Newmarket Buyer’s Agent’s Guide
Are you looking to purchase a home or investment property in Newmarket? As a Newmarket Buyer’s Agent we’d be happy to help and have compiled the following suburb profile for your information. Best wishes with your Newmarket property purchase!
The population of Newmarket in 2016 was around 4,986 and continues to grow. 46.8% of households in Newmarket are owner occupied and consistent predominantly of professional couples with children (20-29 years old).
Shops, restaurants and entertainment
Newmarket Village in Enoggera Road is the largest shopping centre in the area. It includes a supermarket, cafes and restaurants as well as a movie theatre.
There is a train line running through the suburb. It takes approximately 13 minutes to get to the CBD by train. There are also several convenient busses connecting Newmarket with the CBD and surrounding suburbs.
Parks and Green spaces
Banks Street Reserve is the largest green space in Newmarket. The bushland offers several hilly walking paths and is very popular with mountain bikers and local dog owners.
Breakfast Creek in located in the southern part of the suburb. Enoggera Creek bikeway, which runs along Breakfast Creek, is very popular with cyclists, particularly residents commuting to work in the CBD.
Most and least desirable areas
The area close to the Newmarket train station is more densely populated compared to the rest of the suburb with many new unit complexes built in the past few years.
Traffic noise can be an issue for properties close to Enoggera Road, Newmarket Road and Wilston Road. Buyers should check the Brisbane City Council Flood Maps, as some areas (especially streets located close to Breakfast Creek) are susceptible to flooding.
Housing type and typical block size
Just over half (55%) of properties in Newmarket are free standing houses.
The suburb is particularly well known for its Queenslander houses. These character weatherboard homes were built in the early 1900s. A typical block size for this type of home is 600m2.
What can my money buy in Newmarket?
The median house price in Newmarket is $971,000 which is above Brisbane’s median.
The median house price in Newmarket would typically buy a 3 bedroom, 2 bathroom house on an 800m2 block requiring renovation. For example: 48 Yarradale Street, Newmarket – sold for $1,020,000 in June 2019 (click here to view listing and see images below).
The median unit price in Newmarket is: $457,500
This amount would typically buy a 2 bedroom, 2 bathroom, 1garage unit in an older style complex with minor cosmetic work required. For example: 1/24 Garden Terrace Newmarket – sold for $457,500 in July 2019 (click to view listing and see images below).
How has the Newmarket property market been performing?
In the last 5 years the median house price has increased by 32.7%. Over the last 10 years, house prices have increased by 4.8% per annum.
Units in Newmarket have seen more modest price growth. In the last 5 years the median price of units has increased 0.2%. On average, over the last 10 years unit prices have increased by 1.3% per annum.
Supply and demand characteristics for Newmarket
- Average Days on Market: Houses 42 days. Units: 79 days.
- On average houses are selling 6% above their list price. Units typically sell 4% below their list price.
- Newmarket’s auction clearance rates are 48% for houses, and 0% for units.
- The average rental yield for houses is 3.33%, compared to 4.64% for units.
- There is a shortage of houses (1.46%) and units (1.83%) currently listed for sale.
- The rental vacancy rate for houses is 2.43% and 1.55% for units.
**Statistics are accurate for December 2019
Thinking about buying a property in Newmarket? Our Newmarket Buyer’s Agent is more than happy to have a chat. Please contact us.
For information about other Brisbane suburbs click here