Property value increases in New Farm have tracked just higher than the QLD average of 2.53% over the last 12 months.
Taking the average capital gain, or increase in median house value, New Farm,4005 has racked up an average of 6.25% over the period. This ranks it number 1627th in the whole country for real estate investors looking at median house price increases.
The most recent median price for New Farm is $1700000, with sellers offering an average of -4.27% off the asking price.
With the median price for a house in New Farm being $1700000 and the advertised rent reaching $752.5 the gross rental yield for property investors calculates out to be 2.30%
New Farm is an average performer in QLD when comparing median price capital growth over the last year. New Farm gave property investors a average capital gain figure when compared to the rest of the state, with 1.11%.
The five-year average increase in median property values for New Farm,4005 has given property investors a potential capital gain of 21.27% across each of those five years.
Our latest figures would indicate that property sellers in New Farm are currently offering property investors an average price cut of -6.16% below the asking price at the moment.
On average over the past year, suburb has had 16.92 sales per month, which equates to 203 per year.
The QLD suburb of New Farm, 4005 is in the Brisbane local government area.
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.”