Interstate investors continue to target south east Queensland with a new report finding that Logan City is seeing an influx of out-of-state buyers.
Logan Reserve has emerged as a hotspot, with the RPM SEQ Property Research Report revealing that interstate buyers account for almost half of the properties sold in the suburb.
Four suburbs within Logan City appeared in the southeast’s top 20 for residential property sales to interstate buyers in 2022, including Crestmead, Logan Reserve, Marsden, and Yarrabilba.
In percentage terms, Logan Reserve was followed by Crestmead with 33.9% of sales to interstate buyers, Yarrabilba (31.7%) and Marsden (26.4%) as Logan’s most popular suburbs for interstate buyers.
In contrast, Surfers Paradise, the number one suburb for sales by number in 2022, recorded just 23.4% of sales to southern buyers.
Developers experiencing interstate buyer rush
Gold Coast’s Orchard Property Group is among the numerous developers who are benefiting from the rush of interstate buyers. They are currently managing the development of Willow Logan Reserve and Pebble Creek South Maclean located in Logan City.
CEO of Orchard Property Group, Ted Cronin said, “Logan Reserve was fifth highest in terms of interstate purchasers with 186 and in percentage terms this accounted for almost 43% of total settled sales in the suburb for the year.”
The report also reveals that Logan Reserve-Chambers Flat are south-east Queensland’s engine room of growth for housing construction.
Building approvals rising
In 2022, the suburbs combined had 790 approved houses, narrowly surpassing Landsborough located in Brisbane’s north, which had 682 approvals.
For home building, Logan is one of the most active regions in south-east Queensland, holding three of the top five positions for housing approvals in 2022. Boronia Heights-Park Ridge came in fourth place with 630 approvals, and Greenbank-North Maclean came in fifth place with 540 approvals.rpm
“Interstate migration certainly added fuel to south-east Queensland’s property market in 2022 with many buyers from the southern states seeking lifestyle and affordability,” said Cronin.
“Logan has been a huge drawcard for interstate buyers due not only to affordability but due to its strategic location in the Brisbane-Gold Coast growth corridor.
“Apart from the obvious lifestyle appeal of the region, it makes economic sense for these buyers to move to Logan. Rather than having to spend $800 million alone on a block of land in Melbourne or Sydney, these buyers recognise that they can buy a house-and-land package in Logan for much less.”
House and land packages at Willow Logan Reserve start from about $578 million, Cronin said.
“Pricing at this level for a home so close to the Brisbane CBD is unheard of in Sydney or Melbourne.”
“It gives Logan a key advantage in the property market that we believe can be sustained for decades to come.”
Article source: thepropertytribune.com.au