Waterford Units in Brisbane and surrounding suburbs
- Thread starter INVSTOR
- Start date
Hey Linda,
I know this part of Logan City fairly well after buying 2 units in the area in 2006 following thorough research.
I bought a 2 bed unit for $122,000 in Jan 2006 and sold it October 2007 for $201,000. Most of the units/townhouses in this area were built in early 1990s.
The rent had been $140/week but I got $180/week on the first day of ownership. Rents have increased and you could get $220 plus now, but with prices for these units at $220K or more, the yield is down to 5%.
In my opinion, I think this market has peaked so I would be weary about buying in now - I think the party has passed. Considering the same unit I bought was only $70,000 in 2003!
The other unit I had was a 3 bedroom in central Logan which was $140,000 (Dec2006) renting for $200. Now this would be $220K renting for $240/week - again the yield has decreased and investors will soon abandon this area for some time (in my opinion).
Most of the other areas I have been hunting for cheapies have all gone up in the same timeframe (Elizabeth north of Adelaide, Cairns and Beenleigh/Eagleby).
I am now hunting in Sydney....
Good luck with your search
cheers
Michael
I know this part of Logan City fairly well after buying 2 units in the area in 2006 following thorough research.
I bought a 2 bed unit for $122,000 in Jan 2006 and sold it October 2007 for $201,000. Most of the units/townhouses in this area were built in early 1990s.
The rent had been $140/week but I got $180/week on the first day of ownership. Rents have increased and you could get $220 plus now, but with prices for these units at $220K or more, the yield is down to 5%.
In my opinion, I think this market has peaked so I would be weary about buying in now - I think the party has passed. Considering the same unit I bought was only $70,000 in 2003!
The other unit I had was a 3 bedroom in central Logan which was $140,000 (Dec2006) renting for $200. Now this would be $220K renting for $240/week - again the yield has decreased and investors will soon abandon this area for some time (in my opinion).
Most of the other areas I have been hunting for cheapies have all gone up in the same timeframe (Elizabeth north of Adelaide, Cairns and Beenleigh/Eagleby).
I am now hunting in Sydney....
Good luck with your search
cheers
Michael
Hi Linda,
You can find out all the past sales & capital growth histories on any individual properties or entire suburbs you are interested in RIGHT HERE.
To keep an eye asking prices and property turn over to under offer/contract you can also set up alerts on www.realestate.com.au & www.domain.com.au
Hope this helps.
Thanks for replies. I own a 3x1 townhouse at Waterford and was thinking it may have done it's run, time to sell. I spoke to agent/property manager today who advised I would recieve about $240,000 -$250,000 for it. The rental return is about $275. I was advised if I put air-con in for $1000 I could get rent for $285-$310. I'm thinking for that type of return I should be able to sell it for $260k. I know when I was purchasing a year earlier Waterford had a lag after Waterford West of a month or two so maybe I should wait a bit.
Any comments welcome re: ROI, current Bris market, does this property seem a tad undervalued, done it's run? Just found a similar property (in same complex) on Domain thanks to Rixter, although site or my computer is having probs and I can't open details. I've found another property I like in Basso, Perth, with dev't potential but would have to sell a property before next purchase. Thanks Linda
www.seqrents.com.au/riverbendgardens/index.htm
Any comments welcome re: ROI, current Bris market, does this property seem a tad undervalued, done it's run? Just found a similar property (in same complex) on Domain thanks to Rixter, although site or my computer is having probs and I can't open details. I've found another property I like in Basso, Perth, with dev't potential but would have to sell a property before next purchase. Thanks Linda
www.seqrents.com.au/riverbendgardens/index.htm
