Logan’s older suburbs are inching closer to the $1 million mark, drawing crowds of local, interstate and international buyers.
While the median price for a house in Kingston is currently around $675,000 (according to realestate.com), recent sales have reached upwards of $900,000 for a single block.
Five years ago, the median price was around $290,000 for a house.
Local sales consultant at Harcourts Property Centre Beenleigh, Rowena Gill, who specialises in Kingston and its surrounds, said the area had grown substantially since before Covid-19.
She said properties like 145 Aquarius Drive, an 814sqm block with a six-bedroom house and potential for a second dwelling, were attractive to owner-occupiers and investors.
“An investor would be able to capitalise on just having two properties on one block, which they seem to be highly attracted to at the moment,” Ms Gill said.
“Or it will be a multi-generational family.”
According to Ms Gill, more and more multi-generational families were entering the market with substantial deposis.
“We have a lot of Burmese, where mum and dad will live downstairs and the family will live upstairs,” she said.
The same trends can be seen in neighbouring suburbs like Logan Central and Woodridge, particularly on blocks offering “that many bedrooms and bathrooms and that size”.
Logan Central’s 14 Blackton Street, a 604sqm block with seven bedrooms, this year sold for $906,000.
“It is a smaller block but fully renovated,” Ms Gill said.
A similar-sized block in the same suburb with only three bedrooms, 55 Karri Avenue, this year sold for $800,000.
“[It] was first time offered to the market in 50 years – in original, but immaculate condition.”
While there is less buyer activity in the area than there once was, Ms Gill said anticipated interest rate cuts would like change things.
