New Farm Buyers Agent’s Guide

Are you looking to purchase realestate in New Farm, Brisbane? As a New Farm Buyers Agent we’d love to assist.  Check out our suburb profile below, and let us know if you would like help with your New Farm property purchase!

Description

New Farm is one of Brisbane’s most sought after suburbs.  It is an affluent, riverside suburb 2km east of the CBD. New Farm is famous for its leafy green parks, trendy café and restaurant culture, and its lively theatre and cultural precincts.  New Farm is bordered by the suburbs of Fortitude Valley to the north and Teneriffe to the east.

New Farm Property Map

Demographics

More than 11,000 people call New Farm home.  39.7% of households in New Farm are owner occupied.  New Farm has a younger demographic – predominantly in their 20s and 30s

Shops, restaurants and entertainment

New Farm’s main shopping and café precinct is located around James St, Brunswick St and Merthyr Rd.

Transport

New Farm is within walking distance of the city. The nearest train station is on Brunswick St in Fortitude Valley.  Several convenient bus and ferry services also connect New Farm with the CBD.

Schools

New Farm has two primary schools (Holy Spirit Primary School, and New Farm State School) and is the Kelvin Grove State College catchment.

Parks and Green spaces

New Farm Park is a beautiful green space on the banks of the Brisbane River.  It is a popular spot for weekend picnics.  There is a scenic river walk and bikeway running into the city.

Major employers

Most residents commute to the city or Fortitude Valley for work.

Most and least desirable areas

Riverfront properties, and those located on the New Farm/Teneriffe Hill are the most desirable, and most expensive areas of New Farm.

Traffic noise can be an issue for properties close to Brunswick St. New Farm was significantly affected by flooding in 2011 and buyers are cautioned to check the Brisbane City Council Flood Maps for more information.

Housing type and typical block size

Detached housing accounts for only 20% of properties in New Farm.  This includes  an eclectic mix of colonial and Queenslander type homes, and contemporary masterpieces. The median block size is 468m2.

There are many small to medium sized unit complexes, and upscale warehouse conversions.

What can my money buy in New Farm?

The median house price in New Farm is $1,500,000, which is well above Brisbane’s median.

The median house price in New Farm would typically buy a renovated 2-3 bedroom, 2 bathroom house on a small sized block.

For example: 247 Moray Street New Farm, QLD, 4005 – sold $1,535,000 (click to view listing)

Buying a House In New Farm 1

The median unit price in New Farm is: $620,000

This amount would typically buy a 2 bedroom, 2 bathroom unit in good condition.

For example: 12/133 Moray Street New Farm, QLD, 4005 – $623,000 (Nov 2018) (click to view listing)

Buying a unit in New Farm

How has the New Farm property market been performing?

There has been a modest growth (27.9%.) in house prices over the last 5 years in New Farm.  Over the same time period, the median price of units has increased by 15.8%.

Supply and demand characteristics for New Farm**

  • Houses are typically selling within 66 days.  Units typically sell within 72 days.
  • On average houses are selling 2% above their list price. Units typically sell very close to their list price.
  •  New Farm’s auction clearance rates are 22% for houses, and 70% for units.
  • The average rental yield for houses is 2.63%, compared to 3.93% for units.
  • There is a shortage of both houses and units currently listed for sale (1.67% and 2.16% respectively).
  • The rental market is balance. Rental vacancy rates are similar for houses and units (3.1%),

**Statistics are accurate for February 2019

Thinking about buying a property in New Farm? Our New FarmBuyer’s Agent is more than happy to have a chat. Please contact us.

For information about other Brisbane suburbs click here