Home' API Magazine : November 2014 Contents NOVEMBER 2014 n APIMAGAZINE.COM.AU n 61
increasingly attractive as ‘real’ and ‘physical’
central meeting places for friends and
neighbours – one-stop social shops.
So how does this all relate to the property
market? Can a farmers’ market increase the
desirability and demand for its host suburb?
Let’s ask the property experts to find out.
nA DANGLING CARROT?
Dimitri Stephanos, a Brisbane-based
property valuer and buyers’ agent for Propell
National Valuers, believes farmers’ markets
can contribute to the urban renewal of a
neighbourhood or suburb.
“I see it as a dangling carrot for a property
market,” Stephanos says.
“ The idea of the community all meeting
in one place to do shopping, no different
to that in a country town, creates a sense of
community and would boost the area.”
Stephanos describes the impact on an area
as depending on two factors: the quality of
the market, and what’s already happening in
Buyers’ agent Scott McGeever of Property
Searchers says the farmers’ market trend can
be more evident in suburbs closer to the city
because of their higher disposable incomes.
“I think generally most people living out in
the suburbs would simply be content to jump
in a car and drive to the supermarkets. It’s
often a different demographic and mindset,”
And Stephanos believes the higher numbers
of fresh food and organic stalls at a market,
the more desirable it often becomes to inner-
urban and middle-ring dwellers.
“Because many people are so health
conscious these days, they’ll actively search
for fresh produce that tastes better, is more
nutritious and lasts longer.”
And usually the patronage of a farmers’
market might extend as far as the
suburbs surrounding the host suburb.
“At a more unique market, such as an
all-organic market or genuine farmers’
market – or on a larger scale, a central city
market – the catchment area might extend a
little further,” Stephanos notes.
“Generally 70 to 80 per cent of market
patrons are locals to that area.”
nA ‘COOL’ BRISBANE BOOST?
Stephanos’ says the suburbs most likely to be
impacted by farmers’ markets are the inner
or middle-ring suburbs where previously
not a lot of cool activity was going on or it
wasn’t perceived as trendy as some of its
neighbouring suburbs. Often these are the
suburbs on the cusp of change, he adds, such
as Brisbane’s The Gap.
McGeever considers other examples
such as West End’s market, where on a
Saturday morning “hordes of people gather
there and walk out carrying bags full of
He says these markets may have played a
part in bringing more people to the suburb
and possibly increasing its desirability.
“Whether this market has played a part
in holding up the values during the flood,
it’s hard to tell. It’s also hard to tell whether
the market has helped lift sales of the new
McGeever describes the overall vibe in
West End as “eclectic”.
“The market there is just one of many
vibrant activities in the suburb so it’s
difficult to quantify its impact on the
property market. Many of the new units
there are investor-owned so what it most
likely does is have an impact on driving
He adds that in New Farm, the regular
fresh produce market has been running for
many years. McGeever questions if it’s just a
coincidence that over the same period unit
demand has risen.
Windsor has an all-organic market which is
a draw card for the area, Stephanos adds.
“But Windsor already has the train, cafés,
restaurants and shops, so it already has that
cool factor about it. The market has been
around for some time now so the impact it
currently has is one of many factors keeping
renters and owners living in the suburb.”
Though as the demand for organics
increases, equally the desire for a suburb that
offers easy access to this healthy food option
may also grow.
“Whether a good quality produce market
equates to upward prices as a result, it’s
hard to tell, but it could certainly result in
an increasing level of demand to live in that
area,” Stephanos notes.
And he says farmers’ markets may
ultimately have two impacts on a
“First it might keep more people living
in that area, and second, people from
surrounding areas might want to upgrade
or even downsize their mortgage from
a more upmarket area to move closer to
While it may not be the number one driver,
he says, it would definitely enhance the
investment criterion of shops and amenity.
But McGeever believes it may not have the
“While it could add flavour to certain
suburbs, a general farmers’ market is still
considered a pop-up event and I don’t
believe it’s comparable to the impact of hard
Yet WBP Property Group’s valuation
manager Adrian Graham believes markets
are more of a “gimmick” that might
contribute to the popularity of an area.
In terms of the impact on properties
in neighbouring streets to the markets,
Stephanos reckons it’s a double-edged
“Yes, these properties are suddenly within a
very short walk to a bustling marketplace, but
they also have to contend with more traffic.”
He says often this can depend on how
frequently the market operates, and on
nA GOOD GAUGE IN SYDNEY
In Sydney, buyers’ agent Rich Harvey, of
Property Buyer, believes a popular farmers’
market won’t impact a suburb “spectacularly”.
“But it’s a good indication for the investor
of the rising level of sophistication and
disposable income in that area,” he notes.
KICK “It’s a good indication for the investor
of the rising level of sophistication and
disposable income in that area.”
Farmers’ Markets n FEATURE
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