Forums / Property Investing / Help Needed! / What should I do with my Woodridge (logan)Property?

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  • Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502

    Hi Guys,

    I bought a townhouse in Woodridge(4114)in 2008 for about $160k. In over 10 years price didn’t go up at all. Now I am trying to sell the property for 160k but getting offers around $145k. After a commission to real estate, I will end up with about 140k.

    I am not sure about the market etc right now as I am out touch with things. What do you guys suggest I should do? I used to get $265 a week rent for the property but now I am getting only $235.

    Thank you

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,376

    Hi PG,
    $160k sounds low to me for a townhouse. What’s its condition, ‘cos a quick look at Woodridge’s median values over 5 years tell me it should be fetching more today. Add to that, Bne’s prices have languished these last few years while Mel and Syd screamed up. Bne missed out – is it yet to run up a bit as everyone gets priced out of Mel and Syd? Could be.

    Meanwhile, it sounds like this should be cf positive, so not too hard to hold – is that true? Is it worth taking a hit on its capital value to allow a better purchase somewhere else? Could it be a candidate for a different letting style with better returns? Or is it in need of a reno? What if Bne were to grow 20% in the next three years – would that have you wanting to hold on, or do you just want it gone anyway? Tell me more…..

    Benny

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