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33 Mikaga Court Woodridge

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Your Focus Market and Property

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Hi Paul and Mel

Please see the following property presentation, the property has been on the market for 1 day, asking over $349 000 but will sell very close to your max purchase price. The Average of the 3 comparable sales I have used is $372 000. But the 2 most recent ones have sold $385 000 and $401 000, so the one that sold $330 000 may have had structural or underlying issues, as its considerably cheaper then the others which have sold recently. In the current climate I suspect you would achieve $360 per week rent. It has been owner occupied for 20 years and is in a blue chip pocket of Woodridge.

DISCOVER OUR METHODS

HOW DO WE SELECT OUR MARKETS?

Targeting locations which will grow in value by understanding what these push and pull factors are, when they will occur and how long they are due to last is what allows us to make assumptions for strong market growth.

Our methodology aligns with a number of different driving factors. Some of these include government funding, economic uplifting projects, infrastructure introduction, flanking market affects and more. However, the underlying factors comes down to a couple of basic principals, supply and demand from population movement and demographic demand.

In proud partnership with Australia's top property economists. We formulate specific data reports based on our client's requirements and the markets we shop in. Our partners have been awarded the Innovation Patent Housing Market Prediction Solution, which predicts housing price changes at suburb level up to ten years into the future.

your Hot market

LOGAN CITY

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Logan is home to more than 327,000 people from more than 217 different cultures. 

Logan is home to many Aboriginal and Torres Strait Islander communities. Traditional Custodians represent the original Aboriginal inhabitants of the area. There are also Elders and people who have come to live and work in the City.

New estates flourish as the city grows. Residents enjoy a range of housing options, from leafy suburbs to bushland acreage.

Logan is located between Brisbane, Ipswich and the Gold Coast which allows residents easy access to the national highway and rail networks.

Logan has more than 1,100 environmental and recreational parks. Many of the parks feature dog off-leash areas, exercise facilities, play equipment and skate ramps.

Market Performance Over 1 Year

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Economic Profile

The City of Logan's economic profile presents economic information that enables you to describe the area's role within the broader economy, explore options for economic development and promote the area's strengths.
Let's look at the numbers

Economic Development Strategy

The Logan City Council 2016-2021 Economic Development Strategy sets out actions to promote and create opportunities for businesses, encourage investment, increase employment and generate prosperity for the City of Logan.
Let's look at the numbers

WOODRIDGE 4114

Market Conditions

24.8% median market growth in 1 year

The markets movement over the past year, paired with supportive driving data shows us there is good growth to come. 

The current rental yield in the market is 6.27%

As we are looking for a positively geared property, yielding will need to be considered. We can expect this to rise due to the supporting data.

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-17.8% vendor discounting shows us an understanding of the market's performance

As properties begin to grow in value, vendors are realising the interest in the market and discounting less and negotiations begin to tighten up.

Days on market have reduced since August 2020 by -29.1% to 47 days.

A reduction in days on markets indicates that pent up demand is causing property in the areas to sell at vendors expectations, which empowers the local property economy.

The number of new listings has increased by 51.9% in the last year

The increase of new listings coming onto onto the market shows that vendors are wanting a piece of the action and are willing to gauge the market.

Stock on market has increased by 34.0% over the last year

As vendors begin to realise the markets potential, savvy owners are putting their properties on the market to get in on the action. This is expected to turn in the next 4 to 6 month as values rise.

Economically influencing projects

Logan Motorway Upgrade

Value: $512 million

Status:Completed Opened in August 2019

Impact: Jobs: 1,300 Will reduce congestion and will cut 20mins off a trip from Logan’s western suburbs to Brisbane

Coomera Connector

Value: $2 billion Will be jointly funded by the State & Federal Govts

Status:Proposed

Impact: A 6-lane, 42km transport corridor linking Logan and Nerang, as an alternative to the M1

Pacific Mwy and South East Busway Upgrade

Value: $750 million Govts

Status:Under construction

Impact: Jobs: 720 Improve safety and reduce congestion

M1 Exit Upgrades, Yatala South and Pimpama

Value: $96 million Govts

Status:Approved

Impact: Improve safety and reduce congestion

Loganlea Station - Relocation & Upgrade

Value: $95 million Govts

Status:Proposed Planning is underway

Pacific Mwy and South East Busway Upgrade

Value: $30 million Govts

Status:Under construction Completion is expected in 2021

Impact: Improvements will be carried out between Browns Plains and Jimboomba

Crestmead Logistics Estate

Value: $1.5 billion

Status:Under construction To be developed overs 5 years

Impact: Jobs: 6,000 Includes warehousing, business, logistics and manufacturing space

Watland Plaza Site Redevelopment

Value: $160 million

Status:Approved

Impact: Plans include a 4-star hotel, cinema, medical centre, 100 apartments and retail outlets

Southwest 2 Precinct, Browns Plains Rd, Berrinba

Value: TBA Industrial park near SouthWest1 community

Status:Proposed

Impact: Jobs: 1,000

Flagstone Central Shopping Centre

Value: $55 million

Status:Completed

Impact: Jobs: 350 during construction; 200 retail

Coles Shopping Centre, Flagstone

Value:TBA

Status:Completed

Impact: Jobs: 200 during construction; 100 retail

M6 Connect (Industrial Estate) Meadowbrook

Value:$70 million

Status:Under construction

Impact: Will house 19 warehouses

New Warehouse, Berrinba, McPhee Distribution Services

Value:$40 million

Status:Under construction Completion expected by 2023

Impact: Jobs: 400 during construction; 13 operational

Logan Hyperdome Expansion

Value:$60 million

Status:Under construction

Arndale Shopping Centre Refurbishment

Value:$15 million

Status:Proposed

Impact: Jobs: 200 during construction

7-Storey Commercial Building, Beenleigh

Value:$40 million

Status:Under construction

Impact: Jobs: 100

Yarrabilba Priority Development Area

Value: $4 billion Includes 17,000 dwellings for 45,000, 11 schools

Status: Under construction

Impact: Jobs: 15,000 during construction

Greater Flagstone Priority Development Area

Value:TBA

Status:Under construction

Impact: 50,000 dwellings for 120,000 people are planned

Everleigh, Greenbank, Mirvac

Value:TBA

Status: Under construction; A school for 1,000 students is expected to be completed in 2020

Impact: Includes 3,300 homes, a primary school, retail and health facilities

Harvest Rise, Greenbank, Intrapac

Value:TBA Part of the Greater Flagstone PDA

Status:Under construction

Impact: 440 homes are planned

Covella Estate, Greenbank, Villa World

Value:TBA Part of the Greater Flagstone PDA

Status:Under construction

Impact: 1,500 lots initially; will eventually be home to 4,000 people

Re-development, Jeta Gardens Retirement Village

Value:$600 million

Status:Under construction Completion expected around 2025

Impact: Jobs: 850 Facility will grow from 200 to 1,000 residents

Pebble Creek, South Maclean, Orchard Property Group

Value:$120 million

Status:Proposed

Impact: 650 homes are planned

94-180 Park Ridge Rd, Park Ridge, Golden Gate Property

Value:$135 million

Status:Under construction

Impact: 600 lots are planned

OUR SUGGESTED PROPERTY

33 Mikaga Court Woodridge QLD 4114

Property details

3

1

3

Asking Price

Target Price

Potential Rent

Potential Yield

Offers Over $349,000

$380,000

$360 p/w

4.93% Gross

Land Size: 607m2

View Property
RP Data Report

Where is this Property?

Comparitive properties
$ 385,500
6 Sep 2021
VIEW
$ 401,000
2 Sep 2021
VIEW
$ 330,000
16 Aug 2021
VIEW

What should i know about this property?

Are there easements on the property?

ther are no easements on the property

EASEMENT MAP
Easements are areas which need to be accessible by council or anyone with a right to access a portion or part of land. An easement could be related to sewage piping, gas lines or electrical works.

Is the property located in a flood zone?
The property does not fall within flood lines.

Flood zones can be determined from river flood lines. In areas where the terrain is fairly flat and river banks overflow, properties which fall within these catchments may warrant higher insurance costs.

Is the property correctly zoned?
Development Zone: Low-Medium Density Residential

Building and council regulation states that the dwelling on top of the land needs to be classified correctly for the type of structure that it is.

Is the property in adequate condition?
YES, THE LISTING AGENT FEELS THE PHOTOS REPRESENT AND DISPLAY FAIRLY.

In communications with the listing agent, he/she has confirmed the condition of the property is as the listing shows. This will be verified by our team in the steps moving forward.  

What are the council rates for the property?
Approximately $3,200 yearly

Council rates are paid by the owners and fund council work and operations. Generally, the smaller the population and larger the council, the higher the fee is.

What is the cost for building insurance?
Approximately $1,400 per year

In most states, building and landlord insurance is required to by the buyer one the property’s contract has been signed and exchanged. The fee above is an average for the building insurance only.

How many days has this property been on market?
This property was listed on 5 sept 2021

There are 3 types of listing stages:

On-market, this is found on major portals
Off-market, this is for sale, but with the listing agency only
Pre-market, this has been presented to us outside of the public

When was the property Built?
no information at the moment

The build year should be considered when purchasing properties of different structure types. The price of the property can be reflective of the build year vs the structure type. Some structure types age better than others. At a certain price point, it is worth remembering that land is the appreciating asset, while the dwelling is the depreciating asset.

Is the property leased, if so until when?
not rented

Tenure renewals dates need to be considered in rising markets. If the market is rising, your ability to increase rental rates will only be possible at the time the tenants lease period renews.

What are the lease rates associated?
can be rented for $360 p/w

Lease renewal rates cannot be changed inside of lease periods, for the benefit of the tenant. 

Why is this a good option?

ALL FUNDS ASSOCIATED

finance disclaimer

The information below is general and not specific to your personal circumstances and finance structures. The costs, return and results are approximate figures and not relative to particular or specific management agencies, inspectors, insurance companies etc.

purchase Costs

Annual Expenses

Potential Results

Please make sure to go though all the details and get back to us as soon as possible

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