A property in Underwood has sold for a record-breaking $2.45 million – $50,000 higher than the suburb’s previous best.
But what attracted these generous buyers to the suburb? Was it unmissable, one-of-a-kind properties, or is it the start of a growing trend in a city changing its reputation?
Ray White estate agent, Zishaan Omar, said the record sale of 27 The Crescent, “set a new benchmark” for Underwood and would increase the area’s median house price.
“Previously, Underwood used to be predominantly in that mid $1 million to high $1 million range,” Mr Omar said.
“Having a few sales over $2 million, it’s another benchmark for the area, which is a promising sign for the suburb.
“I think given its proximity to the city, and a combination of a good community, good local schools.
“It’s become a very attractive community. People want to live there.”
Mr Omar said property prices could also be impacted by changing public opinion of Logan.
“There was that stigma around Logan. It isn’t the case anymore,” he said.
“In fact, we have higher sales prices in Underwoods than we do in Calamvale, which is the neighbouring suburb that falls under Brisbane City Council.
“It’s proximity to [Brisbane] CBD, plus good schools in the area, and good local communities. That’s the attraction, and it’s driving prices.”
The new owners of 27 The Crescent are Brisbane blow-ins. They had previously rented in the city for a number of years, but when they decided to buy a home, Mr Omar said Underwood was their first choice.
“The Crescent being a very favourable street, it’s one of the best streets in Underwood.
“The majority of blocks in and around Underwood, Rochdale, and the surrounding areas are usually around 450sqm, which is considered big nowadays,” Mr Omar said.
“Given that land sizes in the area are smaller, having that 1000sqm made it a lot more favorable.
“People want the space, the lifestyle and quality of living.”
On average, about 3.5 people register to bid at property auctions in Queensland. Mr Omar said he had more than eight registered bidders at the 27 The Crescent property auction last month.
In the past year, about six properties in Underwood have been sold for over $2 million.
In December 2024, a “mini mansion” at 8 Glenview Court sold for $2.4 million – the suburb record before 27 The Crescent.
In previous years, the average number of homes sold for over $2 million was less than one.
Mr Omar said the change could be because of the number of homes appearing on the market increasing in recent years.
“There are homes that I feel are worth in excess of $2 million or $2.5 million, but we just haven’t had the opportunity, or they haven’t come to market.”
