New Farm is an inner suburb of Brisbane located 2 kms east of CDB. This suburb, one of the oldest in Brisbane, lies on one of the bends of the Brisbane River.
Because of its proximity to a major city, New Farm exudes the mood of a bustling suburb with facilities that appeal to younger population—cafes, bistros and shopping centres.
But before we delve more into the factors that would help you decide whether New Farm could be your next investment location, let us look at this suburb’s profile and the numbers that comprise its people, its industry of employment, and its economy.
The Numbers
Population Age
New Farm’s population is composed of fairly young people, with median age being at 36 years old and nearly half of the population made up by the 20-39 years old age bracket.
Marital Status
More than half of those aged 15 years and above are single; 29% are married whilst 9.3% are divorced in New Farm.
Education
In New Farm, almost 22% were attending an educational institution; 11% of which were in primary school.
Country of Birth
In New Farm, around 64% of people were born in Australia. The most common countries following Australia were England (4.6%), New Zealand (3.8%), and Italy (2%).
Occupation
New Farm being near the Brisbane CBD, most of the workforce is comprised of professionals (38.7%), followed by Technicians and Trades workers at 15%; clerical and admin workers at 14%.
Industry of Employment
Architectural Engineering and Technical services were the top industry of employment in New Farm. This was followed by Legal and Accounting Services.
Travel to Work
In New Farm, as in the rest of Australia, majority of those who work travel by car, either as passenger or as a driver. Being relatively near to the CBD, around 14% walk to and fro work.
Family composition
Majority of couples in New Farm are without children; about 26% have children whilst 9% are single parent.
Type of House
There’s a high percentage of people who live in flat unit or apartment in New Farm compared to the national and state-based figures. Only 21% live in separate houses.
Home Ownership
More than half of the dwellings in New Farm are rented (56.7%) whilst 20% are owned outright and nearly 20% are owned with a mortgage.
Median Rent
Weekly median rent in New Farm is higher than the state average of $300.
Facilities
Having gleaned at the young population of this suburb, it is not surprising that the facilities abundant in this area are as cosmopolitan as what any major city has. One of the oldest suburbs in Brisbane, New Farm has since undergone improvements in the past decades and has transformed itself from an undesirable, unappealing and low-rent location into one of the popular and sought-after suburbs in Brisbane.
As we mentioned earlier, New Farm has trendy bars and cafeterias that cater to young professionals. It also has a main commercial area and shopping district in Merthyr Village.
Transportation in New Farm is accessible and easy, being near to Brisbane CBD. If you will look back at our charts, next to driving to and from work, a good percentage of workers either travel by bus to work or walk.
When it comes to education options, New Farm has primary schools; high schools, universities and colleges are accessible by either road or a ferry in the Brisbane CDB. New Farm has a medical centre but being just a mile away from the CBD, this suburb gives easy access to healthcare facilities available in the main city.
While dining options are abundant for those who live an upbeat and cosmopolitan lifestyle, some idyllic and quiet time can be had in New Farm Park, a 15-hectare park known for its lovely rose garden. This historical park also has soccer, tennis, and basketball courts.
For arts lovers, New Farm is home to the Brisbane Powerhouse complex, the arts and cultural hub of the suburb, which hosts regular workshops, plays and other activities.
Infrastructure
One of the anticipated projects in this city is the New Farm Riverwalk Replacement Project, which is set to start in April of this year and would take 18 months to finish. If you remember, this walkway was washed away during the Brisbane flooding in 2011. According to reports, this new Riverwalk (which connects New Farm to the Howard Smith Wharves) is a more flood-resilient structure and is designed to last for a century.
Employment
Going back to our charts of Occupation and Industry of Employment page, as you can see, majority of people working in New Farm are professionals, the suburb being near to Brisbane CBD. Clerical and administrative workers also abound in this city. Of course those bistros and cafes also employ workers, not to mention the shopping centres that also have a number of restaurants and cafes inside.
Summary
From being an unappealing suburb two decades ago, the gentrification that happened in New Farm over the past years has transformed this old Brisbane suburb into a new and cosmopolitan city that it is today. Its proximity to Brisbane and the major city’s opportunities lure young professionals to seek residence in New Farm—and that’s what most investors take advantage of for choosing this suburb to be an investment location.
Housing is expensive in New Farm, whilst apartments are surprisingly still quite affordable. If you are looking for a highly sought after, young professional location with solid and consistent capital growth, New Farm may provide you with what you are looking for!
