Suburb of the Month: NEW FARM, QLD

Location
New Farm is one of Brisbane’s inner suburbs and is located just 2 km east of the CBD. It lies on a large bend of the Brisbane River and is one of the oldest suburbs in the city.

Description
New Farm is a picturesque, leafy suburb, with large shady streets, parks and river walks. Its edges are bounded by the river and its southern streets are lined with large trees and ornate houses. The local retail and commercial areas are concentrated around Brunswick Street, which runs down the centre of the peninsula and divides the suburb between the large, sprawling houses in the south and the more modest dwellings in the north. Around two decades ago New Farm was known as a low-rent, undesirable location, however development in the area has resulted in its gentrification and New Farm has become a very popular suburb with a strong Italian community.

Facilities
There are a number of businesses, shops and restaurants located along Brunswick Street, especially in “Merthyr Village”, the main commercial area and shopping centre. To the south-east, on the tip of the peninsula, is New Farm Park, a historic 15 hectare park with a mix of native fields, recreational areas and beautiful gardens. It features soccer, tennis and basketball courts, and is known for its picturesque rose gardens. In the east section of the gardens is the Brisbane Powerhouse arts centre, the arts and cultural hub of the city, which regularly hosts workshops, markets, plays and other cultural activities.

There are two primary schools in the suburb - a local public school with an adjacent state preschool and a Catholic primary school. Other local educational facilities include an English school and a Film, Television and Radio school. There are a large number of primary and high schools in the surrounding areas, which are easily accessible by road, bus and ferry, as are the universities and colleges in the Brisbane CBD. While there is a medical centre in the suburb, the CBD also gives New Farm Park residents easy access to hospitals and other healthcare facilities.

Industry and Employment
With the close proximity of the CBD to New Farm, most residents commute to work in the surrounding business and commercial areas, with over a third being employed in a professional capacity. The managerial and clerical sectors are also large employers as are the tertiary institutions and hospitals in the CBD. Other New Farm residents work within the suburb, with the business areas on Brunswick Street, and the Merthyr Village shopping centre providing employment for a significant number of residents, many of whom work in the local cafes, restaurants and takeaway shops.

Population
The 2006 Census found the population of New Farm to be 11,244, a 13% increase from the 2001 Census figure of 9964. The area is popular with young professionals, with the predominant age group in the suburb being 20-29 years, followed closely by 30-39 years.

Housing Market
There are 2510 houses and 6796 units, for a total of 9306 dwellings.

Residex Statistics

	Houses	Units
Predicted Annual Growth over next 5 years	5.61% p.a	-0.24% p.a
Current median rental yield	2.38%	3.82%
Current median value	$1,150,706	$494,713
Current weekly median rent	$525	$360

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