Trendy eateries, upmarket stores, boutique residences dotted throughout. Today it is very hard to imagine Newstead dominated by timber yards, asbestos works and woolstores. The suburbs industrial past is belied by iconic heritage listed structures, which blend seamlessly with the elements of urban renewal that Newstead has seen over the past ten years. These cultural and entertainment precincts and upscale developments have transformed this Inner City suburb into a highly desirable destination to live, work and play.
Situated on the river, just 2 km from the CBD and bordered by New Farm, Teneriffe and Fortitude Valley; Newstead is fast gaining a reputation which is similar to that of its cosmopolitan neighbours. Until recently, Teneriffe was considered to be a locality of Newstead, before it became defined as a suburb in itself in 2010. These suburbs contain numerous heritage-listed sites between them which have now been incorporated into some of Brisbane’s most well-known destinations, including the Newstead Gasworks and the Woolsheds at Teneriffe.
Entertainment and Dining
The opening of the $1.1 billion Gasworks plaza has revolutionised the area on a culinary and an entertainment level. This conglomeration of restaurants, entertainment, green spaces and open community areas, adjacent to the iconic Gasometer structure (which is lit up every Friday and Saturday night), has developed into a food lovers dream. The Gasworks contains some of Brisbane’s most upmarket restaurants including Hatch & Co, Reef Seafood and Sushi, Peng You and Buzz. Each week, the open air amphitheatre ringed by the Gasometer, has local live music and entertainment which adds to the precincts atmosphere and overall liveability. Down the road, Teneriffe boutique bars such as the Newstead Brewing Co and the Green Beacon put the suburb at the epicentre of Brisbane’s craft brewing culture.
Although lots of development in the area has been investor driven, with people looking to capitalise on Brisbane’s high yields, relative affordability and solid capital growth, there are still many owner occupiers and down-sizers that are drawn to the area for its aesthetics and high quality apartments. For example, Waterfront apartments in Newstead – which offered 3 and 4 bedroom apartments priced from $2.95 million and $4.1 million respectively – were snapped up by owner occupiers due to its unique nature, river views and abundance of walkable amenity. Metro’s Newstead Towers is another large new development that recently gained development approval. It consists of approximately 920 apartments across five separate towers. Other significant residential projects which have recently entered the market include Unison, Lumira and Skyring apartments, all of which will greatly add to the development of the local area.
Sales volumes are generally increasing in Newstead and the surrounding suburbs as the whole inner north of Brisbane benefits from recent development and gentrification. Median prices are increasing significantly in Newstead due to the influx of new apartment stock and the increased liveability of the area. For example, the last twelve months have seen an 11% increase in the median apartment price in Newstead. The long term growth rate has been strong too, averaging 7% per annum and demonstrating a long term underlying demand for residential stock in the area.
What’s Next For Newstead?
The development pipeline for the area is deep, with around 2,600 apartments currently planned, under construction or awaiting development approval. As this area grows in popularity, Newstead will continue to thrive and be recognised as one of the city’s most upmarket and unique areas; a far cry from the industrial hub of yesteryear. Newstead’s transformation is representative of how Brisbane itself is changing. It is suburbs like these which are putting Brisbane on the map and, culturally on par with our interstate neighbours. The success of areas like Newstead signify the dawning of a new era for the River City.