Sales agents have credited development potential and government grants for record-high sales in Logan’s older suburbs.
The average house price in Woodridge has increased by 17.2% in a year, according to data published on realestate.com, as one recent sale approached the $1 million mark.
The average Woodridge house will cost buyers between $690,000 and $700,000. In September last year, the average house price in the same area was $600,000.
Estate agent at NGU Marco Thang sold 114 North Street in Woodridge, a four-bedroom, two-bathroom house, at auction on 27 September for an eye-watering $904,000.
Mr Thang said he thought the property fetched such a high price at auction because the block had a lot of potential.
Pending council approval, it could be subdivided into two blocks, which would be beneficial for multi-generational living or to subsidise the owner’s income with rent coming in from tenants occupying the second block.
The block is larger than its neighbours, at around 966sqm. It is also flat, which Mr Thang said was ideal for renovations or development.
“I think most of the people at the auction were really interested in the land itself, and the house internally is very big.
Internally, though the house is not newly renovated or particularly modern, it may need a makeover before move-in day.
“I always tell the buyer, it really comes down to what you think about it, for me, it’s livable,” Mr Thang said.
“You can move in straight away, but I would recommend you do some taste changes to the kitchen and the flooring.”
Seven registered bidders attended the auction in person, all from the local area – three tuned in to bid over the phone.
Mr Thang said al three phone bidders were from interstate.
He said the locals who bought the property were still deciding whether they will rent it out and live nearby in another property they own, or move in and call North Street home.
Mr Thang said he hadn’t yet done the research into Woodridge sale records, but thought the sale of 114 North Street, given its size of under 1000sqm, set a suburb record.
Sales like 114 North Street, Woodridge, are no longer an anomaly, as the market continues to favour sellers over buyers.
Estate agent Jas Singh sold 11 Celco Street in Slacks Creek on 22 September for $946,000 to a first-home-buyer family who has been living locally in Underwood.
About 20 people bid at the auction, 10% of whom Mr Singh said were investors.
Mr Singh said in the last two to three months, buyers in Woodridge and Slacks Creek have had bigger budgets than usual.
“Certainly, the government grants are helping people have more capacity to borrow, but also the buyers we have been working with, a lot of them, can’t afford a property in the neighboring suburbs,” he said.
“The under bidders and the buyer I had on this property, in Slacks Creek, were originally looking in parts of Springwood and Rochedale South, and they were being priced out of those markets.”
Five bidders at the auction bid over $900,000 for the property. Mr Singh said the final sale price of $946,000 for a 610sqm property still in original condition was a record for the suburb.
“These sales will definitely have an impact on the upcoming sales and the values of houses in the area,” he said.
