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 6.25%
New Farm,4005 was ranked 2945 in Australia by increase in median property value over the quarter.
State is the 3rd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.61% offered to property buyers. Sellers in New Farm itself are offering an average vendor discount of -4.53% to real estate investors.
On average over the past year, suburb has had 4.92 sales per month, which equates to 59 per year.
With the median price for a house in New Farm being $1700000 and the advertised rent reaching $755 the gross rental yield for property investors calculates out to be 2.31%
At number 1058th in the list of Australian suburbs ordered by increase in median house value over the last year, New Farm, 4005 is in the BOTTOM 40% with a property value increase of -0.42% recorded in median house prices.
Over the longer term, New Farm has seen property prices show investors a 3.02% return over the last 3 years. This is worse than over the last 12 months
New Farm, 4005 is offering QLD ‘s 132th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this QLD.
On average over the past year, suburb has had 16.33 sales per month, which equates to 196 per year.
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
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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.”