Woodridge!!! Yay or nay
- Thread starter Micmoss
- Start date
Been a few threads on it.
If you look hard and fast you might get a good positive IP but they don't last long.
Watch out for high outgoings on some with gated communities and pools.
Pls define what u mean by risk
It's different to all
Rolf
It's different to all
Rolf
How much are you spending?
A lot of people on here are happy to spend 350 there which is crazy in my opinion
If your one of them I would keep searching, you could buy in a better area
A lot of people on here are happy to spend 350 there which is crazy in my opinion
If your one of them I would keep searching, you could buy in a better area
People were saying the same thing about Mount Druitt and Western Sydney in general just 5 years ago. Where you want to live and what makes money are 2 different things.
To OP: If you do a search, there are quite a lot of threads about Woodridge and Logan and buying tips associated with these suburbs.
Even though this applies to all properties, but particularly in this area, make sure you don't pay too much .
If you limit yourself to 280k, you potentially could be missing houses that may cost a little more or even 340k and above that could give you a beautiful house, a fantastic rent return, strong possibility of capital growth, definite opportunity to add value under the Revised Logan Plan (build-in underneath downstairs, turn an existing granny flat to an 'auxiliary unit', build a detached or attached auxiliary unit on the land, subdivide for dual occupancy etc)
Let give you some examples of houses that sold recently:-
12 Kenny Street Woodridge - sold 341k, rent 545 pw, dual living, quality home
http://www.realestate.com.au/property-house-qld-woodridge-117815819
17 Lowanna St Slacks Creek Qld 4127 - sold 375k, original part of Slacks Creek, beautiful house
http://www.realestate.com.au/property-house-qld-slacks+creek-117925155
8 Parkdale Street Woodridge - sold 287,500, beautiful house, can add bathroom/kitchen downstairs, townhouse zoning - development opportunity
http://www.realestate.com.au/property-house-qld-woodridge-116776787
50 Ashvale Street Kingston - sold 320k, massive highset, legal height, rent 430 pw
http://www.realestate.com.au/property-house-qld-kingston-117001063
24 Minoa Street Woodridge - sold 350k, beautiful house, owner-occupier, opportunity to add kitchen/bathroom downstairs
http://www.realestate.com.au/property-house-qld-woodridge-117154959
25 Mayes Avenue Loan Central - sold 380k, beautiful house, owner-occupier, dual living
http://www.realestate.com.au/property-house-qld-logan+central-114793355
Doubtless there were/are opportunities at around the 280k mark.
But I don't necessarily think people who bought at 340k and above are crazy, on the contrary they could have made wise, canny decisions. Owner-occupiers have also bought into the area besides investors.
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Woodridge
Hiya
I think the Logan area does present some interesting opportunities due to the recent Logan planning changes...
Maybe buy with those changes in mind?
For eg. i find myself with a property now with the ability to do a dual occupancy and strata title due to dual street access...
And bah! have had no tenant troubles so far...touch wood
Think about it: a house price of 300K...how much is the land component %?
Hiya
I think the Logan area does present some interesting opportunities due to the recent Logan planning changes...
Maybe buy with those changes in mind?
For eg. i find myself with a property now with the ability to do a dual occupancy and strata title due to dual street access...
And bah! have had no tenant troubles so far...touch wood
Think about it: a house price of 300K...how much is the land component %?
Hiya
I think the Logan area does present some interesting opportunities due to the recent Logan planning changes...
a house price of 300K...how much is the land component %?
These were some of the questions i asked myself when looking to purchase in Woodridge. If you purchase well in the nicer suburbs of Logan with higher owner occupier % eg. Daisy Hill, Springwood, Rochedale South, the land value % of purchase price is usually pretty high. As an example i looked at a property in Woodridge that vendor wanted $375,000, but land value is only approx $140,000 for 607m2. That is because it has 6 rooms (3 bedrooms) and recently renovated. Its a nice house and rental yield would have been $500+pw. However i ended up purchasing a 3/1/2 35 year old brick lowset in Springwood on 755m2 land, for $377,000. Land value is $275,000 and has easy value add potential be it either a reno, extension or granny flat. Rental yield is in the negative territory but i see more potential for CG and more advantages than the Woodridge property hence my decision. Also depends on an individual, if they are desperately after cashflow or if they can still take on neg geared properties.
Micmoss I don't think whether you would live there is a important factor in determining risk or if it is a suitable investment, I personally wouldn't live there either but if the numbers stack up, it's in reasonable condition, not next to a main road etc and you could insure it for a reasonable premium I would consider it with appropriate DD.
There are numerous suburbs across Australia that I wouldn't like to live in but would consider for investment purposes.I would look at this more at a street level and also ask property managers.
It all depends on what you are comfortable with, generally high yielding areas have more HC tenants, higher turnover and maintance requirements but with sound property managers they can be great investments.
Hugh
There are numerous suburbs across Australia that I wouldn't like to live in but would consider for investment purposes.I would look at this more at a street level and also ask property managers.
It all depends on what you are comfortable with, generally high yielding areas have more HC tenants, higher turnover and maintance requirements but with sound property managers they can be great investments.
Hugh
Our first buys where in Logan , at the bottom end ...
Don't buy at the bottom end . You get bottom end tenants in a bottom end suburb . Buy a couple of steps up . Less hassle .
Cliff
Don't buy at the bottom end . You get bottom end tenants in a bottom end suburb . Buy a couple of steps up . Less hassle .
Cliff
I have been using onthehouse.com.au for this.
There is a section on unimproved land value - $XXXXXX
That's your land component.
