If you compare the increase in value of investment property in New Farm, 4005 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this QLD suburb was -1.50%.
Comparing New Farm,4005 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
New Farm, 4005 is offering QLD ‘s 184th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 30% of discounts offered by this QLD.
At number 1616 in a list of fastest selling suburbs, New Farm is just in the top half of suburbs in Australia with an average of days on market 73.8667 for properties listed there.
New Farm is in the bottom 40% in QLD when comparing median price capital growth over the last year. New Farm gave property investors a disappointing capital gain figure when compared to the rest of the state, with -3.50%.
While New Farm,4005 ranked number 36th in QLD for increase in median house value (annualised) increase, it is ranked 183th over the last 5 years.
Our latest figures would indicate that property sellers in New Farm are currently offering property investors an average price cut of -6.04% below the asking price at the moment.
Advertised rents are around the $400 mark per week – giving a return of 3.59% based on the median price in Suburb
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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.”