Brisbane Property Spotlight
New Farm property and home loan guide
New Farm fills a bend of the Brisbane River about 2 km from the CBD. Blocks of flats started going up here in the 1930s among streets of older houses and the suburb has kept that mix ever since. In the 2021 Census three in four homes were flats or apartments, about one in five was a separate house and just over half of all homes were rented. That spread matters when you borrow. A 1930s walk-up, a newer riverfront apartment and a character house can share a street, yet lenders look at each one differently. This guide covers living here, the housing and what to know before you buy.
Information last updated 30 October 2026
Market snapshot
| Houses | Units | Source | |
|---|---|---|---|
| Share of homes | 20.4% separate houses, 4.4% terraces and townhouses | 74.5% flats and apartments | ABS Census 2021 |
| Median weekly rent, 1 bedroom | – | $640 | RTA, postcode 4005, Jul–Sep 2026 |
| Median weekly rent, 2 bedrooms | – | $800 | RTA, postcode 4005, Jul–Sep 2026 |
| Median weekly rent, 3 bedrooms | $1,222.50 | $1,100 | RTA, postcode 4005, Jul–Sep 2026 |
| Median weekly rent, 4 bedrooms | $1,450 | – | RTA, postcode 4005, Jul–Sep 2026 |
In the 2021 Census 44.0% of New Farm homes were owned outright (23.8%) or with a mortgage (20.2%), according to the ABS. Weekly rents are medians of new bonds lodged with the Residential Tenancies Authority (RTA) in the July to September 2026 quarter. They cover all of postcode 4005 (Teneriffe and New Farm). Where too few bonds are lodged the RTA doesn't publish a median, shown here as a dash. Sale prices will be added once licensed figures are available.
Figures are a guide only and change over time. Past movements in values and rents don't predict future results.
Living in New Farm
The peninsula's Aboriginal name is recorded as Binkinba. After European settlement it became Brisbane's second farm area around 1839, which is where the name New Farm comes from. By 1843 it had been cut into suburban blocks and a racecourse ran here from 1846.
Industry followed. The Colonial Sugar Refinery opened in 1893 and the New Farm Powerhouse began supplying the tram network in 1928. Shops grew up along the tram lines on Brunswick Street. When the railway line closed in 1990 the riverfront began to change: the refinery became apartments and Council reopened the powerhouse as an arts venue in 2000.
Transport
- CityCats stop at New Farm Park and Sydney Street on the all-stops route between UQ St Lucia and Northshore Hamilton.
- A cross-river ferry (F22) runs from Sydney Street to Dockside at Kangaroo Point.
- Brunswick Street is the main road through the suburb.
- In the 2021 Census 9.0% of working residents walked to work and 7.4% took the bus.
- Plan trips on the Translink journey planner.
Schools
New Farm State School (on the corner of James and Heal Streets) and Holy Spirit School, a Catholic primary in Villiers Street, are both in the suburb. There's no high school in New Farm itself. Fortitude Valley State Secondary College, which opened in 2020, is the nearest state high school.
Catchments change, so check any address on the Queensland Government school catchment maps before you buy.
Shopping and dining
Brunswick Street is New Farm's main street, with shops and places to eat along much of its length. The heritage-listed New Farm Cinemas building at 701 Brunswick Street dates from about 1921 and has also been known as the Merthyr Picture Palace, the Astor and the Village Twin. Merthyr Village, a small shopping centre opened in 1997, sits near New Farm Park. Brisbane Powerhouse hosts performing arts by the river.
Parks and recreation
- New Farm Park covers 15 hectares at the tip of the peninsula, with rose gardens, jacarandas, poincianas and a rotunda. It's on the Queensland Heritage Register.
- The New Farm Park River Hub gives access to the river beside Brisbane Powerhouse.
- Merthyr Park, in the Merthyr area of southern New Farm, is named after Premier Samuel Griffith's home.
Lifestyle
New Farm is one of Brisbane's older inner suburbs and it has a settled feel. The median age was 39 in the 2021 Census and the average household was 1.9 people. Life here leans on the river and the park. The CityCat runs into town, New Farm Park is on the doorstep and the Powerhouse brings performing arts to the riverbank.
New Farm
Did you know?
A powerhouse built for trams
The New Farm Powerhouse took about 2 million bricks and sent its first current in April 1928, supplying Brisbane's trams and several suburbs. Council began converting it into a performing arts venue in 1999.
Horses before roses
A racecourse operated on the New Farm peninsula from 1846. Council took over New Farm Park in 1913 and the riverside parkland is now on the Queensland Heritage Register.
Source: Queensland Places
Sugar by the river
The CSR refinery on Lamington Street was built in 1892 and 1893 to a design by James Muir. It had its own wharf so large ships could dock close to the city. Today it's residential apartments.
A premier's street names
Premier Samuel Griffith built his home, Merthyr, in Llewellyn Street in 1880 and lived there until his death in 1920. Merthyr Road, Merthyr Park and Griffith Street all remember him.
Source: Queensland Places
Property types
New Farm's housing comes in three broad types and each one buys (and borrows) differently.
- Apartments make up about three in four homes. They range from 1930s flats (some, such as the Julius Street Flats, are heritage-listed) to newer riverfront buildings and the converted CSR refinery on Lamington Street.
- Houses make up about one home in five. Older houses can be covered by the City Plan's Traditional building character overlay, which protects many homes built in 1946 or earlier.
- Terraces and townhouses make up 4.4% of homes.
Check the Brisbane City Plan for heritage and character overlays before you buy, especially if you plan to renovate.
What lenders look at in New Farm
Lenders assess the property as well as you, because it's their security for the loan. These are the property features that most often come up in New Farm. Policies change and differ between lenders, so treat this as a guide to the right questions rather than a final answer.
Unit size in older blocks
Older New Farm flats vary a lot in size. One LMI provider's public guidelines require at least 30 square metres of living area, excluding balconies and car spaces. Some lenders set their own minimums or lend less on small units, so check the internal area on the plan.
Body corporate
Lenders count levies as an ongoing cost when they assess what you can afford. In older buildings, look at the sinking fund balance and any planned or special levies. A building with major work ahead can change the numbers.
Heritage and character homes
Many older houses in New Farm sit in areas covered by the City Plan's Traditional building character overlay. It can limit demolition and change what you're allowed to build. Lenders mainly look at value and condition, but plans that need Council approval can affect your timing.
Flood overlays
New Farm is almost surrounded by the river and about half of New Farm Park went under water in January 2011. Lenders and insurers look at flood risk and the cost of insurance affects what you can afford. Check the address on Council's Flood Awareness Map before you sign.
Converted industrial buildings
Some New Farm apartments are in converted industrial buildings, such as the former CSR refinery. The valuer will look at the layout, the building's condition and recent sales of similar units. Few comparable sales can lead to a more conservative valuation.
Larger loans
Some lenders apply tighter LVR limits or extra checks on larger loan amounts. If you're buying a riverfront house or a large apartment, raise this early. It can change which lenders suit your purchase.
Lender and LMI policies differ between lenders and change often. This is a general guide based on public lender and LMI information checked 30 October 2026. We can check current policy for the property you're looking at before you apply.
Buying in New Farm
New Farm's range of housing means two buyers with the same budget can face very different loan questions. An older walk-up unit raises questions about size and the building's condition. A newer apartment brings body corporate and building-type questions. A character house brings planning rules and a closer look at the inspection report.
First home buyers
Units are the usual entry point in New Farm. Older walk-up blocks are worth a look, but check the internal living area, the body corporate records and how many units share the cost of repairs (in a small block, each owner's share of a big repair bill is larger).
One LMI provider's public guidelines require at least 30 square metres of living area (not counting balconies or car spaces) and some lenders set their own minimums. Getting pre-approval checked against the unit you want helps avoid surprises. For government schemes and grants, see our first home buyer page.
Upgraders
Moving from a unit to a house in New Farm usually means a bigger loan and a property where the land drives much of the value. If the house is in a character area, check what you're allowed to change before you budget for a renovation. On an older home, a building and pest inspection that looks closely at timber, stumps and roofing is money well spent.
Deposit and costs
As well as your deposit, allow for transfer duty (stamp duty), conveyancing and a building and pest inspection. For a unit, add a body corporate search so you can see the levies, the sinking fund and any upcoming special levies. If you borrow more than 80% of the property's value, lenders usually require lenders mortgage insurance (LMI), which adds to the cost. First home buyers may be eligible for duty concessions or government schemes. See our first home buyer page for current details.
Investing in New Farm
Just over half of New Farm's homes were rented in the 2021 Census. Things to weigh up:
- Building age: older blocks may need more maintenance over time, so read the body corporate records closely.
- Unit size and layout: these affect which lenders will lend and on what terms.
- Flood risk: riverside properties can carry higher insurance costs.
- Holding costs: levies, insurance and repairs all come out of your rental income.
Speak with your accountant about tax and ownership structure before you buy.
Lender considerations
In New Farm the age and type of the property often decide which lenders are available before your income does. A small unit in an older walk-up, a converted industrial building and a character house each meet lender policy in a different way. Checking the property against a few lenders' rules before you sign a contract helps avoid a surprise at valuation. See investing in property for how we approach investment loans.
Thinking about buying in New Farm?
Talk it through with a Brisbane broker before you sign a contract. We can check the property you're looking at against lender policy.
Frequently asked questions
Is New Farm mostly units or houses?
Mostly units. In the 2021 Census 74.5% of homes were flats or apartments, 20.4% were separate houses and 4.4% were terraces or townhouses.
Can I buy an older walk-up unit in New Farm with a small deposit?
Possibly. The unit's size and the building's condition matter most. Some lenders set a minimum living area or lend less on small units, so check the unit against lender policy before you sign a contract.
Do character controls affect buying a house in New Farm?
They can. Many older homes sit in the City Plan's Traditional building character overlay, which can limit demolition and change what you're allowed to build. Check the Brisbane City Plan for the property before you buy.
New Farm shares the 4005 postcode with Teneriffe. Does that matter?
It matters when you read data. Figures published by postcode mix New Farm with Teneriffe, so look for suburb-level figures where you can.
Did New Farm flood in 2011?
Parts of it did. About half of New Farm Park was flooded in January 2011. Flood risk varies from property to property, so check the address on Council's Flood Awareness Map and get an insurance quote before you sign.
How does a broker help with buying in New Farm?
A broker can check the property you're looking at against the policies of the lenders on our panel before you commit. That's useful in a suburb where the type of property can change which lenders will lend on it and on what terms.
Nearby suburbs
General information only. This page provides general information and doesn't take into account your objectives, financial situation or needs. Consider whether it's appropriate for you and seek advice before making a decision. Market figures are a guide only and change over time. Past movements in values and rents don't predict future results.
Time Home Loans Pty Ltd ACN 161 695 012, Credit Representative 529395 is authorised under Australian Credit Licence 384324.