woodridge/logan?

[Nathan]

Hey guys, just looking @ putting away a few IP's in this area, however as most of you know i am from sydney.

Was wondering for those who are more expeienced in Logan city (woodridge particular) how strong is the demand for rentals at present? shall we see rents rising any time soon?

(i am not after the bad goss on the town etc... as i understand the demographic, just after the rental demand/potential for rental increases moving forward)

Thanks,

Nath.

 

[The Wild One]

Trust me when I say the demand is Huge. Rents going from $210 to $240 overnight for 2 bed town houses. Buy around Garfield street, it's alittle nicer.

 

[eternit]

yep there is definitely a lot of rental demand in the area and logan central has one of the biggest shopping complex i think.

not too far from Brisbane CBD and Gold Coast......

 

[mja]

The Logan Hyperdome is huge. You can easily get lost in it!

This area is one of the cheapest areas to rent in Brisbane (Acacia Ridge/Inala also comes to mind), so there's plenty of demand for those who can't afford $stupid amounts of rent per week.

 

[tobe]

I bought a 2 bed flat in woodridge 18 months ago sight unseen (im in Mlebourne) for $120k. Tenanted for 140 pw. visited, to do an inspection after settlement, never seen so many chemists and hock shops in the main street, along with a courthouse and centrelink.
Tenant wanted a few things done, new carpet and bathroom cupboards etc. While I was waiting for the rent to pay for these, the tenant falls behind, and ends up a month or two later out. I get the bond, and some insurance, but still a fair bit behind in cashflow. Re valed at this stage,
$160k 6 months after purchase.
Re tenanted in a week at $220, which I was very impressed with. Tenant requests security screens and a few bits and bobs, while Im waiting for the rent to pay for these, this one also abscounds. Again make an insurance claim. Again re tenanted within 2 weeks, and I finally get some money last month. Estate agent emails to say the stove is on the fritz, and I need to send an electrician out.....

 

[tobe]

I couldn't resist Woodridge as its half way between Brisbane and the Gold coast, has a rail station and a big freeway. My flat is 5 mins walk to rail, and 5 mins drive to freeway. Theres an Ikea 5 mins away, and another big shopping centre in Logan. that said, the tenants have been awful, and I have had to learn about qld tenancy laws. However recently there has been growth I havent seen in my vic properties, and the rental yield seems to be holding up. It is more than 20 ks from Brisbane, but I think its a special case being along the growth road between Brisbane and the gold coast.

 

[marg4000]

Then there was the disgruntled tenant who walked into the RE office and shot the PM - unfortunately for her he was a good shot and killed her instantly.....
Marg

 

[Alabex]

when i lived in the area... near the logan uni... we used to lock our doors as we drove through woodridge because of all the carjackings....

 

[cmpalmer]

Hello!

I am somewhat bullish on the area for a demographic change. But that comes with redevelopment.

I bought a place we plan to redevelop into 4 townhouses in Woodridge its on Defiance. Should have approval this month.

There are some major development approvals already in place around the defiance area. However no developer has pulled the trigger interestingly.

We have had some rent issues as well. I think we have a new tennant now.

Chris

 

[The Wild One]

Just a point to be made here !

Woodridge or Woodafrica has hundreds, probably thousands of new imigrants from Africa moving in, which is great. The only problem is they don't understand their obligations and comunication is very, very, difficult !!

One house I worked on in Mayes Avenue, the three ladies had pulled the carpet back and were cooking on a gas flame on the floor. No kidding.

But I have found they live cleaner than the Bogans in the area, and don't smash walls !!

John.

 

[eggnog]

have you looked at the marsden kingston area. you can get large land content for future development potential at same price and yield.

 

[boomtown]

I spent the morning in Woodridge today.

Standard 2 bed units seem to be selling in the 170k - 200k range and renting for $195pw to $210pw. Standard 2 bed townhouses seem to be selling in the $200k - $250k range and renting for about $230 pw. Its definitely not Sydney where you can buy something for $180k and rent it for $280pw.

I didnt see anything above a 6% yield. I am not excited at all about that sort of yield. Am I missing something?

 

[sue78]

Woodridge is actually quite a good area. Close to all the motorways, close to sunnybank and garden city, ikea, springwood etc It's just a pity it's so run down and dangerous and properties there are old and yuck.

I only live in the next suburb in Kuraby but houses here are way nicer and more exxy. A townhouse in Kuraby would cost $300k+ and it's nextdoor, so the area is good.

It's very easy to rent out but just beware of the quality of tenants. We went toview some townhouses awhile back and it was so filthy, I couldn't even step foot inside. Bottles everywhere, take away, dishes piled high, it was really filth.

 

[Tash_85]

my parents bought a block of land and then built in eagleby in 1992 it was to be a new housing estate fancy etc , they were not aware it was going to be the type of area it is... its not the best area but we are getting decent rent $300 p/w bought for $110k ( was meant to be 70k but they were rorted by some company)

From my knowledge the area around logan has huge growth and new shopping centres being built.