Here is my summary of ten things I think you should know about Logan City.
1. Detached houses and vacant land in Logan City are at about 9 o’clock on the property clock. Townhouses and apartments are positioned, by our estimates, to be between 10 and 11 o’clock.
2. A sign that a market is in the recovery/upswing quadrant of the property clock is rising sales volumes. Total residential sales in Logan City have doubled over the past six years. We estimate that 9,500 residential properties sold in Logan City last year.
3. Logan City accounted for a fifth of all residential sales across the Brisbane region last year and close to a third of Brisbane’s vacant land sales during financial 2018.
4. Residential prices have had consistent improvement over the last six or seven years, with detached house prices in the area rising by 4% last year, whilst vacant land values lifted by 6%.
5. Logan City holds 325,000 permanent residents and is growing by 5,500 new inhabitants per annum.
6. Logan City needed to build some 9,000 new dwellings over the last five years, but the development industry supplied just 7,500 new homes. In short, the new housing market in Logan City is currently undersupplied by about 20%.
7. We estimate that there is a need to build 2,500 new dwellings per annum over the next decade. As our first chart suggests a mixture of housing types will be needed to best suit a range of demographic segments including first home buyers, downsizers and young families renting.
8. Logan City is a $11 billion economy and its economic size is on the rise. Two out of five Logan City live and work in the city, with the remaining 60% of Logan City’s residents working elsewhere. So, it is important to know what is happening in the wider context when it comes to Logan City’s employment.
9. There are some 675,000 jobs within a 30-minute commute from the centre of Logan City. There are some 113,200 registered businesses within this area. Local business registrations have increase by 11% over the last five years and are up by 4,500 new businesses over the last 12 months alone.
10. Logan City is expected to hold a quarter of south east Queensland’s new housing development – being some 100,000 new dwellings – over the next 25 years. However, under 10% of these new homes are expected to be available within the next five years and just another 20% will be ready between five and ten years. New housing development in Logan City, over the next five to ten years, is in short supply. As a result, the price/m2 of land is rising and rapidly. See our second chart above.
Make contact with me – go here – to get a complimentary copy of our Ten Things Logan City Report.
Until next time,
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