QLD has seen average median house prices change by 12.16% which means that New Farm, 4005 has done well for property investors by showing a capital gain of 30.23% over the last year
Taking the average capital gain, or increase in median house value, New Farm,4005 has racked up an average of 30.23% over the period. This ranks it number 421th in the whole country for real estate investors looking at median house price increases.
LACK OF BUYER INTEREST may well be the reason that New Farm is offering property investors an average of -4.90. This rate of discount on properties puts Suburb at number 120th in terms of most discounted suburbs in QLD
At number 945th in the list of Australian suburbs ordered by increase in median house value over the last year, New Farm, 4005 is in the BOTTOM 50% with a property value increase of 5.24% recorded in median house prices.
Across a shorter period, New Farm, 4005 has seen a median price increase of -3.41% over the last quarter.
State is the 3rd most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.64% offered to property buyers. Sellers in New Farm itself are offering an average vendor discount of -6.23% to real estate investors.
At number 524 in a list of fastest selling suburbs, New Farm is in the TOP 40% of suburbs in Australia with an average of days on market 54.1132 for properties listed there.
New Farm is 373th on a list of best yielding suburbs for rents in QLD with a 3.46% return
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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.”