Logan Highlight Report
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Logan Highlight Report Third Quarter l 2009 BrisbaneLogan | Property March | 2009 Market Overview Local Area Characteristics – A city in transit The Logan City Local Government Area is located approximately 15 and 50 kilometres south from the Brisbane CBD and borders the Brisbane LGA to the north and Gold Coast LGA to the south. The Logan City LGA is now the fifth largest city within Queensland. The amalgamation of Queensland LGA’s in 2008 saw the region absorb parts of the Beaudesert and Gold Coast LGA, further expanding the region and solidifying itself as a key metropolitan centre . Logan City is a growing residential area or a city in transit, with substantial rural, rural residential, commercial and industrial areas. Residentially, the area is made up of a diverse mix of dwellings to suit all budgets and lifestyles.The region encompasses a total land area of about 913 square kilometres. Rural areas are located mainly in south, west and eastern edges of the City. It’s central location between Queensland’s largest municipalities (Brisbane and Surfers Paradise) has seen the area rapidly expand both demographically and economically over the past 10 years and coupled with is accessibility to the national highways and rail networks. Logan is set to become a major residential and employment hub as both Brisbane the Gold Coast continue to expand. Colliers International does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. Colliers International will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material. Use with written permission only. Copyright © – 2009 BrisbaneLogan | Property March | 2009 Market Overview Demographics & Population Population Snapshot – Queensland Largest Local Government Areas 0ne Five Year 2001 2002 2003 2005 2007 2008 LGA 2004 2006 Year % “Build it and they will come...” Grth % P.A Brisbane (C) 896,649 917,554 939,052 957,882 973,931 991,260 1,010,479 1,027,847 1.7% 1.8% Gold Coast (C) 387,102 403,566 420,961 435,772 450,482 466,433 484,638 497,848 2.7% 3.4% Moreton Bay (R) 286,532 294,530 304,792 315,505 325,067 332,862 344,878 356,709 3.4% 3.2% • The population of Logan City as at June 2008, was Sunshine Coast (R) 247,167 256,403 267,613 277,830 286,591 295,084 304,070 312,804 2.9% 3.2% 269,986 residents. With new town planning and further Logan (C) 237,236 241,976 246,321 251,254 255,471 260,021 264,761 269,986 2.0% 1.9% Townsville (C) 144,789 148,435 151,720 155,367 160,220 165,278 170,408 175,542 3.0% 3.0% expansion of the urban footprint, the population of Logan Cairns (R) 128,095 130,622 134,122 137,549 141,993 147,538 152,668 158,653 3.9% 3.4% is projected to double between now and 2031. Toowoomba (R) 137,593 139,747 142,010 144,702 148,305 151,297 153,467 155,124 1.1% 1.8% Ipswich (C) 125,451 127,458 129,776 133,227 138,167 142,477 148,049 154,153 4.1% 3.5% Redland (C) 117,252 120,088 124,170 127,063 129,438 131,210 134,068 136,944 2.1% 2.0% • Overall the Logan City LGA will experience a population Prepared by PRDnationwide Research Source: ABS, Estimated Residential Population Data growth of approximately 2% per annum over the next 22 Population Projection – Logan City LGA years. This equates to an average growth of 6,633 new 450,000 425,918 residents per annum and a demand of 2,368 new dwellings per annum needed to supply the residential 400,000 386,962 growth. 351,382 350,000 310,606 Residents • Logan City is classified as family oriented as only 32.2% f 300,000 of residents are aged below 19 years and under, with the 270,275 largest proportion being between 10 to 14 years of age, 250,000 equating to 8.3%. The average household is also greater than the Brisbane and Gold Coast LGA’s, averaging 2.9 200,000 Projected Number o Number Projected person per household. 150,000 2011 • Within Logan City LGA 66.5 % of dwellings are owner 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 occupied. This is slightly higher than the Brisbane LGA Year average of 64.5%. In addition, the rental market equates Prepared by PRDnationwide Research Source: PIFU to approximately 33.1% of dwelling tenure and as such is Fastest Growing Suburbs – Logan City LGA generally associated with flat, unit or apartment living. ERP Population ERP Population Growth % Suburb Such dwellings represent 3.5% of total dwelling 2007 2008 One Year structures in the LGA , a total of 76.6% of flat, unit or BERRINBA 116 173 49% apartment dwellings are rented. WATERFORD 1210 1634 35% NEW BEITH 2257 2594 15% VERESDALE SCRUB 923 1032 12% • The ma jor ity o f dwe llings types w ithin L ogan Cit y are BELIVAH 398 424 7% Separate Houses equating to 86.1% of dwellings. EAGLEBY 8953 9464 6% Nonetheless, the area is slowly transforming from WATERFORD WEST 5769 6083 5% traditional suburbia and seeing a greater acceptance of Prepared by PRDnationwide Research Source: ABS, Census 06 medium density dwelling development. Tenure Logan LGA Brisbane LGA • To date, the majority of flat, unit or apartments in the Fully owned 13,561 24.3% 106,607 31.0% area have been made up of 2-storey brick buildings of six Being purchased 23,566 42.2% 115,245 33.5% Rented 18, 478 33. 1% 119, 627 34. 8% to ten units each. As the area goes through urban Other tenure type 258 0.5% 2,633 0.8% renewal and the council encourages increased living Prepared by PRDnationwide Research Source: ABS, Census 06 densities within proximity to civic centres, we can expect to see more large-scale projects appearing. Dwelling Characteristics Characteristics – LoganLogan City LGA LGA Brisbane LGA • Generally speaking, the Logan City LGA will play an Separate house 49,317 86% 260,124 74% important role in accommodating the increase in Semi‐detached: pppopulation that South East Queensland is currently and One storey 1,935 3% 9,907 3% will continue to experience in the future. This is due to its Two or more storeys 3,564 6% 17,802 5% geographical location between Brisbane and Gold Coast Total 5,499 10% 27,709 8% Flat, unit or apartment: and its efficient accessibility between both municipalities. 1 to 2 storey block 1,861 3% 30,520 9% 3 storey block 90 0% 17,272 5% 4 storey block or higher 3 0% 14,202 4% “The Logan City LGA will experience a Attached to a house 51 0% 441 0% population growth of approximately 6,633 Total 2,005 4% 62,435 18% Other dwelling: new residents per annum over the next Caravan/ cabin/ houseboat 403 1% 1,850 1% Improvised home 17 0% 329 0% 22 years.” Attached to a shop 19 0% 411 0% Total 439 1% 2,590 1% Prepared by PRDnationwide Research Source: ABS, Census 06 Colliers International does not give any warranty in relation to the accuracy of the information contained in this report. If you intend to rely upon the information contained herein, you must take note that the information, figures and projections have been provided by various sources and have not been verified by us. We have no belief one way or the other in relation to the accuracy of such information, figures and projections. Colliers International will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that you rely upon that is contained in the material. Use with written permission only. Copyright © – 2009 BrisbaneLogan | Property March | 2009 Market Overview Future Development and Infrastructure The Logan City precinct is located approximately 20 kilometres south of the Brisbane CBD. Through recent years Logan City has exper ience diifid significan tdilt radial grow th promp tdbthdted by the deve lopmen tft of ma jtjor transpor t corr idors ildithBincluding the Been lihleigh rail corridor and the Pacific and Logan Motorways. In order to further develop the region and ensure growth, continued upgrades to the Pacific Motorway are under construction or in the pipeline. Furthermore, there are also a number of significant social infrastructure developments designed to accommodate the future population growth. The most significant projects under construction or proposed include; Pacific Motorway: Loganlea to Rochedale Improvements to 15 km of Pacific Motorway through Rochedale South, Springwood, Daisy Hill, Shailer Park & Loganholme at an ex pense of approx imately $490 million. Mt Lindesay Highway upgrade – focusing on Green Road to Jimboomba Upgrade of the Mount Lindesay Highway at Park Ridge, with the duplication of the existing highway to four lanes. Estimated at a cost of $100 million. Logan Hospital: Emergency Department Expansion of the Logan Hospital Emergency Department at a cost of $44 million.