Newmarket is an inner northern suburb of Brisbane, located 5km north from the CBD. It is one of Brisbane's oldest suburbs, and largely residential will many existing dwellings present.
Newmarket is and has been a crucial suburb to Brisbane's development, with many of Brisbane's key road and rail transport running through the suburb.
Newmarket is situated in a particularly wealthy pocket of Brisbane, which is surrounded by other wealthy suburbs such as Grange, Wilston and Ashgrove.
Accordingly, property prices are some of the most expensive in Brisbane in Newmarket, with a median price of over $1.5M. Some homes in Newmarket sell for over $4M, comparable with New Farm and Tenerife.
Lifestyle
Newmarket residents enjoy a local lifestyle close to the CBD. Many residents can regularly be seen exercising, walking and relaxing throughout many of the suburbs streets.
Newmarket is home to a few parks, including McCook Park and Nelson Place Park. Along Enoggera Creek many residents exercise and go for long walks.
Imperial Corp Stadium and Holloway field are the common grounds where sport is played, and can be particularly busy on the weekends, especially Saturdays.
Café culture is big in Newmarket, especially amongst the many younger families and professionals that live within the suburb. Often cafes can be full at hours as early as 6am in the morning, particularly in the summertime.
There are a small number of share homes and students that also are within the suburb. Largely due to the proximity to QUT at Kelvin Grove and the access to the CBD via the trains network.
School Zones
Newmarket State School is the main school for primary aged students to attend and services the suburb. For a catholic education, St Ambrose’s Primary School is a catholic primary school that is also within the suburb.
The main public high school close to Newmarket is Kelvin Grove State College, which serves many adolescent students in Newmarket.
Brisbane Grammar School, Brisbane Girls Grammar School and St Margarets Anglican School for Girls are all very common places for the wealthier residents to send their children to.
Red Hill Special School services students of special needs, and is less than 5 minutes towards the CBD.
Demographics
Newmarket is suburb largely compromised of professionals and managerial employees, that make up more than 50% of the suburb. This is likely a much higher number, closer to 80% within the working population due to a large number of long term residents and a significant population of students in the townhouses and apartments in the suburb.
Average weekly household income has almost doubled over the past 15 years, rising from $1,150 in 2006 to $2,251 in 2021. Much of this rise in average income is a result of incredible shifting dynamics of Newmarket’s local economy.
It should be noted that the median weekly household income now sits above the median monthly mortgage repayments, allowing for excess discretionary spending.
Employment
Many of Newmarket’s working residents work within the Herston Hospital District, which employs more than 7% of the suburb. Law, IT and Administration are also other popular industries of employment.
Most of the younger population work in the cafes and restaurants towards the CBD and throughout Newmarket and some of the neighbouring suburbs such as Lutwyche, Wilston and Ashgrove.
Wealthy families are common in Newmarket, with the average 2021 median weekly family income being $3,094 per week, over $1,000 more than the national average according to the ABS Census data.
Transport
Newmarket Railway Station is on the City Network and services the Ferny Grove Line. Regular services towards the CBD, Ferny Grove and Beenleigh run from this station.
Buses mainly run towards Chermside, Mitchelton and the CBD. They depart from the main roads of Newmarket such as Enoggera Road and Newmarket Road, though do have smaller stops in some of the quieter streets.
Private transport is common among Newmarket residents, especially families who often will use the major arterial roads of Newmarket to commute around Brisbane with ease.
Cycling is also common amongst both CBD workers and students, as it is only a short ride into the CBD and university. It should be noted that it isn’t for the faint hearted, as many parts of Newmarket have a significant hill upon return.
Shopping Centre's, Restaurants & Facilities
Newmarket has a rich history of sport in the suburb, particularly Soccer. Spencer Park is home to the Brisbane Premier League club, Brisbane City Football Club. Cricket, rugby league and aussie rules are all other popular sports. Suncorp Stadium lies less than 10 minutes away at nearby Milton.
Newmarket is a walkable neighbourhood with a walk score of 71/100 according to walk score. Restaurants and cafes are also very popular amongst Newmarket residents, with many towards the station and main roads of the suburb. City commuting is also common, particularly towards Fortitude Valley and Howard Smith Wharves, which serve as a great entertainment precinct of Newmarket residents.
Shopping is mostly done within Westfields Indooroopilly, but also Hendra Direct Factory Outlets are popular as well. Larger department store shopping is done within the CBD.
Health and fitness clubs are common such as gyms and run clubs in Newmarket. Many existing along the main roads of the suburb, particularly towards the station.
The Newmarket Hotel was established in 1897, and is one of the most active pubs in Brisbane, often buzzing with people and performances on many nights of the week, including weeknights.
Development
Newmarket is largely a residential suburb consisting mainly of detached houses, which make up close to 70% of the suburb. Most of the development is renovation, redevelopment and small end developments.
Larger blocks are present in many of Newmarket’s best streets, and sometimes may be on double or triple lots. These are extremely popular amongst developers as they offer considerable upside.
Townhouse and unit developments are mostly permissible in the major roads, or otherwise close to the station. Townhouses are popular among the younger professional buyers who are otherwise priced out from houses.
Capital Growth
Newmarket is within one of Brisbane best pockets for capital growth, surrounded by suburbs doing close to 9% year on year for the past 50 years.
Accordingly, most properties in Newmarket have averaged between 8.5-9% over the past 50 years and have no hints of slowing down. Newmarket’s best properties in the best streets are known to perform at above 11% capital growth.
Townhouses and units perform at 6% and 4% capital growth year on year, however exceptionally located townhouses sometimes can perform at above 7%, though are few and far between.
Cash Flow
Houses in Newmarket average 2.6-2.9% yield, closely correlated to the neighbouring suburbs of Grange and Ashgrove.
Yields have previously been at or above 3.5%, however exceptional capital growth has steadily on a light inverse caused yields to fall. In turn, the growth that has occurred has created exceptional cash flow for long term purchasers.
Townhouses and units average 4.5% yield, though some of the newer and better located dwellings are known to yield over 5%, a very rare number for a location north as close to the CBD as Newmarket.
Rental Demand
Vacancy rates in Newmarket for homes are exceptionally low for a Queensland suburb, averaging 1.5% year on year. Since the COVID19 pandemic, vacancy rates have plummeted and houses are critically undersupplied with a average vacancy rat of 0.8%.
Townhouses and units average 2.2% vacancy rates, largely due to the presence of students and temporary residents that generally occupy them.
Rents generally increase between 3-4% per year, though have averaged closer to 10% since the COVID19 pandemic.
Some of the better homes in the best streets rarely come to market and are known to rent for over $3,000 per week, comparable with New Farm and Tenerife.
Why You Require a Buyers Agent in Newmarket
Newmarket is one of Brisbane’s best located suburbs: it has great space, great access to the CBD, is somewhat affordable for the demographic that live within the suburb and is very close to the CBD and jobs.
Newmarket has an exceptional lifestyle triangle, that being; the time it takes to go from work to school and lifestyle areas. Generally this number is a maximum of 10 minutes, allowing residents to have a very good easy lifestyle.
Due to the above factors and the exceptional schools that are located nearby, residents from interstate, overseas and within Brisbane all tend to fight over stock. This include owner occupiers, upgraders, professionals, investors, developers and recently international buyers and entities.
Competition is very strong in Newmarket, and many homes go to auction with some homes selling over 20% above reserve.
Having a buyers agent in your corner is crucial to your success in Newmarket. Having the knowledge, strategy, access and negotiation ability will ensure you save thousands on the way in and make potentially millions in the future.
Why not seek Professional Advice from one of our Buyers Agents
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