At number 2545th 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 -1.94% recorded in median house prices.
While New Farm,4005 ranked number 248th in QLD for increase in median house value (annualised) increase, it is ranked 181th over the last 5 years.
QLD has seen average median house prices change by 0.61% which means that New Farm, 4005 has done well for property investors by showing a capital gain of -2.52% over the last year
Across a shorter period, New Farm, 4005 has seen a median price increase of -2.77% over the last quarter.
Our latest figures would indicate that property sellers in New Farm are currently offering property investors an average price cut of -6.25% below the asking price at the moment.
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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.”