Warning: I may be biased towards Logan, as it was where I grew up!
Logan City is located directly in between Brisbane (to the North) and the Gold Coast bordering its southern end. Whilst Brisbane and the Gold Coast receive most of the attention when it comes to property in Queensland, Logan has sat quietly delivering outstanding capital growth in the past 10 years.
With a population of over 280,000 people, Logan is a rapidly growing city. It is expected to have around 350,000 people by 2021 (an increase of 25%) and around 425,000 people by 2031 (an increase of 51%). Source: Logan Demographics
The Logan median prices for the 12 months to July, 2011 are:
Houses – $365,000
Units – $308,000
In one of the better positioned suburbs of Springwood, which is also set to be a commercial hub, the median house price is $397,000 (10% pa historic growth) and for units is $255,000 (9.9% historic growth). The rental return for houses is $350/week (approx. 4.5% yield) and for units is $310/week (approx. 6.2% yield).
An example of a cheaper suburb, but with good potential is Logan Central. The median house price is $255,000 (12.7% pa historic growth) and for units it is $229,000 (13.5% pa historic growth). The rental return for houses is $290/week (approx. 6% yield) and for units is $250/week (approx. 5.7% yield).
There would not be many other suburbs in capital cities of Australia where you can buy a house and land for under $300k, which is only 30 minutes to the CBD. Something to consider!
Source: Home Price Guide
The built up suburbs of Logan include: Beenleigh, Browns Plains, Kingston, Marsden, Logan Central, Loganholme, Loganlea, Mount Warren Park, Rochedale South, Slacks Creek, Shailer Park, Springwood, Underwood, Woodridge to name a few.
Regional areas of Logan that consist more of acreage blocks and lower density housing include: Bahrs Scrub, Buccan, Carbrook, Cedar Vale, Cornubia, Jimboomba, Logan Village, North/South Maclean, Park Ridge, Windaroo and Wolfdeene.
Logan covers a large area and there is plenty of land to support expansion in the future.
Living in Logan means plenty of employment opportunities in the city itself, or with a bit of travel into Brissy or the Gold Coast. The main commercial hubs of Logan include the Logan Hyperdome precinct in Shailer Park/Loganholme, Logan Central Plaza, Centro, Arndale and Springwood bus station in Springwood and Grand Plaza, Browns Plains.
The M1 motorway dissects Logan heading south/south-east which offers an uninterrupted drive into Brisbane CBD or in the opposite direction to the Gold Coast. From Underwood in the north, it is about 20 minutes car trip with no traffic into Brisbane CBD; making Logan a suitable place for working families.
The southern train line runs through Trinder Park, Woodridge, Logan Central, Kingston, Bethania and down to Beenleigh. Heading north, it takes you into Brisbane CBD and heading south, towards the Gold Coast.
The South-East Busway runs from Brisbane CBD, through South Brisbane and then down through Greenslopes, Holland Park West, Griffith Uni, Mount Gravatt and finishing up at Eight Mile Plains (1 suburb North of Logan). This is a dedicated busway, distinctly separated from the M1 motorway and open to buses only. It can take as little as 20 minutes to travel to the CBD from Eight Mile Plains even during peak hour traffic.
The Future of Logan
The M1 motorway is currently under construction to be widened from the Gateway Motorway in the north to the Logan motorway in the south. The first of 3 stages is due to be finished in early 2012. On top of this, the south east busway is being extended from Eight Mile Plains down to Rochedale South and then Springwood. This will enable many Logan residents to get another uninterrupted public transport path into the Brissy CBD.
With all of the infrastructure upgrades, coupled with consistent high end population growth, Logan is certain to be a capital growth corridor in the coming years. With good yields achievable in some areas, there are many property investment opportunities to be had.