Build-to-Rent Developments in New Farm Offer Tenants Amenities and Lease Terms Buyers Rarely Secure

Two new build-to-rent towers in New Farm began leasing this month with two-bedroom units priced from 1820 dollars monthly, a figure 12 percent below the median mortgage repayment for comparable properties purchased in the first half of 2026.

The timing coincides with mortgage rates that have stayed above 4.25 percent since the start of the year, pushing first-time buyers toward longer decision timelines while developers fill units faster than projected. New Farm’s vacancy rate dropped to 2.8 percent in the June quarter, according to the local rental registry, forcing more households to weigh rental stability against ownership costs that now include higher stamp duty and maintenance reserves.

The Riverfront Residences on Merthyr Road and the Parkside Towers adjacent to New Farm Park both opened marketing suites in April. Riverfront includes a 24-hour gym, parcel lockers and a ground-floor cafe leased to a local operator. Parkside offers a residents’ lounge with high-speed fibre and a rooftop terrace maintained by the building manager. Both sites sit within 400 metres of the New Farm ferry terminal, cutting commute times for tenants working across the river.

Lease structures and daily costs

Tenants at Riverfront sign 18-month agreements with a built-in 3 percent cap on the second-year increase. Parkside offers month-to-month options after the first year for an extra 40 dollars per month. Data released by the New Farm Chamber of Commerce last week showed average weekly rents for two-bedroom apartments across the suburb reached 455 dollars, while the median detached house price climbed to 1.18 million dollars. A 20 percent deposit plus stamp duty and legal fees on that house would require roughly 2650 dollars in monthly repayments at current rates, excluding rates and insurance.

Build-to-rent operators absorb those ownership expenses and pass selected savings to tenants through bundled utilities and maintenance. Both developments include water and internet in the base rent, items that add 180 dollars monthly in older New Farm rental stock managed by individual landlords.

Next steps for renters weighing options

Households considering the new towers should register interest through the New Farm Property Portal before 31 July, when remaining ground-floor units at Parkside go on general release. Applicants need two weeks’ notice for income verification and a 500-dollar holding deposit that converts to the bond. Those preferring ownership can still inspect three-bedroom houses listed on Brunswick Street East, though agents report contracts now taking an average of 48 days to settle.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.