Queensland's best kept secret: Logan City real estate trend report
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Have you been playing with the idea of buying or investing in Brisbane?
You're not alone. With the housing market bouncing back from the recent downturn and growth set to continue into 2020, buyers and investors alike are looking to the Sunshine State's capital for opportunities to snap up some bargains, switch up their lifestyles and get amongst the city's best kept secrets.
One of these, Logan City, is a sleeping giant that's simply waiting to come alive. Situated within close proximity to both Brisbane and the Gold Coast, and benefitting from a multitude of various investments, local experts believe Logan is the next property hotspot that's about to take off.
Let's take a closer look at its real estate landscape and what developments local experts are seeing in the market.
Logan market update and trend report
Nestled between Brisbane and the Gold Coast sits the City of Logan. When picturing Logan it's most easily described as a satellite city of Brisbane, with new housing developments attracting first home buyers. It has a comparable location of Penrith to Sydney or Geelong to Melbourne.
It's one of Australia's fastest growing areas. By 2018 Logan was home to an estimated population of 326,615, and today it continues to be one of Queensland's fastest growing areas. By 2031 the Queensland Government estimates that Logan will have a population of up to 432,000.
Logan has the beginnings of a strong tech industry. Recently, companies such as Wing, a subsidiary of the global leading Alphabet (parent company to Google) have been trialling their ultra convenient drone delivery service in the Logan council area.
The Queensland Government's investment into the Logan Enhancement Project has meant that more businesses are finding Logan an attractive place to set up their headquarters. This has translated to more jobs, a stronger economy, and significant population growth.
"The Queensland Government's investment into the Logan Enhancement Project has translated to more jobs, a stronger economy and significant population growth"
Economic development aside, Logan is perfectly situated between Brisbane and the Gold Coast. Locals can drive to Brisbane city in 45 minutes, and the Gold Coast in just under an hour. Convenient for students, Griffith University's Logan campus sits in the suburb of Meadowbrook.
You'll find locals enjoying the varied activities happening at Beenleigh Town Square. Creating community is one of the top priorities of the Logan City Council, which supports eight community gardens in suburbs including Jimboomba, Elm Park, Crestmead and Yarrabilba.
It also has the luxury of immediately accessible bushland, with local favourites being Berrinba Wetlands, Springwood Conservation Park, and the Daisy Hill Koala Centre.
Transport options include a private bus service around Logan's suburbs. It is also conveniently situated on the Brisbane-Gold Coast train line for commuters to each city.
Real estate in Logan
One of the key attractors to life in Logan is that you can still afford the great Australian dream, with more than 85% of dwellings being stand-alone 3 or 4 bedroom houses.
Logan has been known for subdivisions, and house and land packages since the 1960's. The newest suburb set for development is Flagstone, where 1700 more housing lots have been allocated and are expected to attract first home buyers and investors.
The government and the Logan City Council have committed a further $1.2 billion dollars to infrastructure, ensuring that people buying houses in Logan will have access to first class amenities.
"One of the key attractors to life in Logan is that you can still afford the great Australian dream"
Considered one of the best suburbs in Logan, Logan Reserve saw a growth to the median house price by 6.8%, with a rental yield of 4.8%. The suburb has a 10 year annual average growth of 2.52% and has a 5 year average growth of 28.82%.
Coming in second is Jimboomba, which had a 3.53% YoY median growth, average rent of $473 per week, and a rental yield of 4.4%. Over the last 10 years Jimboomba has experienced average growth of 2.39%, and in the last 5 years a strong 26.41%.
Another popular Logan suburb, Shailer Park which backs onto the Venman Bushland National Park, has experienced a 5 year growth of 16.67%, and a YoY growth of 0.9%. The median house price in the area is $560,000. The suburb experienced a steady 4.4% rental yield in the last 12 months.
However, its neighbouring suburbs didn't encounter the same strong growth in the last 12 months, with Beenleigh, Logan Central, and Crestmead all experiencing a dip in the YoY average.
Logan property market trends
Although it has been affected by the national downturn in house prices over the last year Logan suburbs have shown grit and strong growth over the last 5 years in particular.
Beenleigh, for example, has experienced 14.07% median growth in the last 5 years and a 10 year average annual growth of 0.45%. After a median 12 month average of -0.59%, it's on the up again, with Smart Property Investment reporting a 0.45% average growth in the last 6 months.
Queensland real estate agent Sarah Schultz from Schultz Realty says that while Beenleigh hasn't yet seen the massive growth of its neighbouring suburbs, she expects that the prices will increase in this area in the near future.
Sarah describes the location as a major drawcard to the area as it is situated "30 minutes to the city, and 40 minutes to the Gold Coast".
Logan real estate agent, Rob MacFarlane from All Suburbs Real Estate shares a similar positive sentiment, stating that in "Logan city… is some of the most affordable housing in Queensland".
He also describes Loganlea as one of the best suburbs to invest in in the Logan area, and calls it a "best kept secret" for investors.
Its drawcards are its proximity to amenities such as the new health precinct, University, TAFE, and the train station. Loganlea has a median house price of $377k and has experienced a rental yield of 5% in the last 12 months, which sits above the median for Queensland.
"The consensus among experts is that Logan City is an area where investors can still grab a bargain"
The consensus among experts is that Logan City is an area where investors can still grab a bargain. Logan Central is a good example of this, where the median house price is $288,500.
Investors will be interested to know that renters make up 56.8% of the population in the suburb, and rental yields achieved 5.81% in the last 12 months.
Read more: Best suburbs to invest in Brisbane 2020
Finding an agent in Logan
Thinking of selling your property in Logan? There are many experienced local agents who can assist you with the sale of your home. Equipped with extensive market knowledge and access to large databases of buyers, a real estate agent can appraise and market your property according to current conditions, and connect you with the right buyers.
From Ray White Logan through to Parker Real Estate Logan, you're bound to find an agent who will work hard to represent you and your home.
To find the right one for you, be sure to do your research and compare the top agents in the local area, and ask the right questions when interviewing them.
