Investment property in New Farm has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 4.02%
Over the longer term, New Farm has seen property prices show investors a 29.23% return over the last 3 years. This is worse than over the last 12 months
Sellers are offering property buyers an average discount of -6.79% to buyers in New Farm at the moment, which is less than average for the rest of QLD.
New Farm, 4005’s gross rental yield is 2.37%
New Farm is an average performer in QLD when comparing median price capital growth over the last year. New Farm gave property investors a good capital gain figure when compared to the rest of the state, with 3.30%.
Across a shorter period, New Farm, 4005 has seen a median price increase of -0.43% over the last quarter.
The most recent median price for New Farm is $578500, with sellers offering an average of -5.97% off the asking price.
With the median price for a house in New Farm being $578500 and the advertised rent reaching $420 the gross rental yield for property investors calculates out to be 3.78%
An inner suburb of Brisbane is currently seeing average annual growth of 13%. Blessed with excellent public transport and an abundance of restaurants and shops, it brims with investment potential. Read on to find out what suburb it is.Full summary
Information supplied by:
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.”