B R I S B A N E • P I M PA M A
PARK RIDGE OUTLOOK
OCTOBER 2022
Park Ridge is part of Logan City, nestled in South East Queensland, just south of Brisbane and north of the Gold Coast.
By June 2021, 125,974 residential dwellings were recorded
Park Ridge makes up a significant portion of the burgeoning Logan growth corridor and is a key contributor in driving Southeast Queensland’s population growth.
facilitate an additional 72,951 residential dwellings by 2041.
The Logan growth corridor’s population is expected to leap to 614,918 from the current 350,740 by 2041. The Queensland Government’s ShapingSEQ plan has dictated that Logan City Council needs to provide 89,000 new dwellings by 2041, the majority of which will be centred around Park Ridge, Yarrabilba, Greater Flagstone, Meadowbrook, Bahrs Scrub and Greenbank.
in Logan with a growth of 16,049 dwellings from 2016.
Based on these updated figures, Logan is required to now A solid pipeline of residential development is in place to accommodate this astronomical population growth. The combination of affordable property prices, new
development and infrastructure and central proximity to
major job hubs is making Park Ridge an appealing choice for new residents.
Given its central geographic location and high proportion of families, Park Ridge is ideally placed for continued growth.
LOCATION: Positioned in the Logan growth
CRESTMEAD ESTATE: The $1.5 billion
HOSPITAL EXPANSION: The Queensland
to the south and Brisbane to the north via the
developed over five years by Queensland
on the Logan Hospital Expansion, one of the
corridor with direct access to the Gold Coast M1 Motorway.
RAPID DEVELOPMENT: Major features in
the area include shopping centres, schools,
entertainment precincts, transportation hubs and top-tier education facilities.
PROPERTY PRICE GROWTH: The median house price in Park Ridge is $607,000.
RENTAL GROWTH: Gross rental yield for housing in Park Ridge is 3.88 per cent.
In June, Logan City Council delivered its $1.014 billion 2022/23 Budget, as the city’s population grows towards half a million people in the next 15 years. The budget aims to minimise cost-ofliving pressures on residents and boost the delivery of essential services to the community.
Crestmead Logistics Estate will be
developer Pointcorp and deliver 650,000
sqm of warehousing, business, logistics and manufacturing space and will create up to 6000 jobs.
Government is investing more than $1 billion state’s largest ever hospital expansions. It will deliver a 48 per cent increase on the existing bed capacity capacity to meet community needs.
TIGHT VACANCY RATES: Park Ridge real
INFRASTRUCTURE: A series of planned
of only 0.71%. This means that there is very
of new roads, connections and footpaths
vacant.
increased population growth in the area.
estate is a stable market with a vacancy rate
infrastructure upgrades, including a network
little risk of investment properties becoming
will be established in Park Ridge to manage
While property prices fell across South East Queensland due to the coronavirus pandemic, Logan’s property market has remained stable due to its affordability and the solid pipeline of development and infrastructure in the area attracting more buyers.
The new ‘M2’ motorway, the Coomera Connector, is tipped to take around 60,000 cars off the M1. The 42km six-lane road will run between Nerang and Logan.
ECONOMIC OUTLOOK:
A VIBRANT AND DIVERSE WORKFORCE Logan City’s Gross Regional Product was $14.36 billion in the year ending 30th June 2021. This is a 6 per cent increase from June 2021. The city’s key industries include construction ($4.6 billion output), manufacturing ($3.41 billion output) and rental, hiring and real estate services ($2.32 billion output). Emerging industries in the area include transport, postal ad warehousing (+$385 million over 5 years), public administration and safety (+$194.8 million over 5 years), and administrative and support services (+$151 million over 5 years). Logan continues to show strong population and economic growth. There were 117,267 jobs located in the City of Logan in the year ending June 2021. This is an increase of 3.5 per cent from end June 2020, and an increase of 13% since 2016. Logan has a labour force of around 163,000 and access to a regional catchment of over 3 million. Logan City Council is currently developing their new Economic Development Vision and Strategy which will
provide a roadmap for the city’s financial and business future, with a focus on jobs and investment. The vision will be delivered in March 2021. A new $1.5 billion nine stage industrial estate is set to drive investment and job creation in Logan with up to 6,000 jobs will be created at one of Queensland’s largest industrial projects. The Crestmead Logistics Estate will be developed over the next five years and will deliver 650,000sqm of warehousing, business, logistics and manufacturing space. Further south, the 127-hectare Yatala Enterprise Area (YEA) is projected to bring more than $1 billion to the local economy over the next 10 years and already employs an estimated 10,000 people. It is a value-adding manufacturing region with businesses in food and beverage, construction materials, machinery and equipment, plastic and chemicals, warehousing, transport and distribution. A lower price point compared to Brisbane, ample career opportunities and growing infrastructure and development are all key reasons that more and more families are making the move to the Logan region.
DISTILLERY ROAD MARKET COMMENCES LEASING A compelling destination designed to celebrate Australia’s love of fresh produce, dining, and entertainment, is now calling for expressions of interest for a range of retailing opportunities.
growing trend toward more enriching retail, dining and
Situated halfway between the Gold Coast and Brisbane in Beenleigh, the Distillery Road Market (DRM) was formally announced as the name of this great Australian food market.
also the founder of Australian specialty coffee success story,
The 17,000 sqm site is an exciting space for families, a source of regional growth and a magnet for tourists and the global food generation. Opportunities for retailers, food vendors and marketeers are now being tendered through Colliers International with over 4,500 sqm of lettable area on offer. There will be a diverse range of flexible spaces available for operators to establish or grow their business. Flexible lease lengths, a range of fit out inclusions and a compelling events and marketing strategy will ensure the DRM entices the best operators in the market. Kenton Campbell, CEO of Tonken Property Group – the project developer – said the retail mix would reflect a
social experiences.
“DRM actually brings together all the things I enjoy most
in life – a wide variety of great food and beverage options,
curated shopping experiences and a knock-out environment to sit back, relax and take it all in,” said Mr Campbell, who is Zarraffa’s Coffee.
“I’m also both a retailer and a consumer, and I wanted to
create a hub for everyone – both locals and tourists, families and couples, the young and old – somewhere that fuels all five senses.”
DRM was established to run like a world-leading market,
rather than a traditional shopping mall. Trading across four
days per week, from Thursday through to Sunday, DRM will transcend what is on offer in traditional retail precincts.
In 2021, DRM launched launch Posadas Taqueria, and the
fortnightly Bazaar markets, inviting the region’s best street foodies, entertainers, growers, producers and makers to showcase their wares kicked off in early 2022. Leasing opportunities are now available.
RAPID DEVELOPMENT Logan is one of the fastest growing regions in the state and has been earmarked as a ‘place to watch’. The Logan Hospital expansion is one of the state’s largest ever medical precinct expansions and will deliver a 48 per cent increase on the existing bed capacity, significantly increasing the size of the hospital to meet the needs of the city. In addition to a vertical expansion (new floors), the program of work includes the refurbishment of the original hospital buildings and provide a range of new and expanded healthcare services for the Logan community.
Pacific Motorway interchange at Loganholme and Nerang– Broadbeach Road in Nerang.
The Queensland Government is investing $460 million on the expansion which will include 206 additional beds and treatment spaces and upgraded maternity and birthing services.
Construction for the new $14 million PCYC Logan have been completed with the indoor sports centre officially opening to the public in December 2021, as part the Palaszczuk Government’s COVID-19 Economic Recovery Plan.
An eight-storey car park is also being constructed as part of an $61.92 million project that will deliver 1,500 new parking spaces at the hospital.
The new PCYC was jointly funded by Logan City Council and the Queensland Government and will offer the community better facilities to be active and healthy.
Logan City Council’s vision to develop a health and wellbeing precinct at Meadowbrook has taken a step forward, with construction approval for a four-storey medical centre and day hospital being built within walking distance of the Logan Hospital.
Logan City Council has started scouting for an appropriate site for a leading industrial estate.
The $30 million medical and health centre project will deliver a range of specialist services including oncology, renal dialysis, radiology, orthodontics and a day hospital. Logan TAFE and the Griffith University Logan campus is already located in the suburb. Logan will receive $77.5 million in funding from the State Government for road upgrades on projects including the $37.5 million Mount Lindesay Highway upgrade, $30 million for the Beaudesert Road and Illaweena Street intersection upgrade and $10 million for the Beaudesert-Beenleigh Road upgrade. The State Government has also committed $755 million to the first stage of the Coomera Connector Road, which is set to create several hundred jobs. The first stage of the works began in mid 2021 and will continue until late 2022 (weather permitting). The complete gazetted corridor extends for 45km between the Logan Motorway and
The council is reviewing its planning scheme in a bid to make its land pay, attract investors and create enough jobs for its swiftly growing population. Park Ridge had been identified as a key area, with more than 95 per cent of land zoned for Medium Impact Industry at Crestmead and Loganholme already developed. The suburb is rising as the next industrial hub in Logan and the southeast after the industrial estate at Berrinba reaches capacity. Park Ridge and Priority Development Areas Yarrabilba and Greater Flagstone account for 45 per cent of Logan’s economic growth, or almost 30,000 jobs, of the projected employment of 66,000 jobs for the city by 2041. The suburb Park Ridge is set to be transformed with a network of new roads. The Park Ridge Connector (PRC) has also been identified as a preserved transport corridor to connect planned future communities at Park Ridge, Flagstone and Yarrabilba to services and employment.
I N F R A S T R U C T U R E A N D D E V E LO P M E N T AT A G L A N C E : • • • •
$1.5 billion Crestmead Logistics Estate $460 million Logan Hospital expansion $30 million medical and health centre project $14 million Cronulla Park Indoor Sports Centre, operated by PCYC Queensland
• $77.5 million in road upgrades • $16.1 million KBF Precinct • $78.46 million of funding from the South East Queensland City Deal for the City of Logan
RESIDENTIAL MARKET INSIGHTS An inner-city exodus is driving a property boom in southeast Queensland’s master-planned communities and outer suburbs, where buyers are seeking space and affordability. Forget Brisbane’s blue-chip postcodes, the hottest new markets are in the ’burbs, where house and land packages in Ipswich, Logan and the Moreton Bay regions are going gangbusters. Exclusive data from property listings site Realestate.com.au shows a jump of up to 97 per cent in serious buyer activity over the past 12 months in suburbs such as Forestdale, Lawnton and South Ripley. Record-low interest rates, the rise of remote working, first-home buyer government incentives and the impact of COVID-19 on buyer preferences has also driven an 84 per cent surge in demand for homes in Park Ridge. The research is based on the number of visits to a listing, listing interactions, saving the property, sharing the property and/or making an inquiry with the agent via phone or email. Realestate.com.au chief economist Nerida Conisbee said the demand was being driven by first-home buyers, affordability and buyers craving space. “If we have a look at the same time last year, there wouldn’t have been many projects out there, so there has been quite a change in the type of housing available,” Ms Conisbee said. “More broadly we’re seeing very strong interest in house and land off the back of HomeBuilder.” The boost in sales interest has defied all odds and has given neighbouring Brisbane, Gold Coast and Ipswich markets a run for their money with demand to inspect properties up more than three per cent.
• Households in Park Ridge are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. • In general, people in Park Ridge work in a trades occupation. manufacturing, and education and training.
HOUSING SUBURB PROFILES: SNAPSHOT OF LOGAN MEDIAN PRICE $607,000
PA R K R I D G E
$560,000
LO G A N R E S E R V E W AT E R F O R D
$532,950 $610,000
BAHRS SCRUB CRESTMEAD MARSDEN
$480,000 $480,000
W E E K LY M E D I A N A D V E R T I S E D R E N T $470
PA R K R I D G E
$450
LO G A N R E S E R V E
$450
W AT E R F O R D
$460
BAHRS SCRUB CRESTMEAD
$410 $410
MARSDEN
G R O S S R E N TA L Y I E L D
PA R K R I D G E LO G A N R E S E R V E W AT E R F O R D BAHRS SCRUB CRESTMEAD MARSDEN
4.92% 5.14% 5.69% 5.08% 6.40% 5.86%
• In 2011, 77.5% of the homes in Park Ridge were owner-occupied compared with 74.5% in 2016. • Houses have seen 11.38% growth in the past quarter, and 30.28% growth in the past 12 months.