also cash-flow positive. Daisy Hill wash cash-flow positive with depreciation.
I am not trying to show-off or anything like that, just want to share some facts, especially for those people who at the time were on about that you can have either high cap gains or CF+ properties. I had both and here is the proof.
I am sure that other Forumites who bought in the shire have also experienced similar gains and generally happy with their decision.
I am still very positive about the shire's future prospects and as soon as I will have the funds available, will go back and get some more properties. At this stage the opportunities are not so good than they were, but in the long term I strongly believe (opinion) that they well bought property values will grow at least as fast as any much more fancied areas in QLD. One of the main reason is affordability within Brisbane only from 20klms from the city.
Hope people will find this information informative and useful.
