Newstead

Real estate profile

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Location

2.5km north-east of the Brisbane CBD.

Features

Newstead House, Powerhouse Arts Complex, excellent public transport

Median Price

REIQ research shows that the median house price in the suburb for the calendar year 2006 was $750,000.

Median Weekly Rent

The median weekly rent paid for a 3-bedroom house in this area in the June 2007 quarter was $390. The median weekly rent paid for a 2-bedroom unit in this area for the same period was $375.

Profile

Like its neighbouring suburbs of New Farm and Fortitude Valley, Newstead has undergone huge transformations over the last decade; it’s now one of Brisbane’s most expensive suburbs.

Once known for its light commercial activity in the Teneriffe precinct, Newstead has developed a trendy, café lifestyle character with the sale and redesign of the old Woolsheds into upmarket studio apartments and the older homes in the area being renovated to their former glory.

One home in Newstead that has remained the same, and will never change, is Newstead House located at the mouth of Breakfast Creek on the Hamilton Reach of the Brisbane River. Its beautiful gardens form the basis of Newstead Park and attract visitors from around Brisbane for social days and festivals.

In keeping up with the demand for housing in the area Newstead’s community facilities have developed accordingly and now include cafes, restaurants, the recently renovated Palace Cinemas and small retail complexes. Also close by is the Powerhouse Arts Complex in New Farm. The historic New Farm powerhouse, only recently converted into a community complex incorporating theatres and art spaces, has become a centrepiece of the trendy inner city suburb.

Newstead has excellent public transport facilities including the CityCat ferry service at the end of Commercial Road and two other terminals, in neighbouring New Farm. This ferry service, introduced by the Brisbane City Council in late 1996, has proved enormously beneficial for local residents.

Residents are close to other recreational areas including New Farm Park, which is a popular Sunday afternoon destination for many inner Brisbane residents and the Perry Park sports ground in Bowen Hills.

Appealing to the young singles and couples, Newstead has experienced enormous price growth over the last five years. The popularity of the suburb and its large rental population has also encouraged property investors to buy into the suburb.

According to the 2006 Census there were 4,818 people living in the suburb with a median age of 32. The median individual income was $987 per week. Of all occupied private dwellings 36.8% were either fully owned or being purchased; 50.1% were being rented.

Source: REIQ

REIQ Copyright 2007. Enquiries about the reproduction of part or all of the information should be directed to the Marketplace Strategy division of the The Real Estate Institute of Qld Ph 3249 7300.

This information has been carefully compiled by the REIQ and is not intended to be treated as a warranty or promise as to the correctness of the information.