Townhouses in Woodridge QLD?

[jkool]

Guys,

I am looking at expanding my IP portfolio and my eyes are on the Bri / SE QLD / Gold Coast area.

While I am in NSW I don't really know the suburbs up there so well but read up on Beenleigh, Eagleby, Logan area, Woodridge, Springwood and Underwood.

Typically the area seems to still be reasonably affordable with rents over 5-6% (i.e. rent would pretty much pay the mortgage interest so effectively it would cost me nothing to hold, sit tight waiting for capital gains / appreciation few years down the track).

One of the potential deals I like in Woodridge is going at around 220k with rent ca $240 / wk.

What is general consensus about the market up there? Any locals or anyone with IP up there?

Thanks

 

[markpatric]

Guys,

I am looking at expanding my IP portfolio and my eyes are on the Bri / SE QLD / Gold Coast area.

While I am in NSW I don't really know the suburbs up there so well but read up on Beenleigh, Eagleby, Logan area, Woodridge, Springwood and Underwood.

Typically the area seems to still be reasonably affordable with rents over 5-6% (i.e. rent would pretty much pay the mortgage interest so effectively it would cost me nothing to hold, sit tight waiting for capital gains / appreciation few years down the track).

One of the potential deals I like in Woodridge is going at around 220k with rent ca $240 / wk.

What is general consensus about the market up there? Any locals or anyone with IP up there?

Thanks

General consensus is that this whole area will move ahead as it is in the corridor between Brisbane and the Gold Coast.
Keep in mind though that these were going for $60,000 or less 5 years ago, to me this is a sign that it may be quite some time before capitol gains kick in again, others view this as a magnet as they see it as a high growth area, depends how you look at it.
I have experience in the area as I owned a 2 storey double lockup home in Kingston 6 years ago which I paid $75,000 for, sold for $142,000 12 months later now worth around $300,000.
Over the long term its as good as anywhere but your standard of tenant may be a question as it always is in this type of area.
You could probably buy a house there for not much more if you look around.

 

[Nathan]

I knocked back these in 2004 for $75k each.

Was a live and learn experience...

I still see value here, in the $170k range...

 

[jkool]

I did read somewhere that Woodridge in particular is not..um..that "well to do area" with some good and part parts in it.

Apparently e.g. around Smith Rd is the "better" part. Anyone familiar into that degree with this suburb?

Thanks

 

[Newbee]

Look at Beenleigh ... some good deals there at the moment. Its probably a better suburb amongst the ones you listed.

Also I suggest screening your tenants and doing some due diligence. Needless to say get a good property manager

 

[HandyAndy888]

I had my PPOR in Kingston. Woodridge is similar, housing commission upcoming, tenants may be crap, but you may just be lucky and snag quality, like we were through 2005-2007. Woodridge units may be good value, just try to stay away from the drive by shooting streets, slightly north of the Logan shopping Centre, as well as the "vine" streets in South West Kingston, near the motorway.

 

[Brenos]

hi all, 1st post on here, thought i would contribute.. I have my PPOR in woodridge, on smith road actually, close to kingston road, and looking to buy my 1st IP in the same area. As for my opinion on the area, i dont mind it, although, would never 'live' anywhere south of smith road, as it tends to get a bit rough the further u get to logan central and around the train line. In terms of suburb size, woodridge is actually large in comparison, and i definately think the north east pocket is the best bet.

bordering smith rd, kingston rd, ewing rd and compton rd. crime rate in that part is actually quite low and is peaceful. also it has the benefits of bordering slacks creek and underwood, which has better facilites and shopping centres closer than logan central.

 

[willair]

hi all, 1st post on here, thought i would contribute.. I have my PPOR in woodridge, on smith road actually, close to kingston road, and looking to buy my 1st IP in the same area. As for my opinion on the area, i dont mind it, although, would never 'live' anywhere south of smith road, as it tends to get a bit rough the further u get to logan central and around the train line. In terms of suburb size, woodridge is actually large in comparison, and i definately think the north east pocket is the best bet.

bordering smith rd, kingston rd, ewing rd and compton rd. crime rate in that part is actually quite low and is peaceful. also it has the benefits of bordering slacks creek and underwood, which has better facilites and shopping centres closer than logan central.

That's a good way to look at it,and when you look up the road 4 klm's on the inward city and the price is double..btw welcome to the site..willair..