Underwood land boom
Rare land with the potential to house up to 12 units has become available at Underwood, a suburb experts say is gaining traction with developers.
21 Sylvia Street is a 3736sqm property currently classed as low-density residential land.
Sales agent Syed Ali said it could be changed to medium-density residential to unlock more housing.
“There’ nothing left in Underwood with this kind of land size anymore,” he said.
“What you can get out of it is three subdivided lots, or seven to 12 townhouses depending on the configuration.”
He said a material change of use would enable apartments to be built on the land.
Mr Ali said part of Underwood and its surrounding suburbs had become a hotspot for developers due to recent changes to the area’s zoning.
“[Council has] changed the zoning in part of Underwood to high-rise apartments, which is why we’re getting traction from interstate buyers,” he said.
“I recently sold land to buyers from Taiwan who flew here, bought the land and flew off.”
He said prices in Underwood had grown significantly in recent years.
“In the last couple of years we have seen about 42 per cent growth,” he said.
“The average sale price a couple of years ago was around $500,000-$550,000 – that has jumped close to $1 million now.
“Now, the cheaper-end houses are going for around $900,000-$950,000 and the higher-ends around $1.6-1.7 million.
“So, it’s one of the most expensive suburbs in Logan City.”
The latest Australian Bureau of Statistics estimates suggest Underwood’s population grew by almost 20 per cent since 2018 to a population of 7236.
The Sylvie Street property is currently home to three existing dwellings – a three-bedroom house and two granny flats – with a combined rental income of more than $1400.
Opposite the highway, the property is within walking distance to Underwood Marketplace and various local shops.
With 50 per cent of the land vacant and usable, Ms Ali said the property would also suits those chasing space for large vehicles or business operations.
“We have quite a few offers already and interest is coming right across the suburb,” he said.
“Underwood, Springwood and Rochedale South are getting the traction, as well as the suburbs near Logan Hospital because of the upgrades.”
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