QLD has seen average median house prices change by 2.25% which means that New Farm, 4005 has done well for property investors by showing a capital gain of 0.80% over the last year
If we look at median property appreciation over just the last three months, New Farm has given property investors a paper return of 1.61%. This puts Suburb as 312 on a list of fastest fasting appreciating suburbs in QLD
Situated 1.77km from the CBD, New Farm is one of Brisbane (C) localities in the postcode 4005.
Property investors who have had real estate in New Farm, 4005 should be relatively pleased with this QLD suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 7.27%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in New Farm has increased when compared to the 5 year average annual rate.
Property buyers and investors in New Farm 4005 should be seeing an average reduction in asking price of around -5.41% . This means that New Farm is holding prices well when compared to other suburbs in QLD.
With the median price for a house in New Farm being $590000 and the advertised rent reaching $402.5 the gross rental yield for property investors calculates out to be 3.55%
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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.”