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View Full Version : Any thoughts on beenleigh or eaglby area?


gazvic
15-02-2005, 09:05 PM
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Have read lately in a number of publications that this area of Brisbane is one of the hotspots for 2005 ?? anyone have any thoughts on this or who may be looking or has bought in the area...

thanks

Gaz

Tim
15-02-2005, 10:13 PM
I have had a typical 3 bdr brick/hardiplank rental in Eagleby since 1991 (lived in it myself for the first 5 years).

Bought in 91 for $73k, it rose slightly for two years, then lowered until around 2001, when it was worth about $65k (after 10 years). It peaked at around $220 one year ago and is now sitting around $185. If you compare this with say Wynnum, which in 91 you could buy an old fibro for $65k, it has done poorly.

I also have a unit in Beenleigh which I bought around 18 months ago for $85k which is sitting around $135k, so it has not done too badly.

I think the area around Eagleby and Beenleigh is a slow steady growth from here on, judging by the overall land development going on around these areas, and new infrastructure in Beeleigh. There has been talk of develping the area behind Eagleby right back to the bay area, including doing away with the cane fields and making it canal estate, also talk of putting in a picture theatre etc in Beenleigh. I have not seen any concrete evidence of either but have heard of rumours for a while (not that I have been searching for info though).

Eagelby has definitely come up in the world, and link road across the freeway to Beenleigh has helped, it used to be very down and out, but I notice a lot more family types (albeit poor migrant types) now, and it seems to have a better reputation that Kingston or Woodridge.

I personally think Eagleby and Beenleigh are well placed geographically, being close to Bris city, Gold Coast, theme parks, Mt Tamborine etc.

I know in Beenleigh you can buy an old cottage for around $200k with land that is zoned by GCCC allowing unit development, where as in Eagelby I don't think this type of block is available (or as readily available anyway).

My experience with rental in Eagleby has been reasonably transient, and I have had some shockers along the way.

I tend to think these areas are not going to be stunner performers in the long term, however I tend to think that their performance will improve over time due to population growth around them.

Hmm there is lots more I could say, if you are seriously interested you can PM me, if you have'nt already phsyically checked them out do so. Eagelby is definitely the "poorer cousin" to Beenleigh.

Anyway, I personally like the areas but that is emotional not investment thinking.....

Tim

willair
17-02-2005, 10:30 AM
I know in Beenleigh you can buy an old cottage for around $200k with land that is zoned by GCCC allowing unit development, where as in Eagelby I don't think this type of block is available (or as readily available anyway).

Tim,
good post,you know the area well,just a quick question did you look at these
properties in the 200k mark,and what was the total land area.
good luck
willair..

Tim
17-02-2005, 06:22 PM
Willair,

my brother owns one in Beenleigh, he paid $200 for it about 1 year ago, it is hard to say what it is worth now, around $200-250k (he has spent money on the house and block).

I think roughly the land area is about 1100sqm - it is zoned through GCCC for 16 x 1bdr units or 8 x 2 bdrs (or some other mix thereof), I think from memory you can go 3 (but I am sure 2) stories high.

His particular block is placed very centrally to town within just a block or two, you could walk into the centre of town within about 3 minutes.

I think he has about 90% or more of the value in land content, which is good for later development (if he goes down that track), but not necessarily fantastic for the value of his house. The house is quite old and wooden but actually in extremely good condition (quite a pleasant place really), it would rent for about $230 per week or thereabouts.

There are already a few units around this area (which is near the coles shopping centre, police station and railway centre area), however it would seem that these existing units benefit already from what is probably the most centrally located area for units to be in as near to the CBD as possible, in terms of low rental vacancies and reasonably good rental returns.....

Hmm what more can I say, maybe one las thing, the tenant just left my house in Eagleby, was paying $185 p/wk, I had a new tenant in under one week paying $200 per week. The agent says that out of 400 properties the vacany rate is around 12 houses (3% is quite good).

Cheers, happy to respond with any further help if anyone has any other questions or whatever.....

Timbo

willair
17-02-2005, 06:31 PM
Tim,
Thanks for your time,your brother will do well in the longrun..
good luck
willair..

Tim
17-02-2005, 06:39 PM
Forget to mention, you can go the GCCC website and view the zoning for individual blocks, which is helpful if you are considering buying...

Timbo

gazvic
23-02-2005, 09:10 AM
thanks for all that info,very helpful. would have replied earlier except for a damn virus on the pc.

gaz

Tim
23-02-2005, 07:30 PM
Gaz,



go to:

http://www.goldcoast.qld.gov.au/

Find your property:

http://www.goldcoast.qld.gov.au/t_std2.asp?PID=1095



Click on Property Enquirer



Type in the address, when you get the results, click on the ISIRT tab.



Tim

knightm
25-02-2005, 02:10 PM
"There has been talk of develping the area behind Eagleby right back to the bay area, including doing away with the cane fields and making it canal estate, "

Jan or Feb's (cant remember which) API magazine had a article about the bill currently before parliment which will block development for the canefeild regions between Br and Gold Cst and also Br and Suns Cst. Consensus is that a bill like that would reduce supply and push up prices.

I have a unit in beenleigh and a house in bethania - both did well for me in the tail of the boom in 03, records show they languished for 10 yrs before that. Given the numbers of people continually moving to s e q I cant see how performance could be that bad in future, may not be stellar but should be some ok growth if migration patterns continue. Its a pretty major corridoor and long term it aint going away.

Cheers, knightm

Tim
25-02-2005, 02:16 PM
KnightM,

that's interesting. If you hear in the future that this bill transpires it would be great if you could post to this thread again.

I agree in general with your comments re the corridor and growth etc. The previous ten years to 03 DID see prices do not much. A lot of the houses in the Eagleby area are not the best houses in the world, so they are always going to appeal to a certain market. I always thought that way, way down the track those sort of smaller houses would either be knocked down or would eventually be "cottage like" and be either way expensive due to the land component.

Yes the area is going to fill up. I remember in early 70's it all being just about bush between Logan and Gold Coast - not so any more, give it another 30 years and we might see multi level highways or similar......

Cheers,

Timbo

gazvic
07-03-2005, 09:50 AM
tim,
any advice on a good property manager in beenliegh??

Tim
07-03-2005, 09:54 AM
Gaz,

I personally use both LJ Hooker and Rental Hotline in Beenleigh. With LJ Hooker speak with Kylie. They have been very thorough and follow through on all rental issues, screen tenants well, very happy with them.

Rental Hotline use a very automated system, so that your rental payments are scheduled one year in advance, property inspections are guaranteed and scheduled as well. This makes them very efficient, I have had no problems with them.

I am not sure what other property managers in Beenleigh are like. I did use Real Way but quickly transferred after a couple of weeks....

Compared to other property managers for other properties I have, I've found LJ Hooker and Rental Hotline particularly good.
Timbo

ChrisOs
03-05-2005, 10:34 PM
I have been doing a bit of browsing on www.realestate.com.au and have done a very rough arm-chair comparison of Beenleigh with its western neighbour, Edens Landing. It appears that Edens Landing is somewhat more up market than Beenleigh and is a newer housing estate, yet has a train station, schools and shopping centre nearby. Is this a correct assumption? Does anyone have any experiences of investing in Edens Landing or know the area at all?

There doesn't appear to be easy access to the Pacific Highway and the Motorway, because of the Logan River. Is this the case? Is it an issue?

Prices appear reasonable and returns are about the 5% mark.

Your thoughts guys?

Regards,
Chris.

knightm
04-05-2005, 11:17 AM
Edens landing is not a bad suburb at all. My brother owns 1 IP there, generally newer housing stock, lots of brick places, some on decent size blocks, the cheaper ones are on very small (sub 450) blocks. Shops are much smaller than beenleigh and takes a couple of minutes to drive either to logan or beenleigh to access the highways etc. For a (slightly) more upmarket area close to the infrastructure of beenleigh, its not a bad bet. yeilds would be lower than the cheaper areas, but if you want more depreciation and sanf (if lowbrow tenants worry you) then if could be a goer. Up on the hill there are some house with views over the area but these seem to be really expesive (50-80% more) compared to similar houses down on the flat - I guess people will pay for the view. The other area you might want to check out is Mt Warren Park. Its on the southside of Beenleigh and has a mixture of lower, medium and higher price newer areas. (My folks have 1 place there.)

ChrisOs
04-05-2005, 01:40 PM
Edens landing is not a bad suburb at all. My brother owns 1 IP there, generally newer housing stock, lots of brick places, some on decent size blocks, the cheaper ones are on very small (sub 450) blocks. Shops are much smaller than beenleigh and takes a couple of minutes to drive either to logan or beenleigh to access the highways etc. For a (slightly) more upmarket area close to the infrastructure of beenleigh, its not a bad bet. yeilds would be lower than the cheaper areas, but if you want more depreciation and sanf (if lowbrow tenants worry you) then if could be a goer. Up on the hill there are some house with views over the area but these seem to be really expesive (50-80% more) compared to similar houses down on the flat - I guess people will pay for the view. The other area you might want to check out is Mt Warren Park. Its on the southside of Beenleigh and has a mixture of lower, medium and higher price newer areas. (My folks have 1 place there.)

Thanks for that knightm - I will add Mt Warren Park to by review list.

Regards,
Chris.

Tim
04-05-2005, 04:53 PM
Chris,

am in the process of purchasing a unit in Beenleigh now, so have just updated myself again with this market. I looked at Edens Landing a while ago, what put me off was the considerable bottleneck getting to and from Edens Landing from Beenleigh. I think this will get worse and it places Beenleigh as a well positioned, easy to get to and central point.

Apart from that I am not up to date with pricing or anything in Edens Landing now though.

Cheers,

Tim

ChrisOs
04-05-2005, 09:39 PM
Thanks Tim.

That was one of my concerns, hence the reason for asking if there is easy access to the highway/freeway. From your answer it appears as though the Logan River is probably casuing the bottle-neck to occur.

There's no point living close to a highway/freeway if there's no easy access.

Thanks again for the information Tim - obviously, I will have to fly up from Adelaide and be on the ground to see some of this first hand, but all of these little snippets of information help me along the way :)

Regards,
Chris.

Tim
04-05-2005, 10:10 PM
Chris,

I didn't quite realise you were in Adelaide.... There was a very good article in April's API mag about Beenleigh (Two articles I think). I may have them and could post them down to you (article copy) if you cannot get hold of them. Basically they were saying that Beenleigh/Eagleby had had the highest unit growth in price in five years in QLD, or something impressive sounding like that, they also commented on the fact that while they were not amazingly salubrious suburbs, their continued growth was pretty much assured.

I am a great believer in investing where you really know the market, independent of what state/city/town etc that is.

If you do get serious about coming up this way let us know and I could certainly talk with you more about other information I know of the area, or see how I could assist in anyway.

Also, just another comment on Edens Landing, my thoughts are that it is a little more upmarket than Beenleigh (and definitely more upmarket than Eagleby). A lot of the houses are newer, and also yes you quite often get views from the fact there is a good size hill in the area. I think Edens Landing would continue to do well, there is not anything that particularly makes it stand out though. I tend to compare this to Beenleigh central, where I think over many years, the CBD is absolutely going to be a thriving metropolis... it has lots of old houses much like around Wynnum area years ago, many of which still have not been done up. I think that Beenleigh will become alfresco in time with all the coffee shops etc.. having a unit or house reallly close to the CBD seems to me a certainty of rental and growth, and they are still not too expensive. I think in time the whole SEQ corridor between sth Bris and Gold Coast will just be a BrisVegas, so endless sprawls of suburbs and freeways means that housing very close to major CBD, shops and transport will be a winner.

An agent said to me the other day that other agents are expecting rent increases shortly in the Beenleigh area (due to interest rates rises though so whever there is logic or reality in this who knows, but that appeared to be their expecations), also I belive there is a massive development proposal for housing going in for the Beenleigh area that is being stalled a fair bit by GCCC. Again rumours and hearsay from agents.

I know that if you look at the Ipswich infrastructure and urban planning then it makes Beenleigh look like they haven't done anything yet. ALso believe the premier Beattie recently released a humungous scale 20 year infrastructure plan for SEQ, which is a good thing.

Just my thoughts...

Timbo


Cheers,

Tim

Les
04-05-2005, 10:44 PM
I think in time the whole SEQ corridor between sth Bris and Gold Coast will just be a BrisVegas, so endless sprawls of suburbs and freeways means that housing very close to major CBD, shops and transport will be a winner.
Gotta agree with you, Tim - but then, I was fed the old "SEQ corridor" thing 21 years ago when we bought our first home in Logan. It's taken a while (a LONG while...), but then, so has the "boom"..... But our PPOR is now worth 4 times what it was worth then (ignoring inflation, of course :D)

A bit of deja vu in your post. Will it happen? Well, yeah, I reckon so (property's like that - and even bad buys do OK in the long run). Driving down that way about 6 weeks back, I commented to my wife that the whole freeway will likely be wall-to-wall houses in another 20 years.....

And that freeway is top class - feels like driving on a billiard table (a four lane each way billiard table). Whoever built it did a damn good job !!! The Gold Coast is now 15 minutes closer than it used to be. Can't hurt values in SouthEast Brisbane - (Logan city, Beenleigh, Yatala, even Jacobs Well....)

Regards,

XBenX
05-05-2005, 08:30 AM
I have had a typical 3 bdr brick/hardiplank rental in Eagleby since 1991 (lived in it myself for the first 5 years).

Bought in 91 for $73k, it rose slightly for two years, then lowered until around 2001, when it was worth about $65k (after 10 years). It peaked at around $220 one year ago and is now sitting around $185.



Family has property in this area, has done so for a long time, grandmother moved up there from Syd for retirement in the early 80's...

Have a look at the market cycle, overlay it with these figures, have a think about where we are now in the property cycle and what is expected to happen next...

Perhaps have a chat to see_change as well...

Tim
05-05-2005, 09:43 AM
Hi XBenx,

trying to read between the lines in your post, I think you are suggesting that the existing property cycyle could mean that prices could be flat/drop over the next several years (3-5 years???) before seeing any growth - assuming the previous cycle is an indicator of history repeating itself.

My thoughts are that mostly prices in this area have now done nothing for about 18 months, I don't see that changing for a fair while yet.... I guess that is in line with my thinking that roughly the next three years will see not much growth in that area overall.

Could be wrong - often am!

Tim

kissfan
05-05-2005, 10:39 AM
Chris,

I didn't quite realise you were in Adelaide.... There was a very good article in April's API mag about Beenleigh (Two articles I think). I may have them and could post them down to you (article copy) if you cannot get hold of them. Basically they were saying that Beenleigh/Eagleby had had the highest unit growth in price in five years in QLD, or something impressive sounding like that, they also commented on the fact that while they were not amazingly salubrious suburbs, their continued growth was pretty much assured.
Hi Tim.

In November 2001 I was purchasing my second Redland Bay I/P and got talking to the real estate agents partner (who also had an interest in investing) and he was showing me some of his latest deals. He showed me a unit in Beenleigh which he didn't purchase, but asked would I like to buy it. To cut a long story short, I bought it for $59,500 and it is probably worth approx $130,000-140,000 now. It is in Main St, so close to shops, transport etc. It has always been tenanted and as you pointed out will only (hopefully) have continued growth.

I still look upon that purchase as a lucky one due to the fact that I wasn't even going up to Qld (live in Sydney) to look at that area but it sort of just fell in my lap.

Regards
Marty

see_change
05-05-2005, 11:45 AM
Hi XBenx,

trying to read between the lines in your post, I think you are suggesting that the existing property cycyle could mean that prices could be flat/drop over the next several years (3-5 years???) before seeing any growth - assuming the previous cycle is an indicator of history repeating itself.

My thoughts are that mostly prices in this area have now done nothing for about 18 months, I don't see that changing for a fair while yet.... I guess that is in line with my thinking that roughly the next three years will see not much growth in that area overall.

Could be wrong - often am!

Tim


I follow Kingston / Woodridge and prices have come off about 10 % , maybe even 15 % since the peak in sept 03 . I assume eagleby and Beenleigh would be similar.

People who are buying now will not be getting income from their investment. There are people still buying but they're looking at paying a reasonable amount below asking prices and there are vendors who are droping their asking prices by 10 - 20 K . Some of these people were asking over the top , but some are dropping from what I would have thought were reasonable prices even considering the current market.

If you have a look at the second graph on my Rocky post , you can see what Logan did in the last property cycle.

http://www.somersoft.com/forums/showthread.php?t=11656&page=1&pp=15


At this stage I don't see any reason for property to go up in that area at this stage. I won't expect to see further increases untill the next cycle is well underway , and it hasn't started yet.

From what I can see the internet has increased the rate at which prices move.

IMHO they are going down now.

See Change

knightm
05-05-2005, 12:18 PM
Hi XBenx,

trying to read between the lines in your post, I think you are suggesting that the existing property cycyle could mean that prices could be flat/drop over the next several years (3-5 years???) before seeing any growth - assuming the previous cycle is an indicator of history repeating itself.

My thoughts are that mostly prices in this area have now done nothing for about 18 months, I don't see that changing for a fair while yet.... I guess that is in line with my thinking that roughly the next three years will see not much growth in that area overall.

Could be wrong - often am!

Tim

SO - 5 years of no growth for beenleigh - we know it has happened (and then some) before, but will it happen now??? I don't have the exact figures, but I recall the latest estimates were about 1000 people per week moving to SEQ - anyone is welcome to correct me on that. Was that number present in the 90s when the prices stayed so flat? It seems to me that yes the market is depressed but it can't stay that way forever if that number of people keep moving there(international + interstate migration)

see_change
05-05-2005, 12:38 PM
It seems to me that yes the market is depressed but it can't stay that way forever if that number of people keep moving there(international + interstate migration)

I don't think anyone is implying it will stay that way forever. It's all a matter of timing.

See Change

knightm
05-05-2005, 12:44 PM
I guess I am just curious about the demographics to see what was happening in the 90's compared to now. It seems to me to be that the fundamentals plus market sentiment/cycle stuff combine to give growth or otherwise.

Just had a quick squiz at the ABS site and the map search function only gives the years 99-03 Anyone know how to get the earlier records?

see_change
05-05-2005, 01:18 PM
Having seen what has happened in the last cycle , I'm not that concerned about demographics. I've made good money in Hobart and Rockhampton both of which were meant to have mediocre demographics.

The main overall " fundamental " I look at before buying in an area is the vacancy rate. Eg Ingham was one place I looked at , but it had high vacancy rates so I didn't buy there.

I think Investor sentiment has a greater impact in periods of rapid capital growth than fundamentals though fundamentals will explain why some areas will improve over the longer term basis compared with others.

See Change

Tim
06-05-2005, 06:09 PM
Hi All,

some good posts here. Marty I am pleased to hear you have done so well with your investment in Logan.

SeaChange I remember reading your original post which I thought was great reading. However on closer inspection of the graph, it is interesting to note that over 3 decades, (75-85, 85-95 and 95-2003), that the first two decades actually had almost constant growth, and it was only the last decade that had a big dip. This doesn't at all indicate to me that we are now going to repeat the graph of the past decade and enter a price drop over the next few years. Although I have to say my observations are that house prices have dropped around 10-15% in some parts of Eagleby, but the unit market in Beenleigh just seems to have remained stable.

As for whether it goes up, down or flat - who knows! All the demographics and statistics in the world are probably not going to help as much as hindsight, but my assessment is that ongoing pressure in population will be simply by good for Beenleigh CBD prices, and that the chances of long term price reductions has to be assessed against the demographics of population shifts to the area.

Sounds like you had great timing in Rocky SeaChange!

Cheers,
Timbo

adam31
07-05-2005, 05:06 AM
hi all, this is my first post so don't grill me. got some info out of the GOLD COAST BULLETIN (i work there) newspaper on Beenleigh.

I recently purchased a property in Marsden (about 10min west of b'leigh) so have looked into the entire area a fair bit.

Currently there is $31.5M being spent on Beenleigh Rd as it is a terrible bottleneck at peak hours, construction has begun! These road upgrades are from beenleigh to Edens landing. It has been touted by GCCC that beenleigh will become the commercial district for the northen Gold Coast.

Beenleigh has had no new commercial buildings planned in a long time. This is changing.

Yatala is earmarked as the Gold Coasts industrial precint with some 35,000 people expected to be employed in the next 5yrs and with a direct rail link why the hell not.

BUT land in beenleigh is running low so where next?
Waterford (next to marsden) is awaiting a resedential developement to the tune of $120M(Delfin and Lend Lease).

The cane land will not be available for developement as the qld government wants to reduce urban sprawl!
That is all for now(can't give it all away) hope i was of some help if you have any other queries just ask.

XBenX
07-05-2005, 01:55 PM
Hi XBenx,

trying to read between the lines in your post, I think you are suggesting that the existing property cycyle could mean that prices could be flat/drop over the next several years (3-5 years???) before seeing any growth - assuming the previous cycle is an indicator of history repeating itself.

My thoughts are that mostly prices in this area have now done nothing for about 18 months, I don't see that changing for a fair while yet.... I guess that is in line with my thinking that roughly the next three years will see not much growth in that area overall.

Could be wrong - often am!

Tim

I always keep past cycles in mind... As long as you acknowledge and plan for that their may be some flat or negative growth ahead then you've done all you can...