Logan’s commercial property market appears to be running “steady” despite soaring costs, according to local sales agents, one of whom says the industry should not expect much from the 2032 Olympics.
Gianni Javor from My Agent Aus said local prices had remained “pretty steady” over the past year.
“It’s very good at the moment for leasing and sales,” Mr Javor said.
While he expects the upcoming Brisbane Olympics will keep prices on an even keel, he said he doesn’t expect it will have much of an impact on Logan’s commercial real estate.
“We are heading into the Olympics pretty soon, so Brisbane, Logan and the Gold Coast have all got to remain quite healthy for the next few years.”
He said property closer to Olympic venues, however, may see an increase in price.
Mark Osmond from The Property Hub has noticed local commercial properties rising in demand – particularly those older, more established blocks.
He said the past few years had seen the prices of land, building materials and construction labour increase.
“So by the time you have a brand new building, they’re a lot more expensive than buying a secondhand building. What it has done is brought more demand to second-hand properties.
“A lot of the older industrial properties now are fetching far higher prices than what they would have done three to five years ago.”
Mr Javor said commercial blocks, such as those on streets like North Road in Woodridge, were attractive to all sorts of buyers.
North Road is home to industrial and retail complexes, which Mr Javor said were “pretty vibrant”, and is neighbour to the busy Compton Road.
Currently on the market is 10/157 North Road. So far, interested buyers have been split down the middle, with half looking for an investment and others looking to occupy the space themselves.
“It could really turn into anything, it’s got all kinds of zoning for this one. You could put a church or a place of religious worship there,” Mr Javor said.
“It could be a warehouse, or [used for] retail. It’s got lots of potential.”
He said those looking for an investment should buy something with a minimum of a 6% return.
“When it goes below that, a lot of people don’t tend to buy.
“But when you’re buying for residential people are buying somewhere to live, so those [residential property] prices reflect the demand whereas commercial reflects how the market is.
“If you’re buying in Logan, you’re most likely from the Logan area or close to it so if you’ve got more people buying and selling, it shows that people are doing very well in the area.”
