New Farm has had a quite poor year for property investment returns compared to the rest of QLD, giving investors a capital gain of -1.74% to date .
Over the longer term, New Farm has seen property prices show investors a -3.13% return over the last 3 years. This is an improvement over the last 12 months
New Farm, 4005 is offering QLD ‘s 324th 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 5.25 sales per month, which equates to 63 per year.
Situated 1.78km from the CBD, New Farm is one of Brisbane (C) localities in the postcode 4005.
Over the last year, property investments in New Farm, 4005 have given investors a capital gain of 0.00%. This compares averagely with the -0.33% for QLD as a whole.
While New Farm,4005 ranked number 134th in QLD for increase in median house value (annualised) increase, it is ranked 159th over the last 5 years.
The most recent median price for New Farm is $580000, with sellers offering an average of -4.42% off the asking price.
Property investors should expect to get $420 weekly from the median priced house in this 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.”