This is the story behind a suburb’s transformation into one of Brisbane’s most expensive place to live. Over the past decade the transformation of New Farm has largely been due to the substantial rejuvenation that’s taken place in the inner northern Brisbane suburbs under the urban renewal program. In the 12 months to the end of March this year, REIQ figures show New Farm’s median house price was $900,000, making it one of Brisbane’s most expensive suburbs.
There have been more than 100 house, unit and townhouse sales in New Farm over the past six months, with six of these sales being for more than $1 million. Much of the suburb’s transformation has been driven by the urban renewal process, particularly in James Street and the old Powerhouse and CSR Refinery sites. These changes have helped cement New Farm as part of the cosmopolitan heart of Brisbane.
The suburb is also home to the Brisbane Powerhouse complex, historic New Farm Park, and is almost entirely surrounded by boardwalks and walking paths along the edge of the Brisbane River, giving people the opportunity to see Brisbane at its best.