Property value increases in New Farm have tracked higher than the QLD average of 10.14% over the last 12 months.
Comparing New Farm,4005 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Vendor discounting in New Farm is giving property investors an average Vendor Discount of around -6.56%. This puts suburb at number 122th in QLD when ranking the most discounted suburbs.
In the last year 96 properties changed hands in New Farm, which puts it as the 335th most active market in QLD when comparing the number of sales per suburb.
Situated 1.82km from the CBD, New Farm is one of Brisbane (C) localities in the postcode 4005.
New Farm, 4005 ranked 195th in QLD when comparing growth in median property values or capital gain over the last 12 months. New Farm is one of 2415 in our list for QLD
If we look at median property appreciation over just the last three months, New Farm has given property investors a paper return of -1.44%. This puts Suburb as 311 on a list of fastest fasting appreciating suburbs in QLD
Sellers are offering property buyers an average discount of -6.13% to buyers in New Farm at the moment, which is less than average for the rest of QLD.
Renters in Suburb are facing rents around $20917 per annum or $402.25 every week.
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New Farm is an inner city suburb of Brisbane with excellent public transport option and an abundance of restaurants and shops. Formerly dominated by Italian migrants, the suburb has since undergone gentrification and has become one of the most desirable suburbs in Brisbane.
Josh Brown, research analyst with PRDnationwide says the suburb is particularly attractive to younger residents because they are well-positioned and are close to the Brisbane CBD.
“There’s been a lot of developments in these areas and they’ve become trendy suburbs with lot of cafes and bistros and they’re close to shopping district and features that appeal to young professionals,” he says.
Median house price stayed stagnant up until around 2002 when it jumped to more than double in 2005. Price peaked at $1,140,000 around June 2008. It fell sharply in 2009 but it has bounced back since to its current level.
Looking ahead, Brown says future growth in house price might be slower than the rate it has recorded over the past 30 years because growth has already been substantial growth and there’s already significant amenity in the area.
“Unless there’s a large scale development going into the area that doesn’t impede the existing residence that can affect value, then growth would be lower than the previous decades.”